High-performing shares of Alphabet, Amazon, Meta Platforms, Microsoft and Tesla fell as much as 12.2% in premarket trading. Chip stocks, the big winners of ...
- 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.
The losses in the Magnificent Seven stocks were set to wipe out nearly $1 trillion from the combined market value of the companies. Over the weekend, Warren Buffett's Berkshire Hathaway said it had halved its stake in Apple - the conglomerate's top holding - in a stock-selling spree that raised worries about the outlook for the tech industry.
After driving gains on Wall Street for more than a year, big technology stocks have come under pressure in the past few weeks also on signs that the payoff from hefty AI investments would take longer than some investors had initially hoped.
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