Magnificent Seven set to shed $1 trillion in value, led by Apple, Nvidia

Apple and Nvidia led a sell-off in technology stocks on Monday as US recession fears and Berkshire Hathaway’s decision to cut its stake in the iPhone maker punctured a months-long rally in the sector.

High-performing shares of Alphabet, Amazon, Meta Platforms, Microsoft, and Tesla fell as much as 12.2 per cent in pre-market trading.

The losses in the Magnificent Seven stocks were set to wipe out nearly $1 trillion from the combined market value of the companies.