On April 20th, news emerged that the US stock market faced significant selling pressure due to various factors including international tensions, with the technology sector taking a particularly heavy hit.
On April 15th, all three major US stock indexes experienced declines, leading to a staggering loss of approximately $297.6 billion (roughly ¥2.15 trillion) in total market capitalization for the tech sector's "Big Seven" companies overnight.
Among them, Tesla dropped by 5.59%, prompting Elon Musk to subsequently announce in an internal memo that the company would be implementing a 10% global workforce reduction.
However, just days after a major decline, the "Big Seven" suffered another heavy blow last night, marking the largest weekly drop in 17 months.
The S&P 500 index fell by 0.9%, while the Nasdaq 100 index dropped by 2.1% on Friday, recording the largest weekly decline since November 2022.
Tech giants continued to lead the plunge, with popular tech stocks across the board collapsing.
NVIDIA plummeted by 10%, with its market value dropping below $2 trillion. It bled more than $200 billion in market value in a single day, marking the second-largest single-day decline in US stock market history.
Furthermore, AMD plunged over 23%; Arm dropped more than 16%; Intel fell over 2%; Microsoft, Apple, Google, and Tesla all dropped over 1%, with Tesla hitting a new low since January 2023.
Reportedly, more than half of the "Big Seven" tech giants are set to announce their earnings next week, with the market currently skeptical about whether these companies can meet high expectations.
Especially with Apple, the top player in terms of market capitalization, experiencing a continuous decline. According to the latest data from IDC, iPhone sales in the first quarter of 2024 dropped by 10% compared to the previous year. Samsung has overtaken Apple to become the leader in the global smartphone market, and Xiaomi is poised to surpass Apple soon.
Adding to the competition, Huawei launched its high-end flagship Pura 70 series this week, with analysts forecasting shipments to reach at least tens of millions. This move is expected to snatch a significant portion of iPhone market share in Apple's largest market, China, further contributing to the anticipated substantial decline in Apple's sales.
