Tech Selloff Erases $1.1 Trillion from 'Magnificent Seven' Market Cap by July 17, Nvidia Loses $183.08B

A significant tech selloff has erased $1.1 trillion from the market capitalization of the 'Magnificent Seven' companies within five days, as of July 17, 2024.

The losses are attributed to a broader selloff in the chipmaking industry amid increasing export restrictions to China. The affected companies include Tesla, Google, Microsoft, Amazon, Meta, Apple, and Nvidia.

Nvidia experienced the largest loss with a market cap reduction of $183.08 billion, followed by Apple with $79.29 billion, Meta with $67.61 billion, Amazon with $55.80 billion, Microsoft with $38.64 billion, Google with $31.47 billion, and Tesla with $26.98 billion.

Notably, Nvidia had gained $2.1 trillion year-to-date by July 10 but has since given up $418 billion or 12.6% of its value. Meta also saw a significant decline of 13.6%.

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