Alphabet AI Funding Pledge Fails to Lift Shares, Magnificent Seven ETF Falls
GOOG•Shares of Alphabet fell on June 2, dragging the Magnificent Seven ETF lower. The Dow dropped 166 points (0.33%), the S&P 500 fell 0.06% and the Nasdaq Composite declined 0.21% at the open after Alphabet pledged a new AI infrastructure funding commitment.
1. Alphabet Shares Slide
On June 2, Alphabet shares declined, driving a pullback in the Magnificent Seven ETF as investors booked profits after recent rallies in mega-cap technology names.
2. Major Indexes Open Lower
The Dow Jones Industrial Average fell 166 points (0.33%) to 50,912.84, the S&P 500 slipped 4.6 points (0.06%) to 7,595.40 and the Nasdaq Composite dropped 56.7 points (0.21%) to 27,030.07 at the opening bell following a string of fresh record highs.
3. Strategic AI Infrastructure Funding
Alphabet announced a fresh funding commitment to accelerate its AI infrastructure buildout, underscoring its focus on scaling data-center capacity for next-generation generative AI applications despite near-term share weakness.
