A big tech selloff has erased $1.1 trillion from the market capitalization of the ‘Magnificent Seven’ corporations inside 5 days.
A big tech selloff has erased $1.1 trillion from the market capitalization of the ‘Magnificent Seven’ corporations inside 5 days, as of July 17, 2024.
The losses are attributed to a broader selloff within the chipmaking business amid growing export restrictions to China. The affected corporations embrace Tesla, Google, Microsoft, Amazon, Meta, Apple, and Nvidia.
Nvidia skilled the most important loss with a market cap discount of $183.08 billion, adopted by Apple with $79.29 billion, Meta with $67.61 billion, Amazon with $55.80 billion, Microsoft with $38.64 billion, Google with $31.47 billion, and Tesla with $26.98 billion.
Notably, Nvidia had gained $2.1 trillion year-to-date by July 10 however has since given up $418 billion or 12.6% of its worth. Meta additionally noticed a big decline of 13.6%.
That is an AI-generated article powered by DeepNewz, curated by The Defiant. For extra info, together with article sources, go to DeepNewz.
