Nvidia (NVDA) shares fell 6% as the ‘Magnificent 7’ stocks were on track to wipe out $500 billion in market cap during Monday’s market plunge.
As of 11:35 a.m. ET the ‘Mag 7’ group were tracking their 10th biggest market valuation decline ever. Together the seven stocks make up roughly 43% of the Nasdaq 100 (^NDX) weighting.
The other components of the group also dropped with Alphabet (GOOGL) (GOOG) and Meta (META) falling more than 2%. EV giant Tesla (TSLA) plunged more than 3%.
E-commerce giant Amazon (AMZN) dropped more than 3% while software maker Microsoft (MSFT) slipped more than 2%.
Individual company news also put pressure on the Mag 7 stocks.
Apple (AAPL) dropped nearly 4% after Berkshire Hathaway (BRK-B) revealed over the weekend it had cut half of its stake in the iPhone maker.
AI chip heavyweight Nvidia fell as much as 13% at the market open to pare some of its losses. Analysts…
