Commercial dominance, technological impact, and effect on consumer behavior and economic trends of these seven largest American technology businesses are well-known. Apple, Tesla, Microsoft, Nvidia, Alphabet, the parent company of Google, Amazon, and Meta comprise America’s Magnificent Seven. These seven most valued tech businesses lost almost $750 billion in market value in Monday’s stock market meltdown. The tech-heavy Nasdaq saw its worst decline since 2022 as experts cited worries about proposed trade tariffs that would raise costs for businesses that depend on foreign manufacturing and parts.
$174 billion wiped out from Apple market value in hours
Megacap IT firms had their market values fall during the terrible day for Wall Street, with Apple leading the way with a massive $174 billion loss. Leading AI chipmaker Nvidia was not far behind, losing around $140 billion as its stock fell 5%. In only two months after hitting a new high in January, the company’s worth has dropped by over a third.
Tesla lost most in percentage terms, stock fell by 15%
With shares of the electric car company plunging 15%, Tesla had the worst percentage decline—their worst since 2020. The firm is currently experiencing its greatest weekly losing run as a publicly traded corporation, having lost more than half of its value since mid-December. The losses on Monday alone totaled $130 billion.
Other major tech companies were also affected. While Amazon and Meta lost $50 billion and $70 billion, respectively, Microsoft and Alphabet, the parent company of Google, had their market capitalization decline by $98 billion and $95 billion. Microsoft and Amazon had at least a 2% decline, while Alphabet and Meta each saw a decline of almost 4%. With shares more than 14% below their peak, the Technology Select Sector SPDR Fund officially entered correction zone after plunging more than 4%.
ASML, Micron and other semiconductor stocks too hit
Manufacturers of semiconductors, a major target of the increased taxes, suffered greatly. With an additional 5% slide on Monday, the VanEck Semiconductor ETF has down 3% over the last week and more than 16% since the inauguration. Broadcom declined 5%, ASML Holding and Micron Technology both fell more than 6%, while Marvell Technology plummeted 8%. In support of greater U.S. production, the president last week announced a $100 billion investment from Taiwan Semiconductor Manufacturing, calling it the “most powerful” firm in the world.
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