Technology giants known as the “Magnificent Seven” saw a brutal market rout on Thursday, wiping out over $800 billion in market capitalization after US President Donald Trump’s sweeping tariff announcement sent shockwaves through Wall Street.
Apple (AAPL) led the collapse, plunging over 8%, marking its worst intraday performance since March 2020. The stock alone erased $300 billion in value, dragged by concerns over its heavy production reliance on China — one of the key countries hit with a 34% reciprocal tariff.
“Apple produces basically all their iPhones in China,” said Dan Ives of Wedbush, warning that the tariff policy could significantly impact Apple unless exemptions are granted or domestic manufacturing is ramped up. Although Apple has made strides in diversifying its supply chain with expansion in India and Vietnam, both countries are now also under Trump’s tariff radar, further shrinking safe manufacturing alternatives.
Other Magnificent Seven stocks were deep in the red during afternoon trade:
- Amazon (AMZN) and Nvidia (NVDA) dropped 7% each
- Alphabet (GOOGL) and Tesla (TSLA) slid 6%
- Meta (META) fell 3%
- Microsoft (MSFT) dipped just under 2%
The steep sell-off reflects growing investor unease over trade tensions, with fears that new tariff barriers could disrupt global supply chains and dampen demand for US tech exports. As the tariffs take effect in early April, analysts warn that tech stocks may continue facing volatility and revaluation in the weeks ahead.
