Nvidia's stock plunge leads 'Magnificent Seven' to a record weekly market-cap loss

By Emily Bary

Nvidia's market-cap losses this week far exceeded rival AMD's entire market value

The decline in "Magnificent Seven" stocks erased a collective $950 billion from their market capitalizations this week, which made for the group's worst-ever weekly loss of market value.

While Tesla Inc.'s stock (TSLA) was the biggest weekly percentage decliner of the gang from a stock perspective, Apple Inc. (AAPL), Microsoft Corp. (MSFT) and Nvidia Corp. (NVDA) were bigger contributors to the market-cap losses, as those latter three companies are all worth substantially more than the electric-car maker.

Nvidia was the biggest market-cap loser of the week, shedding almost $300 billion. That's far more than the total market capitalization of rival Advanced Micro Devices Inc. (AMD), which stands at $237 billion.

More from MarketWatch: AMD's stock has been 'in absolute freefall' - but its earnings could spark a chip-sector rebound

Shares of Nvidia fell 13.6% on this week as the semiconductor sector came under pressure. Nvidia's stock also suffered its worst weekly performance on a percentage basis since it dropped 16.1% on Sept. 2, 2022.

It declined 10% in Friday's action to log its worst single-day percentage drop since it fell 18.5% on March 16, 2020, according to Dow Jones Market Data. With the stock off almost $85, it secured its largest one-day price decline on record.

Within chips, there's been "sort of an unwind of the entire sector" that's been "accelerating day by day" over the past week or so, according to Mizuho desk-based analyst Jordan Klein.

See also: Why Super Micro's stock tumbled to its worst day since August

The chip company's $212 billion loss of market cap Friday was a new daily record for Nvidia, more than the $129 billion in market value that it lost on March 8, 2024. It was also the second-worst daily loss of market value for any U.S. company on record.

Apple sported a loss of $178 billion in market cap on the week, while Microsoft was down $169 billion in market value.

All seven of the large technology-related stocks known as the Magnificent Seven saw weekly stock-price declines, led by Tesla, which was off 14%.

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Tesla's market cap fell by $76 billion this week, dropping the company down the ranks of the largest U.S. companies. The electric-vehicle maker fell below Walmart Inc. (WMT) on Thursday and slipped below Exxon Mobil Corp. (XOM) on Friday, placing the company at No. 14. Prior to this week, it hadn't been worth less than either of those corporations since January 2023.

Amazon.com Inc. (AMZN) shed $118 billion in market value this week, while Alphabet Inc. (GOOG) (GOOGL) erased $41 billion from its valuation. Meta Platforms Inc.'s (META) market cap saw a $68 billion decline over the period.

The weekly market-cap losses for the Magnificent Seven in aggregate were far steeper than the previous record of $872 billion set in January 2022, according to Dow Jones Market Data.

-Emily Bary

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04-19-24 1751ET

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