Tech Selloff Drags Nasdaq Down 1% as Alphabet Loses Key AI Researcher

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2026-06-22 23:46:02

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Alphabet Inc. shares plunged more than 6% Monday, erasing nearly $299 billion in market value, after Nobel Prize-winning scientist John Jumper departed Google's DeepMind unit for rival Anthropic. The exodus triggered a sector-wide rout, with Amazon, Meta Platforms, and Microsoft each shedding at least 2%.

The Nasdaq Composite fell 1% as tech stocks bore the brunt of investor anxiety. Only Tesla and Apple among the so-called Magnificent Seven managed gains. The selloff extended to tech-focused ETFs, with the Roundhill Magnificent Seven ETF dropping 1.7%.

Market participants interpreted Jumper's departure as a blow to Alphabet's AI supremacy. The timing proved particularly damaging, with news breaking during a market closure before Monday's trading session.

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