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Wednesday's big tech sell-off

PUBLISHED

2024-07-18

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Wednesday’s big tech sell-off saw the top three most valuable stocks in the US become two if you use the $3 trillion value line as the qualifier.

Shares in Nvidia, the AI chip star, fell, dropping under $3 trillion for the first time in a couple of weeks after slumping 6.6%, taking the closing value to $2.90 trillion.

That means Nvidia shares have lost more than $300 billion in value in the last month.

Apple remained on top with a value of $3.5 trillion, its shares lost 2.55%, while shares in Microsoft fell 1.3%, taking the company’s market cap to $3.3 trillion.

Further down the list, Alphabet shares dropped 1.5%, which saw its value ease to $2.25 trillion, while Amazon shares lost more than 2%, which was enough to push the company’s value under the $2 trillion level, to $1.96 trillion.

While Apple was losing value, shares in its single biggest shareholder, Berkshire Hathaway, popped 1.5% and its value topped a record $962 billion.

Berkshire Hathaway is full of value companies: retailers, power and gas utilities, train companies, and insurers, as well as a huge investment portfolio that’s skewed towards value stocks such as banks and consumer goods and an equally large bond portfolio that is short-term and full of bonds with yields above 4%.

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