Monday was the worst day for the largest US stock exchange, Nasdaq, since 2022. The seven most valuable US technology companies lost more than $750 billion in market value in one day.
Monday was the worst day for the largest US stock exchange, Nasdaq, since 2022. The seven most valuable US technology companies lost more than $750 billion in market value in one day.
Recession fears and trade war concerns have weighed on tech stocks, CNBC reports .
Apple topped the list of the biggest losers, with its value falling by approximately $174 billion.
Nvidia lost nearly $140 billion in market value, and its shares fell 5%. The leading maker of artificial intelligence chips has lost nearly a third of its value in just two months after hitting a new high in January.
Tesla's losses reached $130 billion. The company suffered the largest percentage losses: the electric car manufacturer's shares fell 15%, which was its worst day since 2020. The company has lost more than half of its value since its share price peaked in mid-December.
Microsoft and Alphabet lost $98 billion and $95 billion, respectively. Amazon
lost $50 billion, and Meta lost $70 billion.
In percentage terms, it looks like this: Alphabet and Meta fell by more than 4%, Microsoft and Amazon fell by at least 2% each.
Many technology companies rely on parts and manufacturing overseas, and the new tariffs could push up prices. It has also raised concerns about a U.S. recession, which Trump did not rule out over the weekend.
Semiconductor manufacturers have also felt the pain as the sector has become a major target of new tariffs. Last week, the president announced an additional $100 billion investment from Taiwan Semiconductor Manufacturing, calling the company the “most powerful” in the world as he seeks to boost domestic production.
