SpaceX CEO Elon Musk attends a cabinet meeting held by U.S. President Donald Trump at the White House on March 24, 2025.
Win McNamee | Getty Images
No one is getting hit harder than technology megacaps as markets hit selloff mode.
Once powering the market to new highs, the group known as the Magnificent Seven has undergone a severe reckoning over the last two trading sessions, shedding a combined $1.8 trillion in market value. Apple has nosedived the most, shaving off more than $533 billion in market capitalization.
President Donald Trump’s aggressive tariff plan implemented Wednesday sent shockwaves worldwide, fueling widespread panic and fears of a global trade war that will push the economy into a recession.
Many stocks have sold off at a pace not seen since the onslaught of Covid, with the tech-heavy Nasdaq suffering its worst week since March 2020. The Nasdaq plunged on Thursday, and the “Magnificent Seven” group shed more than $1 trillion in combined market value. The losses mounted on Friday.
Tesla was the biggest loser of the seven-name group by percent, plunging more than 10% during Friday’s session. The company shaved off more than $89 in market cap, bringing its two-day tally to more than $139 billion. Nvidia has lost a combined $393 billion over the last two trading sessions.
Apple was the most significant decliner by market value of the group. The iPhone maker is under pressure as new tariffs target some of its secondary manufacturing locations outside China and recorded it worst one-day drop in five years on Thursday.
Over the last two trading sessions, the market value of Meta plummeted more than $200 billion, while Amazon dropped $265 billion. The e-commerce company registered its ninth straight losing week on Friday, its worst such stretch since 2008. Alphabet and Microsoft experienced the smallest percent losses for the week, but still shed more than $139 billion and $165 billion in market value, respectively, over the last two days.
Megacaps aren’t the only companies feeling the pain. Names across the technology sector have been on a downward spiral. Oracle slumped nearly 9% this week, while AppLovin and Palantir Technologies tanked more than 19% and 13%, respectively. Salesforce declined almost 11%.
Semiconductor stocks reliant on production outside the U.S. plummeted for a second session on Friday. While the sector has been excluded from the recent round of tariffs, new levies are in the works. Fears have also mounted that widespread tariffs could eat away at demand.
The VanEck Semiconductor ETF tracking the sector plunged about 15% this week. Marvell Technology and Apple supplier Qorvo each lost about a fifth of their value. Advanced Micro Devices fell more nearly 17%, while Intel and Broadcom sank more than 12%. Micron Technology dropped about 13% on Friday, and the memory chipmaker lost more than quarter of its value this week.
