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Nvidia and chip peers tumble as AI spending fears spark broad Magnificent Seven selloff
Economy
Published on 28 April 2026
Only Apple starts green as chip optimism cools
Nvidia, AMD, and Intel led a sharp fall in chip stocks as AI spending worries hit sentiment ahead of major mega-cap earnings. The Magnificent Seven opened broadly lower, with just Apple gaining. Higher oil and elevated bond yields added pressure on valuations, while concerns over OpenAI revenue growth further cooled AI optimism.
- Nvidia drops nearly 3% after a record run, with AMD and Intel also sliding
- AI spending fears and weaker sentiment weigh on the chip sector
- Oil above $100 and bond yields near 4.37% pressure stock valuations
- Investors brace for earnings from Microsoft, Amazon, and Alphabet
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times