The Nasdaq recorded its deepest point drop since 2022 in trading on March 10. The 7 most valuable technology companies in the US “evaporated” more than $ 750 billion in capitalization. Recession fears and trade wars were the causes of this sell-off.

Apple was hit the hardest, losing about $174 billion in market value. Nvidia lost nearly $140 billion as its shares fell 5%. The world's leading AI chipmaker has lost nearly a third of its value in just two months after peaking in January.

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Nasdaq stock market plunges to lowest level since 2022. Photo: Bloomberg

Shares of electric carmaker Tesla plunged 15%, their worst performance since 2020. The company has lost more than half its value since mid-December 2024. It is also experiencing its longest losing streak since going public.

Elon Musk's company lost $130 billion on March 10, while Microsoft and Alphabet lost $98 billion and $95 billion, respectively. Amazon's value fell $50 billion and Meta lost $70 billion.

The selling was heavy in technology stocks. Many companies rely on components and manufacturing overseas. New tariffs proposed by US President Donald Trump could lead to higher prices. It also raised concerns about a US recession.

Semiconductors have felt the most pain, being the main target of tariffs. Last week, Mr Trump announced that TSMC would invest an additional $100 billion in the US.

Fintech stocks also suffered. Stock trading app Robinhood fell 20%, Strategy fell 17% and exchange Coinbase fell 18%.

Much of the decline is tied to Bitcoin’s continued decline, with the price of Bitcoin down about 19% over the past month after a sharp rally in late 2024.

(According to CNBC)