Apple, Microsoft, Tesla, Nvidia, Google-parent Alphabet, Amazon and Meta make America’s Magnificent Seven. These seven biggest American technology companies are known for their market dominance, technological impact, and influence on consumer behavior and economic trends. In Monday’s stock market carnage, these seven most valuable tech companies lost more than $750 billion in market value. Nasdaq suffered its steepest drop since 2022, as analysts point to concerns over new tariffs, which could raise prices for companies reliant on overseas parts and manufacturing.
Apple lost a staggering $174 billion
In the brutal day for Wall Street, megacap tech companies saw their market values plummet, with Apple leading the charge by shedding a huge $174 billion. Nvidia, the frontrunner in AI chipmaking, wasn’t far behind, losing nearly $140 billion as its shares closed down 5%. The company’s value has shrunk by almost a third in just two months since reaching a new peak in January.
Tesla lost most in percentage terms, stock fell by 15%
Tesla experienced the steepest percentage drop, with shares of the electric vehicle manufacturer tumbling 15% -— their worst performance since 2020. The company has now lost over half its value since mid-December and is coming off its longest weekly losing streak as a public company. Monday’s losses alone amounted to $130 billion.Other tech heavyweights also took a hit. Microsoft and Google parent Alphabet saw their market caps shrink by $98 billion and $95 billion, respectively, while Amazon and Meta lost $50 billion and $70 billion. Alphabet and Meta each dropped more than 4%, with Microsoft and Amazon declining at least 2%. The Technology Select Sector SPDR Fund fell over 4%, officially entering correction territory with shares more than 14% below their high.
ASML, Micron and other semiconductor stocks too hit
Semiconductor makers, a key target of the new levies, were hit hard. The VanEck Semiconductor ETF has dropped 3% in the past week and is down over 16% since the inauguration, with a further 5% decline on Monday. Marvell Technology shed 8%, ASML Holding and Micron Technology each slumped more than 6%, and Broadcom fell 5%. Last week, the president announced a $100 billion investment from Taiwan Semiconductor Manufacturing, calling it the “most powerful” company in the world as he pushes to bolster U.S. production.
