Apple and NVIDIA Stocks Plunge: M7 Market Cap Temporarily Wipes Out $1 Trillion
Amid fears of a recession in the U.S., the New York Stock Exchange experienced a significant downturn on the 5th of this month Amid fears of a recession in the U.S., the New York Stock Exchange experienced a significant downturn on the 5th of this month. Leading the decline were Apple and NVIDIA, with their stock prices falling more sharply than other major stocks. Market capitalization of the "Magnificent 7" (M7) tech giants saw a temporary loss of $1 trillion, exacerbated by significant events involving both companies. On the morning of August 5th, at 11:50 AM Eastern Time (8:50 AM Pacific Time), Apple’s stock was trading at $210.18, down 4.40% from the previous trading day. NVIDIA’s stock fell by 5.61% to $101.25 during the same period. Apple’s intraday low reached $196.21, dipping below the $200 mark, while NVIDIA’s stock plummeted to $90.69, falling below $100. These declines were notably steeper compared to other M7 stocks. Microsoft fell by 2.55%, Alphabet by 2.34%, Am...