Tech stocks: "The era of the 'Magnificent Seven' seems to be over" - $700 billion in stock market value destroyed
Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla have long driven the stock market on their own. Now clear winners and losers are emerging.
US tech stocks continued to decline on Friday, with the Nasdaq 100 index falling 3.5%. The downturn is attributed to major tech companies disappointing investors with their quarterly earnings. Alphabet, Amazon, and Meta have lost nearly $700 billion in market value, with Alphabet's stock plummeting 12% on Thursday, wiping out $482 billion in value. The collective decline of these tech giants, known as the "Magnificent Seven", has led analysts to declare the end of their era of uniform growth.
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- Tech stocks: "The era of the Magnificent Seven appears to be over" handelsblatt.com
