The core logic of tech stocks is exhibiting an anomaly, where stronger fundamentals face more selling pressure. The market is reevaluating AI capital expenditure.

BlockBeats News, July 17th. According to BIT (bit.com) market data, yesterday's strong pre-market performance of TSMC in the U.S. stock market failed to boost the semiconductor sector. Instead, the market reevaluated the AI investment return timeline due to higher capital expenditure guidance, leading to an abnormal phenomenon in the core logic of tech stocks: the stronger the fundamentals, the heavier the selling pressure. TSMC recorded a 67.7% gross margin and raised its capital expenditure guidance to $60 to $64 billion, which should have been strong evidence for the AI capital expenditure narrative but was interpreted by the market as "spending expansion."

Most U.S. tech stocks fell this morning, including: Tesla down 0.86%, Amazon down 1.99%, NVIDIA down 2.40%, Meta down 2.46%, Google Class A down 4.44%.