MAGS is trading at $63.37 (-4.4%) in pre-market, extending a multi-day pullback from recent highs as sentiment sours across the megacap tech sector.
- The decline follows disappointing earnings from Alphabet and Tesla, which have fueled broader caution regarding the massive scale of AI capital expenditure.
- New tariff proposals on major trading partners are raising macro uncertainty and inflation fears, specifically pressuring the valuations of high-growth tech leaders.