Magnificent Seven set to shed $1 trillion in value, led by Apple, Nvidia. Apple and Nvidia led a sell-off in technology stocks on Monday as U.S. recession fears and Berkshire Hathaway's decision to cut its stake in the iPhone maker punctured a months-long rally in the sector.
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High-performing shares of Alphabet, Amazon, Meta Platforms, Microsoft and Tesla fell as much as 12.2% in premarket trading.
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The losses in the Magnificent Seven stocks were set to wipe out nearly $1 trillion from the combined market value of the companies.