Tech stocks sold off after Intel and Amazon results showed how much cash AI spending is burning: MSCI's global index fell 1.5%, Intel dropped 28.6%, and the Philadelphia semiconductor index lost more than 7%. The article cites benchmark 10-year Treasury yields near 5.3% as part of the story, pushing up the cost of capital. For AppLovin, second-quarter revenue grew 53% and adjusted EBITDA margin reached 84%, yet the stock fell sharply because revenue landed below company guidance; management blamed a slower pace of ad-model improvements rather than weaker advertiser demand. The company guided to third-quarter revenue growth of 46% to 48%, and the article notes APP's forward P/E of 12, expected 2027 revenue growth of nearly 29%, and popularity among hedge funds.
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