"The Magnificent Seven" lost $850 billion in value in a week. Who stayed in the black?

The Magnificent Seven stocks cumulatively lost more than $850 billion in value over the week as the stock market sell-off hit the main beneficiaries of the AI rally particularly hard, Yahoo Finance writes. Mag7 lost more than $330 billion on Friday alone, leading the collapse, the publication notes.

The Nasdaq Composite tech index suffered its strongest weekly drop since April, that is, since the panic sell-off following Donald Trump's announcement of higher duties, CNBC calculated. Now Big Tech stocks have come under heavy pressure amid growing fears that accelerating inflation due to rising oil prices will force the Federal Reserve to keep interest rates high for longer, as well as problems at individual companies that have also pressured the sector.

The leader of the fall in Mag7 was Meta. Its quotations collapsed over the last five sessions by more than 11%, showing the worst week since October. As a result, the company fell to the tenth place in the list of the world's most expensive issuers. The sell-off began after Meta was defeated in two landmark social media addiction lawsuits at once. It and Google, which owns YouTube, were found guilty of negligence for failing to protect young users on their platforms.

Google's parent company, Alphabet, ended the week down nearly 9%.

Microsoft lost 6.5% and is on track for its worst quarterly result since 2008 as software stocks have been hit particularly hard, CNBC explains.

Quotes of Nvidia and Amazon sagged about 3% for the week, Tesla - almost 2%.

Apple was the only stock of the "Magnificent Seven" to end the week with growth. Its stock was supported by reports of Siri's relaunch, including plans to open up the voice assistant to competing AI services, in addition to its current partnership with ChatGPT developer OpenAI, Yahoo Finance reports.

This article was AI-translated and verified by a human editor