A Bloomberg index of the Magnificent 7 stocks officially entered a correction, falling more than -10% below its October record.

All 7 members are negative YTD, the first time this has happened since the 2022 bear market recovery.

Microsoft is the biggest laggard, down over -18% YTD, as investor concerns are growing that AI tools could disrupt the very software industry these companies dominate.

Investors are increasingly skeptical about when the hundreds of billions spent on AI infrastructure will translate into actual returns.

At the same time, money is rotating out of tech and into traditional safe havens like energy and utilities, as the Iran war and surging oil prices add pressure.

The Magnificent 7 went from the market's biggest winners to one of the biggest losers.

Will this continue?