U.S. tech giants face their worst sell-off in nearly a year

CryptocurrencySniper · 2026-03-28T01:32:06+00:00

The ongoing Middle East conflict continues to impact the U.S. stock market, with the Nasdaq index falling 3.23% this week, and the combined market capitalization of the seven major tech giants evaporating over $800 billion. Meta and Google declined significantly due to rulings, while Microsoft retreated nearly 34%. Apple was the only major company to rise, expected to celebrate its 50th anniversary next week. The market is focused on Musk's IPO developments and Tesla delivery data.

CryptocurrencySniper

2026-03-28 01:32:06

Abstract generation in progress

As the Middle East conflict ignited on February 28 continued to burn throughout the month, the U.S. stock market also showed signs of an accelerated selloff—especially among the once-brilliant tech giants.

By Friday’s close, the Nasdaq Composite Index fell a cumulative 3.23% this week, marking its biggest weekly drop since last April’s “tariff shock.”

（Nasdaq Composite Index weekly chart, source: TradingView）

Overall, the “Magnificent Seven” have collectively lost more than $800 billion in market value this week.

Among individual stocks, Meta posted the worst performance this week, down more than 11% for the week—its largest weekly decline since October 2025. The market is still digesting the impact of this week’s ruling in the landmark “U.S. social media addiction lawsuit,” which the company lost.

Along with Meta, Google/Alphabet—also ruled for allegedly luring users into becoming addicted to social media—fell by nearly 9% this week.

In addition, Microsoft dropped 6.57% this week, having pulled back nearly 34% from its historical peak. Nvidia and Amazon were down about 3%, while Tesla fell by less than 2%.

Apple is the only tech giant that has managed to hold onto gains. The consumer electronics giant will mark its 50th anniversary next week (April 1). This week also brought news that, beyond the existing ChatGPT partnership, the company plans to allow more AI companies to integrate with the Siri voice assistant; details will be disclosed at the WWDC conference in early June.

Besides the “Magnificent Seven,” although memory chip giant Micron Technology halted its earlier “five-day losing streak” on Friday, it still recorded an overall weekly decline of 15.53%. This round of selloff began on March 18, when the company released a comprehensive earnings report that came in far better than expected, and it intensified again this week after Google showcased the so-called compression algorithm TurboQuant.

（Micron Technology daily chart, source: TradingView）

After this week’s accelerated selloff in tech stocks, market focus will shift to the next moves of the world’s richest person, Musk. Earlier reports said that private spaceflight leader SpaceX is expected to file its first public offering (IPO) application soon and could become the largest IPO in history. Meanwhile, Musk’s electric vehicle company Tesla will also release its quarterly delivery data next week.

（Source: Caixin/Cailian Press）

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