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The group of U.S. megacap tech stocks known as the 'Magnificent 7', which includes Nvidia, Microsoft, and Apple, experienced a significant downturn, with Nvidia leading the losses. This week, as first-quarter earnings updates commenced, the collective market cap of these stocks decreased by $950 billion, marking the highest weekly loss on record. Nvidia alone accounted for a $200 billion reduction. Concurrently, short sellers capitalized on this decline, achieving a record weekly profit of over $10 billion, primarily from bets against Nvidia and Tesla. This financial shift occurs as the S&P 500 approaches correction territory, now only 4% away.
For most of 2023 and early 2024, investors in the Magnificent 7 Big Tech stocks reaped major returns. However last week, traders betting against those companies booked record-breaking gains. Read more here: https://t.co/SVpVpFjBM5 https://t.co/AQt6iGVp8g
For most of 2023 and early 2024, investors in the Magnificent 7 Big Tech stocks reaped major returns. However last week, traders betting against those companies booked record-breaking gains https://t.co/dAP9YaVIPt https://t.co/10HhlWHR9E
Short sellers booked a record $10B profit last week on the Mag 7, with the largest gains coming from Nvidia $NVDA and Tesla $TSLA. $AAPL $AMZN $META $MSFT $GOOG https://t.co/kIrpHfzw69
