Microsoft (MSFT) shares are headed for their worst month since 2000, according to data published Monday by Bloomberg.

After a bruising month for Big Tech, in which investors sold out of Microsoft, shares in the tech leader are down roughly 17% in June. If shares close out the month at that level, it will be the worst month for Microsoft since December 2000, when the company lost 24.4%.

The company has lost roughly $570 billion in market value.

However, if shares can rally to finish the month anywhere better than a loss of 16.56%, February 2008 — only months before the collapse of Lehman Brothers triggered a global economic meltdown — will continue to stand as the worst month for Microsoft since December 2000.

2026 has largely been a good year for the tech sector, as State Street’s technology sector ETF (XLK) has returned 27% to date, higher than the S&P’s 8%. Yet tech’s mega-cap leaders have had a harder go of it: The Roundhill Magnificent Seven ETF (MAGS), which tracks the performance of the so-called “Mag 7,” has shed 10.7% over the past month of trading days, for a yearly loss of roughly 4%.

Microsoft, in particular, has been subject to a round of selling that has taken considerable wind out of the enterprise software leader’s stock price. While the company continues to pump money into AI growth, concerns remain that the same AI boom could render traditional software offerings somewhat obsolete.

In its fiscal third-quarter earnings in late April, Microsoft forecast “modest” growth in its Azure cloud computing business even as raised its capex year-end estimate to $190 billion.

“Whether Microsoft Word or Excel will be rendered obsolete by AI remains to be seen,” Jack Ablin, chief investment strategist at Cresset Wealth Advisors, said, per Bloomberg. “But the spending is certainly a concern, especially since so many are going to the bond market to borrow, suggesting their cash piles won’t be enough to sustain the buildout.”

Even so, some Wall Street analysts still like the stock despite this month’s significant dip.

“[We have] incremental confidence in Microsoft and its ability to sustain and expand company-level operating margins and continue compounding robust, value creative growth in the years ahead,” Deutsche Bank analysts led by Brad Zelnick wrote Friday.

The bank maintained its Buy rating and $550 price target.

Jake Conley is a breaking news reporter covering US equities for Yahoo Finance. Follow him on X at @byjakeconley or email him at jake.conley@yahooinc.com.