Dec 08, 2025
3 min read
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2025/07/12 - 7:00
The third quarter of the world's technological giants, known as the "Magnificent Seven", was too positive.With the exception of Meta and Tesla, which showed smaller gains, the other five North American giants - Apple, Amazon, Alphabet (Google's parent company), Microsoft and the current favorite, chipmaker Nvidia - beat all market expectations.
However, in the midst of such joy, the big technology group melted a combined US$1.75 trillion in just one month.This explosion, recorded on the New York exchange dedicated to the technology sector, Nasdaq, was concentrated between October 19 and November 20 and calculated by the consultant Elvis Ita.Then, until December 3, the giants received 1 trillion US dollars.
UPS and downs are gone.Everything that moves trillions each responds (Ai), which brings the reality of the technology bubble.
Like a ghost giving back, the stock price swings brought back memories of a long-lost episode, not enough to be forgotten, but which rocked the global economy in the early 2000s.At that time, hundreds of companies in the world of technology and the Internet went bankrupt.
Experts consulted by Imto Dinheiro, the main reason for the latest decline is the main correction of the Nasdaq, stocks have risen, so investors have decided to move into stocks and take profits and cover profits.
The North American stock market reached the highest nominal score in its history on October 29, with 23,958 points, helped in large part by Nvidia, which renewed its historic marks during the same period and contributed to the rise of the Nasdaq.
The last major technology company to pay its third quarter on November 20, and leading the list of giants in terms of market capitalization, Nvidia reported revenue of $57 billion between July and September and earned $32 billion - up 65% to the same period in 2024. quarter of the year, with revenue estimated at $65 billion, wrote BTG analyst Marcel Zambello.
The sheer number of tech giants is often overwhelming for investors, but they should note that volatility is a hallmark of these companies.The market not only shows the fundamentals (that is, real economic data), but also its expectations about the performance of the company - at the moment, very high.When there are expectations of rapid growth and the pace slows down, or is simply moderated, any desire leads to power "and since these companies are worth a trillion, the drop in temperature seems to be huge," Rivero thinks.
It's about high expectations that feed the fear of the bubble.Disbelief.It's not a new fear, but one that has gained traction on Wall Street recently.
Cryptocurrency, for example, other risky assets, has raised this fear.The fear arises from the concentration of big technology and the growth of big technology.The market value of this corporate mastodon, 20 trillion, exceeds the S & P 500 dollars, and accounts for almost 40% of the S & P Stock Exchange. If the bubble persists, the investment portfolio of pensions, individual investors will directly affect investors.Therefore, the debate of entrepreneurs involved in business related to AI is trusted by voters of future people and market experts.
The area of challenge for those outside of attorney boards is not clearly visible strategic collections.The movements of these companies are extremely fast and the announcements of donations from all over the world are still ongoing.Recently, Nvidia invested in Poa, which is an NVIDIA customer.Microsoft also joined Oria and was introduced to Anthropopic, an artificial intelligence startup founded by innovators leaving Uana.In addition to the additional signs of this species, there are other indicators that raise questions.
"Some companies need financing to invest. And it is necessary to look at the ability to generate income to pay off debts", explains Enzo Pacheco, variable income analyst at Empiricus.A recent report, HSBC concluded that OpenIA is $207 billion short of closing its books over the next five years.
Investments are stable
There is no doubt about the potential of the technology, but the same cannot be said about how the investments of companies in this sector are made, whether it is sustainable or whether the best strategy is followed in the timeline.For example, a trend related to artificial intelligence is the construction and expansion of data centers, which are significant processing structures that support the global operations of 'big tech companies'.The contribution required for these specialized facilities to support such technologies is enormous.For comparison purposes, if traditional data centers operate at 10 to 20 megawatts (MW) of capacity, AI providers require at least 50 to 100 MW; this requires more than twenty times the resource investment of conventional equipment.A data center to support AI-related operations could cost US$25 billion (this is the value of a project to be built in Argentina as part of the Stargate initiative, which is supported by both the North American government and private companies).
Due to the dynamic changes in the technology business, resources must be invested in new buildings or new products every year, so the investments are huge. Recently, Michael Burry, one of the most famous investors in America, best known for making huge profits from the subprime crisis in 2008 and who starred in the movie "The Great Short", raised questions about companies that inflate profits by admitting depreciation fees that are lower than they should be.
Bury closed her investment fund Scion Asset Management in November and is making waves with a paid newsletter called 'Cassandra Unchained', inspired by the Greek mythological character Cassandra, who makes predictions but is doomed to be unheard.In the newsletter, he has already expanded his theories about the future of artificial intelligence, and Nvidia is also classified as the new Cisco: that is, irreplaceable (second in the dot-com era), overvalued and supported by the volume of long-term investments, which are not sustainable.It must be said that Cisco is currently operating in a strong manner and is achieving good results.
"Looking at the funeral, and I'm not saying it's right, the GPU is worth it in terms of cost. It speeds up the processing of images, other computer operations.
GPUs are the strength of Nvidia's business, making it a favorite among the giants, but it's important to distinguish who's who among the 'big tech'.In this particular chapter of the chip, Amazon, Google, Tesla, Microsoft, and Meta are buyers and users of the chip.Made and purchased by Apple.The commentary published in "Cassandra Unchained" had an impact outside Wall Street and even the Nvidia board, which issued a bulletin aimed at financial market analysts.“Burry’s comments make no sense,” the company said.Nvidia said it launched a chip six years ago that, in Burry's opinion, would depreciate in value but still has strong demand.
The situation is very different from the bubble of 2000
The fear of bubbles remains and is in the eyes of those who invest, but they have not yet seriously damaged the Big Seven according to experts consulted by IstoÉ Dinheiro.For Elos Ayta's Rivero, the comparison between the current euphoria of big tech and the dot-com bubble of the 2000s is not tenable when we look at the fundamentals."Unlike that period, today we're talking about mature, hyper-profitable companies with consistent cash generation embedded in a consolidated technology ecosystem," he says.For him, this is not a "classic bubble", but a phenomenon of a market that values perfection and, therefore, does not suffer disappointment.
