The Magnificent 7 Tech Stocks Lose $1 Trillion in Market Value on Monday Amid Investor Concerns on AI Spending
The seven most valuable US tech companies lost a combined $1 trillion in market value on Monday as markets opened. Nvidia saw its market cap drop over $300 billion initially, though it recovered about half its loss by the end of the day. Apple and Amazon also saw major drops of over $200 billion and $100 billion, respectively. The tech-heavy Nasdaq index was down over 3% following its steepest three-week decline in two years, pushing it into correction territory. Recent earnings reports from Amazon, Alphabet, and Microsoft reignited investor worries after months of heavy spending on AI infrastructure by tech giants.
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00:00It's Benzinga, and here's what's on the block.
00:02The seven most valuable U.S. tech companies lost a combined $1 trillion in market value
00:07on Monday as markets opened.
00:09Nvidia saw its market cap drop over $300 billion initially, though it recovered about half
00:14its loss by the end of the day.
00:16Apple and Amazon also saw major drops of over $200 billion and $100 billion, respectively.
00:23The tech-heavy Nasdaq index was down over 3 percent following its steepest three-week
00:27decline in two years, pushing it into correction territory.
00:31Recent earnings reports from Amazon, Alphabet, and Microsoft reignited investor worries after
00:36months of heavy spending on AI infrastructure by tech giants.
00:39For all things money, visit Benzinga.com.