Magnificent Seven lose over $1 trillion in market value on AI spending fears
Overview
The Magnificent Seven lost more than $1 trillion in combined market value on Thursday, according to CNBC, as fears of a slowdown in AI infrastructure buildout drove a tech stock sell-off.
Nvidia led the losses, falling more than 9% and losing more than $440 billion in market value, which turned its year-to-date performance negative at a 2.6% decline.
The Nasdaq Composite fell more than 5% into correction territory, and the S&P 500 fell more than 4%.
Written by AI from the articles below · updated Nov 5, 5:23 PM ET
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- CNBC · TechnologyNewsMagnificent Seven lose over $1 trillion as AI spending fears drive tech sell-off
AIThe Magnificent Seven lost more than $1 trillion in aggregate market value on Thursday as fears of a slowdown in AI infrastructure buildout drove a tech stock sell-off. Nvidia led the losses with more than $440 billion in market value and a fall of more than 9%, turning negative for the year at a 2.6% year-to-date decline. The Nasdaq Composite fell more than 5% into correction territory, and the S&P 500 fell more than 4%.
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