California's retirement fund, Calpers, slashed its holdings in the Magnificent Seven as doubts grew about high valuations and heavy AI spending. Separately, the tech-heavy Nasdaq fell 2.6% as investors debated whether AI shares were in a bubble.
WHO:Calpers
WHAT:Calpers slashed its holdings in the Magnificent Seven.
WHEN:Reported Oct 23, 2026 at 12:00 AM ET
WHERE:California, USA
WHY:Calpers cut its holdings amid doubts about lofty valuations and soaring spending.
Reporting from 2 identified publishers across this event arc.
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