Tech Sector Divergence & AI Capex Concerns Deepen; Microsoft, Meta Earnings Mixed

Mag-7 rout continues; Microsoft and Meta reported strong earnings but market sold off on Fed day. Google's $200B capex and negative FCF highlight AI spending risks. 70% of tech stocks down 20%+ from highs. Apple, Amazon earnings still pending. Chip stocks remain weak (SOXX, AMD, MU). Rotation to value and international continues.