Big tech stocks are beginning to bounce back after more than US$1 trillion (A$1.417 trillion) was wiped from their market caps last week.
Oracle jumped up 9%, Microsoft gained 3%, Nvidia and Meta each grew 2%, and Alphabet inched higher while Amazon shares continued to sink.
Oracle got a boost after recommendations from DA Davidson to buy.
This comes as expenditure outlooks continued to shoot through the roof in Big Tech earnings last week, as the companies doubled down on AI, leading to a shaky market.
Amazon, Alphabet, Microsoft and Meta reported a combined capital expenditure of about $120 billion in the fourth quarter alone.
In 2026, this figure has the potential to approach $700 million, which is higher than the gross domestic product of countries like the United Arab Emirates, Singapore and Israel.
According to Deutsche Bank's head of global macro research, Jim Reid, last week was the worst week for the ‘Magnificent 7’ stocks since April when U.S. Tariffs caused the market to tumble by 4.66%.
Reid said at markets' close last week, the Magnificent 7 showed signs of recovery, growing 0.45% despite Amazon falling 5.55%.
