Big tech stocks that pour money into AI are getting punished, and the pain may not stop until memory chip prices cool off — bad news for Google, Microsoft, and Meta shareholders for now.

• Since June, tech stocks have topped out, but only the heavy AI spenders are falling — the broader market is still near record highs.
• Google raised $80 billion and marked the top of its own stock; $40 billion of that hasn't hit the market yet, so more selling pressure is coming.
• Apple is up on the year because it isn't spending wildly on AI, while Google, Microsoft, and Meta are flat or down.
• A big hidden driver is memory chip prices, which have jumped 370% in a year and forced companies to raise their AI budgets — a quarter of Microsoft's spending was just memory.
• New stock sales, like a likely Anthropic IPO, will keep pulling money out of the market.

Outlook: These stocks may not bottom until memory prices stop climbing and the wave of big AI fundraising rounds finishes.