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'Magnificent Seven' Suffers Record Weekly Market-cap Loss as NVIDIA's Stock Plunges

April 21, 2024
minute read

This week marked a significant downturn for the "Magnificent Seven" stocks, witnessing a collective decrease of $950 billion in their market capitalizations. This decline represents the largest weekly loss of market value ever recorded for this group.

Although Tesla Inc. experienced the most substantial percentage decline among the group's stocks, it was Apple Inc., Microsoft Corp., and Nvidia Corp. that primarily contributed to the overall market-cap losses. These three companies, with considerably higher valuations compared to Tesla, incurred substantial losses.

Nvidia bore the brunt of the week's market downturn, witnessing a staggering loss of nearly $300 billion in market capitalization. This amount surpasses the entire market capitalization of its competitor, Advanced Micro Devices Inc., which currently stands at $237 billion.

The semiconductor sector, including Nvidia, faced significant pressure this week, resulting in a 13.6% decline in Nvidia's stock price. This performance marks the worst weekly decline for Nvidia since September 2, 2022. Additionally, Friday's trading saw a further 10% drop in Nvidia's stock, representing its most significant single-day percentage decline since March 16, 2020. This resulted in the largest one-day price decline ever recorded for Nvidia.

Analysts attribute the semiconductor sector's decline to a broader unraveling within the industry, which has been accelerating over the past week. Nvidia's loss of $212 billion in market capitalization on Friday set a new daily record for the company, surpassing the $129 billion loss recorded on March 8, 2024. It also stands as the second-largest daily loss of market value for any U.S. company on record.

Apple and Microsoft also suffered significant losses, with Apple witnessing a $178 billion decline in market capitalization and Microsoft losing $169 billion in market value over the week.

All seven of the Magnificent Seven stocks experienced declines in their stock prices for the week, with Tesla leading the pack with a 14% decrease. Tesla's market capitalization plummeted by $76 billion, causing the company to slip in the rankings of the largest U.S. corporations, falling below Walmart Inc. on Thursday and Exxon Mobil Corp. on Friday to secure the 14th position.

Amazon.com Inc. and Alphabet Inc. both saw substantial declines in market value, with Amazon losing $118 billion and Alphabet erasing $41 billion from its valuation. Meta Platforms Inc. also experienced a decline of $68 billion in market capitalization over the week.

In aggregate, the weekly market-cap losses for the Magnificent Seven far exceeded the previous record set in January 2022, reaching $872 billion according to Trade Algo.

Valentyna Semerenko
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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