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Apple led the losses, shedding a staggering $174 billion in market capitalisation (Photo: Bloomberg)
The seven largest US technology firms — Apple, Microsoft, Tesla, Nvidia, Google parent Alphabet, Amazon, and Meta — collectively known as the ‘magnificent seven’, faced a staggering decline in market value on Monday. These industry leaders, recognised for their technological influence and market dominance, lost more than $750 billion as Wall Street suffered a sharp downturn, according to a report by The Times of India.
The Nasdaq recorded its steepest drop since 2022, with analysts attributing the decline to concerns over new tariffs that could increase costs for companies dependent on overseas manufacturing.
Apple sees $174 bn wiped out
Apple led the losses, shedding a staggering $174 billion in market capitalisation. Nvidia, a dominant force in AI chip production, followed closely behind, losing around $140 billion as its stock dropped 5 per cent. The company’s market value has contracted by nearly a third in just two months after reaching a peak in January.Among the tech majors, Tesla experienced the largest decline, with its shares plummeting 15 per cent — the worst single-day drop since 2020. Since mid-December, the electric vehicle-maker has seen its stock value slashed by more than half. Monday’s losses alone erased $130 billion from its market capitalisation, extending its longest-ever weekly losing streak as a publicly traded company, the report said.
Microsoft, Meta hit hard
Other tech giants also endured steep declines. Microsoft saw a $98 billion reduction in market value, while Alphabet lost $95 billion. Amazon and Meta were not spared either, shedding $50 billion and $70 billion, respectively. Both Alphabet and Meta declined by over 4 per cent, while Microsoft and Amazon registered drops of at least 2 per cent. The Technology Select Sector SPDR Fund fell by more than 4 per cent, officially entering correction territory with shares now over 14 per cent below their recent peak, The Times of India mentioned.Chipmakers, which are heavily affected by the new tariffs, also suffered sharp declines. The VanEck Semiconductor ETF has dropped 3 per cent over the past week and is now down more than 16 per cent since the beginning of the administration, with an additional 5 per cent dip on Monday.
US markets lose $4 trn amid Trump’s tariff push
Stock markets worldwide suffered significant losses following a major selloff in the US, sparked by President Donald Trump’s refusal to dismiss concerns that his tariff policies could lead to a recession in the American economy. Investor anxiety deepened as US bond yields declined, driven by Trump’s remarks describing the economy as being in a ‘period of transition’. His shifting trade policies involving Mexico, Canada, and China further fuelled fears of reduced consumer spending and corporate investment.In New York, the tech-focused Nasdaq endured its worst trading day since 2022. The S&P 500, which tracks major American corporations, has declined by over 8 per cent from its February peak. The market downturn has erased $4 trillion from the S&P 500’s recent high, which had previously surged in response to Trump’s economic agenda.
On Monday, the S&P 500 closed 2.7 per cent lower, marking its lowest finish since September and its steepest single-day decline since December. The Dow Jones Industrial Average dropped 2 per cent, reaching its weakest closing level since November 4 — the day before Trump’s election. Meanwhile, the Nasdaq Composite fell 4 per cent, hitting a near six-month low.
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