Amazon, Apple, Microsoft and more face record market bloodbath as firms lose $750 billion

Apple, Microsoft, Tesla, Nvidia, Google-parent Alphabet, Amazon and Meta make America's Magnificent Seven. The commercial dominance, technological impact, and effect on consumer behavior and economic trends of these seven largest American technology businesses are well-known. These seven most valued tech businesses lost almost $750 billion in market value in Monday's stock market meltdown. The Nasdaq saw its worst decline since 2022 as experts raised worries about proposed tariffs that would increase costs for businesses that depend on foreign manufacturing and parts.

Megacap IT firms had their market values fall during the terrible day for Wall Street, with Apple leading the way with a massive $174 billion loss. Leading AI chipmaker Nvidia was not far behind, losing around $140 billion as its stock fell 5%. In only two months after hitting a new high in January, the company's worth has dropped by over a third.

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With shares of the electric car company plunging 15%, Tesla had the worst percentage decline—their worst since 2020. The firm is currently experiencing its greatest weekly losing run as a publicly traded corporation, having lost more than half of its value since mid-December. The losses on Monday alone totaled $130 billion.

Other major tech companies were also affected. While Amazon and Meta lost $50 billion and $70 billion, respectively, Microsoft and Alphabet, the parent company of Google, had their market capitalization decline by $98 billion and $95 billion. Microsoft and Amazon had at least a 2% decline, while Alphabet and Meta each saw a decline of almost 4%. With shares more than 14% below their peak, the Technology Select Sector SPDR Fund officially entered correction zone after plunging more than 4%.

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Stock markets worldwide suffered significant losses following a major selloff in the US, sparked by President Donald Trump’s refusal to dismiss concerns that his tariff policies could lead to a recession in the American economy. His shifting trade policies involving Mexico, Canada, and China further fuelled fears of reduced consumer spending and corporate investment.