TSMC's Earnings Fail to Boost Tech Stocks as Market Reassesses AI Investment Returns

On July 17, TSMC announced its second-quarter earnings, reporting a gross margin of 67.7% and raising its capital expenditure guidance to between $60 billion and $64 billion. However, this strong performance failed to lift the semiconductor sector. Instead, the market's reassessment of the timeline for AI investment returns led to an unusual core logic in tech stocks: the stronger the fundamentals, the heavier the selling pressure. Most U.S. tech stocks closed lower this morning, with Tesla down 0.86%, Amazon down 1.99%, Nvidia down 2.40%, Meta down 2.46%, and Google A down 4.44%.

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