Market-Cap Disaster: Nvidia’s Stock Plunge Sets Record for ‘Magnificent Seven’ Losses
This week witnessed a dramatic downturn in the market values of the top-tier tech companies, known as the “Magnificent Seven,” collectively shedding a staggering $950 billion.
Among them, Nvidia bore the brunt, losing almost $300 billion, a figure exceeding the entire market worth of its rival, Advanced Micro Devices Inc.
Nvidia’s stock took a significant hit, dropping 13.6% over the week, marking its worst performance since September 2, 2022. The semiconductor sector, in which Nvidia operates, faced notable pressure, intensifying Nvidia’s losses. Analyst Jordan Klein from Mizuho highlighted a broader trend of sectoral unwinding over the past week.
Notably, other tech giants like Apple and Microsoft also experienced substantial market cap declines of $178 billion and $169 billion, respectively. This downturn was not unique to Nvidia, as the entire Magnificent Seven saw their stock prices decline throughout the week, with Tesla leading the decline at 14%.
Tesla, in particular, suffered a notable setback, losing $76 billion in market cap, leading to a slip in its rank among the largest U.S. companies.
Additionally, Amazon, Alphabet, and Meta Platforms also faced significant declines in their market values, contributing to the overall downturn. The cumulative losses experienced by the Magnificent Seven this week far exceeded the previous record set in January 2022, indicating the severity of the market turbulence.
