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Market Cap of Tech Giants Nosedives 14.1%, From $17 Trillion on July 10 to $14.6 Trillion on August 9, 2024
In one month, the combined market capitalization of the Magnificent Seven stocks experienced a staggering decline. The market cap dropped from $17 trillion on July 10 to $14.6 trillion on August 9, 2024, marking an 14.1% reduction. This dramatic decrease wiped out $2.4 trillion in value from these leading tech giants.
Market Cap Change (July 10–August 9, 2024):
- Apple: Decreased by $285 billion, a drop of 8.0%.
- Microsoft: Declined by $447 billion, a decrease of 12.9%.
- NVIDIA: Fell by $742 billion, a significant reduction of 22.4%.
- Alphabet (Google): Lost $353 billion, down by 14.9%.
- Amazon: Dropped by $327 billion, a decrease of 15.7%.
- Meta Platforms: Decreased by $46 billion, down by 3.4%.
- Tesla: Plummeted by $201 billion, a significant drop of 23.9%.
The declines were particularly severe for NVIDIA and Tesla, both losing over 22% of their market value. Amazon, Alphabet, and Microsoft also faced significant reductions, with declines of 15.7%, 14.9% and 12.9% respectively. Apple and Meta, though hit, managed relatively smaller drops of 8.0% and 3.4%. These losses reflect a period of intense volatility and investor uncertainty in the tech sector.