As $2.3 trillion wiped out from Microsoft, Nvidia, Alphabet, Apple, Meta, Tesla and Amazon; Tesla Bull Dan Ives says: In the meantime …
Tech’s elite “Magnificent 7” – which tracks Microsoft, Nvidia, Alphabet, Apple, Meta, Tesla and Amazon – has got a reality check after a staggering $2.3 trillion in market value was erased from the group’s stocks this month, a report has said, adding that the index plunged 10% in June. According to a report by CNBC, the losses have been uneven across the board, with some tech giants taking harder hits than others. For example, while Microsoft was down 20% this month, Nvidia fell by roughly 13%. Apple and Amazon were down about 8% each.
The sell-off comes as tech giants pour hundreds of billions of dollars into high-end microchips and data centres to fuel their AI products, with a notable portion of this spending funded by debt.
