MAG7 Sell-Off and Adobe Earnings — What's Happening in Tech Right Now

March 17, 2026·3 min read

Every single MAG7 name closed red. Microsoft, Amazon, Google, Nvidia, Apple — all down. And in the middle of this tech sell-off, Adobe dropped earnings and announced a CEO transition.

Here's what matters in each name, and what Adobe's numbers reveal about the AI monetization debate.

Adobe Earnings: Decent Numbers, Missing Context

Adobe's AI revenue tripled year-over-year. Overall revenue growth held at 10%, consistent with recent quarters. On the surface, not bad.

The problem is transparency.

Adobe doesn't break out revenue by division. When they say AI revenue tripled, there's no way to know what share of total revenue that represents, or what the margins look like. Growth rates without context lose their meaning.

Compare that to Salesforce or CrowdStrike, which show exactly how much AI contributes to their bottom line. When AI is the single biggest factor moving your stock price, why obscure the numbers? That approach doesn't inspire confidence.

The CEO is stepping down after 18 years. Honestly, this might be a net positive — fresh leadership can unlock a directional shift. Worth noting that Michael Burry holds a position here.

MAG7 Stock-by-Stock Key Levels

Each name has its own technical story right now.

Nvidia (NVDA) — Rejecting below the 100-day MA. Below $184, aggressive selling could accelerate. Day trade target for tomorrow: the 200-day SMA at $177–178.

AMD — Persistently bearish below $203. Some support at $196–197, but the path of least resistance points toward the 200-day SMA at $190–191.

Broadcom (AVGO) — One of the strongest names recently, but holding below $336 sets up a short opportunity. If it stays under $336 tomorrow, this is one of the most compelling setups.

Tesla (TSLA) — Playable in both directions. Above $414, it's a long. Lose the 200-day SMA, and $384 is nearly guaranteed. Below $384, liquidity thins out dramatically down to $360–367 — meaning the move could be fast.

Meta (META) — Below $638, watching $630–628. A break of $626 opens room to $618.

Microsoft (MSFT) — Resistance at $406–407. Below $402, watching $400. Under $400, targets are $396 and potentially $392.

Amazon (AMZN) — Bearish below $211.50. If $208.50–209 breaks, downside targets are $204 and $201.50.

Apple (AAPL) — A bull flag is forming around $255–256. If it breaks down, selling could accelerate toward the 200-day SMA at $245–246.

A Warning on Software

Semis are finally showing weakness after holding strong all week.

Software demands caution too. New AI models from Claude, Grok, Gemini, and potentially GPT are rolling out soon. Each release raises fresh questions about software companies' competitive moats. The short-term pressure on the sector isn't going away.

Positioning for Tomorrow and Next Week

Tech weakness is converging with broader market stress. Rising oil, Iran risk, PCE and GDP data, the Fed meeting — everything is hitting at once.

The clearest framework right now is watching each MAG7 name relative to its 200-day moving average. Holding above it? Still manageable. Breaking below? That's when selling accelerates. Simple, but it's the most reliable signal in this environment.

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