U.S. tech giants face their worst sell-off in nearly a year

China Financial Times, March 28 (Edited by Shi Zhengcheng) With the Middle East war ignited on February 28 continuing to burn for an entire month, the U.S. stock market has also shown signs of accelerated declines, especially among the once-illustrious tech giants.

As of Friday’s close, the Nasdaq Composite Index fell 3.23% for the week, posting the largest single-week drop since last April’s “tariff shock.”

(Nasdaq Composite Index weekly chart, source: TradingView)

Overall, the “Magnificent Seven” collectively saw their market value evaporate by more than $800 billion this week.

Among individual stocks, Meta posted the worst performance this week, sliding more than 11% in a single week, which is also the biggest single-week drop for the social media giant since October 2025. The market is still digesting the impact of this week’s ruling in the milestone “U.S. social media addiction case” where the company lost.

Along with Meta, Google/Alphabet, which was also ruled on charges related to inducing users to get addicted to social media, also fell nearly 9% this week.

Besides that, Microsoft fell 6.57% this week, pulling back nearly 34% from its all-time peak. Nvidia and Amazon both dropped close to 3%, while Tesla fell by less than 2%.

Apple is the only tech giant that managed to hold onto a rising trend. The consumer electronics giant will mark the 50th anniversary of its founding next week (April 1). This week, there were also reports that, beyond its existing ChatGPT partnership, the company plans to allow more AI companies to connect to the Siri voice assistant; details will be disclosed at the WWDC conference in early June.

In addition to the “Magnificent Seven,” despite memory giant Micron Technology stopping the pace of its previous “five-day losing streak” on Friday, it still recorded an overall weekly decline of 15.53%. This round of selloff began on March 18 when the company released a comprehensive earnings report that was better than expected, and it intensified this week after Google showcased the so-called compression algorithm TurboQuant.

(Micron Technology daily chart, source: TradingView)

After a bleak week for tech stocks, the market’s focus will shift to the next move of the world’s richest person, Musk. Earlier reports said that private space company SpaceX is expected to file for its first public offering (IPO) soon and could become the largest IPO in history. At the same time, Musk’s electric vehicle company, Tesla, will also release its quarterly delivery data next week.

(China Financial Times, Shi Zhengcheng)