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Blackest week for the Magnificent Seven
NVIDIA shares lose enormous market value - Magnificent Seven plunged into record losses. Tesla leads the losses. Backgrounds here! #NVIDIA #stock market value #Tesla #stock market
Blackest week for the Magnificent Seven
The Magnificent Seven, consisting of shares of Tesla, Meta Platforms, Amazon, Alphabet, NVIDIA, Apple and Microsoft, have seen a record loss in their market capitalization in a week of trading. According to reports from MarketWatch and Dow Jones, the seven former tech darlings have lost a total of around $950 billion in market value, exceeding their previous negative record from January 2022.
Tesla shares in particular recorded the largest percentage loss within the group with a decline of 14.03 percent. Although the electric car maker's stock market value is relatively low compared to its other members, this share price decline contributed to a loss of $76 billion. However, the largest stock market value loss in absolute terms was caused by Amazon, Microsoft, and Apple with $118 billion, $169 billion, and $178 billion, respectively.
NVIDIA emerged as the main culprit for last week's massive loss. NVIDIA shares fell 13.59 percent, a loss of around $300 billion in market capitalization. This is not only the worst weekly performance since September 2022, but also means a significantly higher loss in stock market value than the entire value of its competitor AMD, which is currently around $237 billion.
NVIDIA shares lost 10.00 percent of their value on Friday alone, when Super Micro Computer did not present preliminary figures. This resulted in a loss of $212 billion in market value that day. Nevertheless, the stock showed a slight recovery the following Monday, rising 1.89 percent to $776.37 premarket.