Magnificent Seven set to shed $900 billion in value, led by Apple, Nvidia

Quick Summary:

: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.

Despite the sell-off, Nvidia shares have nearly doubled in value this year after rising more than 200 per cent in 2023.

The losses in the Magnificent Seven stocks were set to wipe out nearly $900 billion from the combined market value of the companies.

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Category: EconomyBusiness

Markets: Singapore

Topics: Investors Technology Nvidia Shares Seven Tech Magnificent Apple Cent Street Stocks

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-05 @ 20:12:17 (6 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 548 words

Reading Time: 4 minutes read

Sentences: 19 lines

Sentence Length: 29 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 21935628

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