Meta Platforms Inc. tumbled into negative territory Tuesday, becoming the last of the so-called Magnificent Seven stocks to turn lower this year.

The Facebook parent fell more than 4%, extending a recent selloff. Its decline is especially notable as it comes in the wake of a historic rally that saw shares gain for an unprecedented 20 straight sessions. At its peak, the stock climbed nearly 26% in 2025, but it has since erased all those gains. 

Meta has lost a certain amount of flexibility given their investments into artificial intelligence, according to KeyBanc Capital Markets analyst Justin Patterson, who cut his price target on the stock to $710 from $750, citing “greater macro uncertainty.” 

“The challenge we see today is that the AI cycle is increasing fixed costs” at Meta, “which limits the ability to reduce expenses in a downturn,” Patterson wrote in a note, which also said Google parent Alphabet Inc., another Magnificent Seven company, faces similar headwinds.

Tech has come under broad-based pressure this year as the economic outlook has been roiled by the Trump administration’s policies on tariffs and questions about the direction of the AI trade. The Magnificent Seven stocks — Apple Inc., Microsoft Corp., Nvidia Corp., Amazon.com Inc., Tesla Inc., Alphabet and Meta — are seen as particular beneficiaries of AI.

The Bloomberg Magnificent 7 Total Return Index is down 16% this year, and more than 20% off its December peak. Among notable decliners, Tesla is down 44% this year, while Alphabet is down 17%, and both Apple and Nvidia are off 14%. The index is lower by over 2% on Tuesday.

Meanwhile, the broader Nasdaq 100 Index is down 7.3% so far this year, recently falling into a correction. The tech-heavy index is currently more than 12% below its own peak.

Big tech’s two-year outperformance has made it a favored place for investors to take profits amid the uncertainty. 

This story was originally featured on Fortune.com

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Trump’s Social Security Administration proposed a major change that could force thousands of people every week to show up at a shrinking list of field offices before they can receive benefits.

In an effort to combat fraud, the SSA has suggested that citizens applying for social security or disability benefits over the phone would also need to, for the first time, verify their identities using an online program called “internet ID proofing,” according to an internal memo viewed by the Washington Post.

If they can’t verify their identity online, they will have to file paperwork at their nearest field office, according to the memo sent last week by Acting Deputy Commissioner for Operations Doris Diaz to Acting Social Security Commissioner Leland Dudek.

The memo acknowledged the potential change could force an estimated 75,000 to 85,000 people per week to seek out field offices to confirm their identities and could lead to “increased challenges for vulnerable populations,” “longer wait times and processing time,” and “increased demand for office appointments,” the memo read, according to the Post. 

The change would disproportionately affect older populations who may not be internet savvy, and those with disabilities. Claimants seeking a field office will also have fewer to choose from, as more than 40 of 1,200 are estimated to close, the New York Times reported, citing advocacy group Social Security Works. The list of offices slated to close is based on an unreliable list released by DOGE, according to Social Security Works. Elon Musk’s DOGE has also said it will cut 7,000 of the SSA’s 57,000 employees. 

The White House and the Social Security Administration did not immediately respond to Fortune‘s request for comment.

The SSA previously considered scrapping telephone service for claims, the Post reported, but backtracked after a report by the outlet. Regardless, the SSA said claimants looking to change their bank account information will now need to do so either online or in-person and could no longer do so over the phone.

Almost every transaction at a field office requires an appointment that already takes months to realize, according to the Post. 

The White House has repeatedly said it will not cut Social Security, Medicare, or Medicare benefits, and has said any changes are to cut back on fraud. A July 2024 report from the Social Security Administration’s inspector general estimated that between fiscal 2015 and fiscal 2022, the SSA sent out $8.6 trillion in disbursements. Fewer than 1% of the disbursements, or $71.8 billion worth were improper payments, according to the report.

Acting Social Security Commissioner Dudek said for phone calls, the agency is “exploring ways to implement AI — in a safe, governed manner in accordance with” guidance from the Office of Management and Budget “to streamline and improve call resolution,” according to a Tuesday memo obtained by NBC News.

Dudek mentioned in the memo that the agency has been frequently mentioned in the media, which has been stressing out employees.

“Over the past month, this agency has seen an unprecedented level of media coverage, some of it true and deserved, while some has not been factual and painted the agency in a very negative light,” he wrote. “I know this has been stressful for you and has caused disruption in your life. Personally, I have made some mistakes, which makes me human like you. I promise you this, I will continue to make mistakes, but I will learn from them. My decisions will always be with the best intentions for this agency, the people we serve, and you.”

This story was originally featured on Fortune.com

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