Ten of America's largest technology companies lost more market value in a single morning than most countries produce in a year.
By late morning Thursday, the group had shed about $1.74 trillion combined.
NVIDIA Corp. (NVDA) led the decline, falling 8.5% and erasing roughly $408 billion. Micron Technology Inc. (MU) and Advanced Micro Devices Inc. (AMD) each tumbled nearly 16%, while Tesla Inc. (TSLA) and Space Exploration Technologies Corp. (SPCX) dropped about 11%. The Nasdaq 100 slid 5.4%.
The sell-off extends a post-midterm rotation out of artificial-intelligence stocks, as investors weigh whether the Democratic sweep could slow data center expansion. China's delay in approving imports of Nvidia's H200 chips added pressure.
The VanEck Semiconductor ETF (SMH) sank 10.4%.
| Company | Price | Change | Market value lost | Market cap |
|---|---|---|---|---|
| Nvidia Corp. | $183.19 | -8.5% | $408.1 billion | $4.41 trillion |
| Space Exploration Technologies Corp. (SpaceX) | $121.03 | -11% | $202.2 billion | $1.64 trillion |
| Tesla Inc. | $341.42 | -11.4% | $173 billion | $1.35 trillion |
| Microsoft Corp. (MSFT) | $532.88 | -4.1% | $170.2 billion | $3.96 trillion |
| Broadcom Inc. (AVGO) | $295.23 | -9.3% | $144.4 billion | $1.41 trillion |
| Micron Technology Inc. | $670.25 | -15.7% | $141.4 billion | $758 billion |
| Amazon.com Inc. (AMZN) | $253.09 | -4.9% | $140 billion | $2.74 trillion |
| Alphabet Inc. (GOOGL) | $278.35 | -3.7% | $129 billion | $3.39 trillion |
| Advanced Micro Devices Inc. | $410.77 | -16% | $127.3 billion | $671 billion |
| Meta Platforms Inc. (META) | $590.05 | -6.3% | $102.1 billion | $1.51 trillion |
| Total | $1.74 trillion |
Updated by 10:55 a.m. ET. Source: TradingView
