Big tech is seeing its profit tested

Five charts to start your day

Well, this was bound to happen. The world’s biggest tech companies – the so-called Magnificent Seven – have soared to staggering heights. In fact, they have added around $15 trillion in value to the Nasdaq 100 since 2022. But now the same investors who cheered them on are nervous, especially after DeepSeek reveals just how vulnerable American exceptionalism is when it comes to AI. Profit growth is forecast to slow to about 22 percent – down from over 50 percent earlier last year. Have a look at the chart below for a full breakdown.