Magnificent Seven set to shed US$1 trillion in value, led by Apple, Nvidia

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APPLE and Nvidia led a sell-off in technology stocks on Monday as U.S.recession fears and Berkshire Hathaway's decision to cut its stake in the iPhone maker punctured a months-long rally in the sector.

Their success has made them untouchable in the eyes of investors and when they fall short of greatness, out come the knives," Dan Coatsworth, investment analyst at AJ Bell, said.

The losses in the Magnificent Seven stocks were set to wipe out nearly $1 trillion from the combined market value of the companies.

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Category: EconomyBusiness

Markets: MalaysiaSingapore

Topics: Technology Recession Nvidia Markets Apple /Business/Business News

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-05 @ 20:48:00 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 408 words

Reading Time: 3 minutes read

Sentences: 16 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Star

News ID: 21933482

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