QUICK SPARK: 10 US Tech Stocks Wipe Out $1.7 Trillion on Thursday
Piero Cingari 43 minutes ago
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Ten U.S. tech giants erased about $1.74 trillion in market value Thursday as Nvidia, Micron and AMD led a post-midterm sell-off in AI and chip stocks.
Ten of America’s largest technology companies lost more market value in a single morning than most countries produce in a year.
By late morning Thursday, the group had shed about $1.74 trillion combined.
NVIDIA Corp. (NASDAQ:NVDA) led the decline, falling 8.5% and erasing roughly $408 billion. Micron Technology Inc. (NASDAQ:MU) and Advanced Micro Devices Inc. (NASDAQ:AMD) each tumbled nearly 16%, while Tesla Inc. (NASDAQ:TSLA) and Space Exploration Technologies Corp. (NASDAQ:SPCX) dropped about 11%. The Nasdaq 100 slid 5.4%.
The sell-off extends a post-midterm rotation out of artificial-intelligence stocks, as investors weigh whether the Democratic sweep could slow data center expansion. China’s delay in approving imports of Nvidia’s H200 chips added pressure.
The VanEck Semiconductor ETF (NASDAQ:SMH) sank 10.4%.
| Company | Price | Change | Market value lost | Market cap |
|---|---|---|---|---|
| Nvidia Corp. | $183.19 | -8.5% | $408.1 billion | $4.41 trillion |
| Space Exploration Technologies Corp. (SpaceX) | $121.03 | -11% | $202.2 billion | $1.64 trillion |
| Tesla Inc. | $341.42 | -11.4% | $173 billion | $1.35 trillion |
| Microsoft Corp. (NASDAQ:MSFT) | $532.88 | -4.1% | $170.2 billion | $3.96 trillion |
| Broadcom Inc. (NASDAQ:AVGO) | $295.23 | -9.3% | $144.4 billion | $1.41 trillion |
| Micron Technology Inc. | $670.25 | -15.7% | $141.4 billion | $758 billion |
| Amazon.com Inc. (NASDAQ:AMZN) | $253.09 | -4.9% | $140 billion | $2.74 trillion |
| Alphabet Inc. (NASDAQ:GOOGL) | $278.35 | -3.7% | $129 billion | $3.39 trillion |
| Advanced Micro Devices Inc. | $410.77 | -16% | $127.3 billion | $671 billion |
| Meta Platforms Inc. (NASDAQ:META) | $590.05 | -6.3% | $102.1 billion | $1.51 trillion |
| Total | $1.74 trillion |
Image: Envato Elements
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