- The Magnificent Seven tech firms lost $1.006 trillion in market value on Nov 5
- Nvidia saw the largest loss of $431 billion in a single trading session
- Tesla shares fell 11.88%, the steepest drop among the seven companies
The world's seven biggest technology companies, popularly known as the Magnificent Seven, lost an estimated $1.006 trillion in combined market capitalisation on Thursday, November 5, as a brutal sell-off in artificial intelligence (AI) and technology stocks battered Wall Street.
Data compiled by NDTV Profit showed that Nvidia accounted for the biggest share of the wealth erosion, with an estimated $431 billion wiped off its market value in a single session. Tesla followed with an estimated loss of $181 billion, while Microsoft saw $123 billion wiped off its market capitalisation.
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Apple lost an estimated $85 billion, followed by Alphabet at $65 billion, Amazon at $61 billion and Meta Platforms at $60 billion.
The seven companies had a combined market capitalisation of approximately $23.52 trillion at the close of November 4.
Nvidia shares plunged 8.85% during the session, while Tesla suffered the steepest percentage decline among the seven, falling 11.88%. Microsoft dropped 2.96%, Meta declined 4.26%, Amazon shed 2.11%, Alphabet fell 1.84% and Apple lost 1.66%.
Semiconductor Stocks Bear The Brunt Of Wall Street Sell-Off
The rout extended well beyond the Magnificent Seven, with semiconductor and AI-linked stocks facing intense selling pressure. Micron Technology and Advanced Micro Devices (AMD) crashed around 17% each, while cloud computing firm CoreWeave also declined sharply.
The technology sell-off dragged the Nasdaq Composite down 5.52% to close at 24,315, pushing the index into correction territory, more than 10% below its October record.
The S&P 500 plunged 4.36% to 7,353.73, while the Dow Jones Industrial Average shed 1,833 points, or 3.44%, to settle at 51,523.06.
All three major US indices recorded their steepest single-day declines since April 2025.
Why Did US Technology Stocks Crash?
The sell-off followed the Democrats' sweeping victory in the US midterm elections, fuelling concerns that the changing political landscape could bring tighter scrutiny of the rapid expansion of AI data centres.
Investors are increasingly worried about potential restrictions on new data centre projects and higher costs associated with their enormous electricity and water requirements. Such measures could affect companies supplying chips, servers and other infrastructure for AI development.
The concerns come as major technology companies continue to commit billions of dollars to AI infrastructure, raising questions about whether these investments will generate sufficient returns.
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