On March 10, the Nasdaq, the largest US stock market, suffered its biggest drop since 2022, wiping out more than $750 billion in market value from the seven most expensive technology companies. Recession and trade war fears led to the sell-off, CNBC reports.
Which companies lost the most:
- Apple topped the list, losing the most — its value fell by about $174 billion.
- Nvidia lost nearly $140 billion and its shares fell 5%. The AI chip maker lost nearly a third of its value in just two months after hitting a new high in January.
- Tesla suffered the biggest percentage loss, with its shares falling 15% ($130 billion), its worst day since 2020. The company has lost more than half of its value since its peak in mid-December.
- Microsoft and Alphabet lost $98 billion (2%) and $95 billion (more than 4%), respectively.
- Amazon lost $50 billion (2%).
- Meta — $70 billion (over 4%).
Why their stocks are down?
The SPDR fund, which specializes in the technology sector, has fallen more than 4%, entering a correction zone. The stock is down more than 14% from its maximum. Intense selling in the technology sector intensified, and the Nasdaq fell to a six-month low.
Many tech companies rely on components and manufacturing overseas, and new tariffs could drive up prices. Concerns about a US recession, which President Donald Trump didn't rule out over the weekend, also had an impact. Asked by a Fox News host about the prospect of a recession, he neither denied nor downplayed it.
"I hate to predict things like that," the president said. "There is a period of transition because what we’re doing is very big."
Chipmakers are also facing challenges, as the sector is one of the primary targets of the new tariffs. Last week, Trump announced an additional $100 billion in investment from Taiwan Semiconductor Manufacturing.
The VanEck Semiconductor ETF is down 3% over the past week and down more than 16% since the inauguration. The sector was hit by another round of heavy selling on Monday: The ETF was down about 5% in late trading. Marvell Technology lost 8%, while ASML Holding and Micron Technology each lost more than 6%. Broadcom was down 5%.
