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

Financial Associated Press, March 28 (Editor: Shi Zhengcheng) As the flames of war in the Middle East ignited on February 28 continue to burn for a whole month, the U.S. stock market has also shown signs of accelerated decline, especially among the once-splendid tech giants.

As of Friday’s close, the Nasdaq index has fallen 3.23% this week, marking the largest weekly drop since the “tariff shock” in April last year.

(Nasdaq Index Weekly Chart, Source: TradingView)
Overall, the “seven giants” have seen their market value evaporate by over $800 billion this week.

Among individual stocks, Meta performed the worst this week, with a weekly decline of over 11%, marking the largest weekly drop for the social media giant since October 2025. The market is still digesting the impact of the company’s loss in the landmark “U.S. social media addiction case” ruling this week.

Alongside Meta, Google/Alphabet, which was also ruled to have enticed users into social media addiction, fell nearly 9% this week.

In addition, Microsoft dropped 6.57% this week, having retreated nearly 34% from its historical peak. Nvidia and Amazon saw declines of nearly 3%, while Tesla’s drop was less than 2%.

Apple is the only tech giant that has maintained an upward status. The consumer electronics giant will celebrate its 50th anniversary milestone next week (April 1). This week, there were also reports that the company plans to allow more AI companies to access the Siri voice assistant beyond its current partnership with ChatGPT, with specific details to be revealed at the WWDC conference in early June.

Aside from the “seven giants,” storage giant Micron Technology managed to halt its previous “five-day losing streak” on Friday, but still recorded an overall decline of 15.53% this week. This round of decline began on March 18 when the company released a comprehensive earnings report that exceeded expectations, and it intensified this week after Google showcased its so-called compression algorithm TurboQuant.

(Micron Technology Daily Chart, Source: TradingView)
After this week’s accelerated decline in tech stocks, market attention will shift to the next moves of the world’s richest man, Elon Musk. Previously, it was reported that private aerospace leader SpaceX is expected to submit its initial public offering (IPO) application soon, with a strong possibility of breaking the global IPO fundraising record. Meanwhile, Musk’s electric vehicle company Tesla will also announce quarterly delivery data next week.