**NEW YORK, July 5, 2026** – Just months after Wall Street anointed the “MANGOS” stocks as the definitive play on artificial intelligence, the acronym is starting to sound less like a sweet bet and more like a sour aftertaste. The cohort—comprising Meta, Anthropic, Nvidia, Google, OpenAI, and Salesforce—has collectively shed over $340 billion in market value since mid-June, sending a jolt of anxiety through the tech-heavy Nasdaq.
The rot appears to have set in last week, when Nvidia, the undisputed king of AI chips, posted its weakest quarterly guidance in two years. Analysts at Goldman Sachs immediately slashed their price target, warning that hyperscaler demand for its H200 processors is “plateauing faster than anticipated.” The sell-off quickly infected the rest of the group. Meta shares tumbled 4.2% on Wednesday after internal documents revealed that its latest AI-powered advertising tools are failing to lift revenue per user, a key metric for the social media giant.
Meanwhile, OpenAI and Anthropic, the two private giants in the basket, are facing their own existential headwinds. Sources close to the companies tell Reuters that both firms are burning through cash at unprecedented rates—OpenAI alone is expected to consume $8.5 billion this year—while struggling to monetize their premium models beyond enterprise trial phases. Salesforce, once a darling for its “Einstein GPT” platform, has seen its stock slide 11% since June 28 after reporting a surprise slowdown in cloud subscription renewals.
The broader macroeconomic picture isn’t helping. The Federal Reserve’s July 1 decision to hold interest rates steady at 5.5%—citing stubborn core inflation—has crushed hopes for a liquidity-driven tech rebound. “The MANGOS thesis was built on unlimited capital chasing unlimited hype,” said Lisa Chen, chief equity strategist at Morgan Stanley. “Now that capital has a cost again, investors are asking hard questions about earnings timelines.”
Not everyone is ready to call the end of the AI trade. Bullish analysts point to Google’s recent breakthrough in quantum-AI integration and Anthropic’s new safety protocols as long-term catalysts. But with the sector’s average P/E ratio still hovering above 45, the message from the July 4 holiday-shortened trading session was clear: Wall Street’s newest acronym is losing its flavor fast, and the only question left is how much further it can fall before the bargain hunters arrive.