The market value of the «Magnificent Seven» dropped by more than $1 trillion
This Thursday was the worst day on Wall Street since April 2025, with the so-called «Magnificent Seven«. The biggest tech corporations in the US—collectively losing over a trillion dollars.
Tesla (-10.8%) was the biggest loser, followed by Nvidia (-9.3%), Meta (-4%), Microsoft (-3.6%), Alphabet (-2.2%), Amazon (-2.2%), and Apple (-1.5%).
The day after the U.S. midterm elections, which resulted in a Republican defeat and the Democrats reclaiming control of both the House of Representatives and the Senate. This group of «Big Tech» businesses had soared.
Today’s session wiped out the $600 billion in market value gained during the post-election rally—a positive milestone—and resulted in a negative milestone. The largest combined single-day loss for the group, totaling approximately $1.13 trillion.
Nasdaq technology index fell 5.52% today, dragged down by a sell-off in artificial intelligence (AI) stocks. The S&P 500 dropped a significant 4.36%, and the Dow Jones declined by 3.44%.
Stocks related to the AI sector—particularly those linked to infrastructure, chips, and data centers—were the biggest losers, amid expectations that the sector may face new regulations and challenges in expanding its data centers.
Tesla and SpaceX—companies owned by Elon Musk, a vocal advocate for accelerating AI development and a backer of President Donald Trump’s 2024 election victory. Saw a combined $420 billion in market capitalization wiped out today.
