The seven most valuable US tech companies lost a combined $1 trillion in market value on Monday as markets opened. Nvidia saw its market cap drop over $300 billion initially, though it recovered about half its loss by the end of the day. Apple and Amazon also saw major drops of over $200 billion and $100 billion, respectively. The tech-heavy Nasdaq index was down over 3% following its steepest three-week decline in two years, pushing it into correction territory. Recent earnings reports from Amazon, Alphabet, and Microsoft reignited investor worries after months of heavy spending on AI infrastructure by tech giants.
