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Published: March 11, 2025 3:23 PM IST
By Anirudha Yerunkar | Edited by Anirudha Yerunkar
The technology sector, which drove much of the market’s growth in recent years, suffered a significant blow on Monday, marking one of the worst single-day declines in history. The ‘Magnificent Seven’ , a group of the largest U.S. technology companies, collectively lost $759 billion in market capitalization during the market rout. This marked the largest one-day market-cap loss on record for the group, according to Dow Jones Market Data.
Apple Inc. took the biggest hit, with its shares plunging 4.9%, erasing a staggering $174 billion in market value. Nvidia Corp. followed closely, shedding 5.1% of its stock value and losing $139 billion in market capitalization. Tesla Inc., while experiencing a 15.4% drop the steepest decline among the group saw its market cap reduced by $130 billion.
Concerns about a potential recession, due to rising fears in the tech sector over tariffs and the sustainability of escalating investments in artificial intelligence, took heavily on investor sentiment. While Microsoft and Amazon fared slightly better than the Nasdaq Composite Index, which dropped 4.0%, their market-cap losses were still substantial.
Microsoft: Shares fell 3.3%, resulting in a $98 billion reduction in market capitalization.
Amazon: Shares declined 2.4%, wiping out $50 billion in value.
Google parent Alphabet: Shares plunged nearly 5%, cutting its market cap by $95 billion.
Meta Platforms: The social media giant lost $70 billion in market value as its shares dropped more than 4%.
The broader market downturn on Monday was driven by growing fears of an impending recession and investor doubts about the sustainability of Big Tech’s aggressive spending on AI and other emerging technologies. Additionally, reports of the U.S. Justice Department’s push for breaking up Google’s monopoly added further pressure, particularly on Alphabet and other tech peers.
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