| Company | Peak close | Subsequent bottom close | Peak-to-bottom drawdown |
|---|---|---|---|
| Oracle (ORCL) | $328.33 — Sep. 10, 2025 | $140.27 — Jul. 2, 2026 | −57.3% |
| Microsoft (MSFT) | $542.07 — Oct. 28, 2025 | $352.83 — Jun. 25, 2026 | −34.9% |
| Meta (META) | $790.00 — Aug. 12, 2025 | $525.72 — Mar. 27, 2026 | −33.5% |
| Amazon (AMZN) | $274.99 — May 6, 2026 | $227.01 — Jun. 25, 2026 | −17.4% |
| Alphabet (GOOGL) | $402.62 — May 13, 2026 | $337.39 — Jun. 26, 2026 | −16.2% |
Technically meta was not a hyperscaler.
FCF turning negative and shifting to memory makers is the biggest concern.