Tech stocks have suffered a massive two-day slump, with the Nasdaq recording its worst weekly drop in five years. The so-called “Magnificent Seven” stocks, which include Apple, Tesla, and Meta, lost a combined $1.8 trillion in market value over the last 48 hours.
Apple was the biggest loser, shedding more than $533 billion in market capitalization. President Donald Trump’s new tariff plan has sent shockwaves worldwide, fueling fears of a global trade war that could push the economy into recession. The tech sector has been particularly hard hit, with many stocks selling off at a pace not seen since the Covid-19 pandemic.
Tesla, Nvidia, and Meta also suffered significant losses, with Tesla plunging over 10% during Friday’s session and Nvidia losing $393 billion in market value. Amazon and Alphabet were also severely impacted, with Amazon dropping $265 billion and Alphabet shedding more than $200 billion.
Semiconductor stocks reliant on production outside the US are also feeling the pain, with many stocks experiencing their worst week in months. The VanEck Semiconductor ETF tracking the sector plunged about 15% this week, while Marvell Technology and Qorvo lost nearly a fifth of their value. Advanced Micro Devices fell more than 17%, while Intel and Broadcom sank more than 12%.
Source: https://www.cnbc.com/2025/04/04/technology-stocks-fall-for-a-second-session-led-by-tesla-and-nvidia.html