Nvidia CEO Jensen Huang gives a keynote address at CES 2025, an annual consumer electronics trade show, in Las Vegas on Jan. 6, 2025.
Steve Marcus | Reuters
It’s gone from bad to worse for tech investors.
With the Nasdaq suffering its steepest drop since 2022 on Monday, the seven most valuable tech companies lost more than $750 billion in market value. Recession fears and concerns about a trade war drove the selloff.
Apple led the megacap losses, with its value plummeting by about $174 billion. Nvidia shaved off almost $140 billion in market value and shares closed down 5%. The leading AI chipmaker has lost nearly a third of its value just two months after notching a fresh high in January.
Tesla had the biggest percentage loss, with shares of the electric vehicle maker tumbling 15%, their worst day since 2020. The company has lost more than half its value since its stock price peaked in mid-December. The stock is also coming off its longest weekly losing streak in history as a public company.
Tesla lost $130 billion in value on Monday, while Microsoft and Alphabet lost $98 billion and $95 billion, respectively. Amazon lost $50 billion and Meta lost $70 billion.
Alphabet and Meta dropped more than 4% on Monday, while Microsoft and Amazon dropped at least 2% each. The Technology Select Sector SPDR Fund fell more than 4%, entering correction territory. Shares are more than 14% off their high.
Heavy selling intensified across the tech, with the Nasdaq falling to a six-month low. Many tech companies rely on parts and manufacturing overseas and new levies could push up prices. That’s also sparked worries of a U.S. recession, which Trump didn’t rule out over the weekend.
