Big Tech's 'Magnificent Seven'—Apple, Microsoft, Nvidia, Amazon, Tesla, Alphabet (Google), and Meta Platforms (Facebook)—enter the quarterly earnings season after a combined $3.8 trillion, or 22%, market value decline since President Donald Trump's January 20 inauguration. The downturn has been driven by reciprocal tariffs, including a 145% duty on Chinese imports, which have disrupted supply chains and increased costs. These tariffs were paused for 90 days, with exemptions for electronics from China, but the reprieve may be temporary. Tesla, reporting first on April 22, missed first-quarter earnings expectations, with sales dropping 13% to 336,681 vehicles. The company faces additional cost pressures from tariffs, and its shares are down 40% year to date. Apple, which manufactures 90% of its iPhones in China and derives 17% of its revenue from the country, and Amazon, with 30% of goods sold sourced from China, are also exposed to ongoing trade tensions. Meta and Microsoft will report on April 30, Amazon and Apple on May 1, and Nvidia, which recently recorded a $5.5 billion charge after a U.S. ban on AI chip sales to China, will report on May 28. The Trump administration is also pursuing antitrust actions, with Meta facing monopoly allegations, Google subject to breakup efforts, and lawsuits against Apple and Amazon still active. Chinese advertisers account for a significant share of ad spending on major platforms: 14% on Amazon, 11% on Meta, and 6% on Google. President Trump has signaled that current tariffs are 'too high' and may be reduced, hinting at a potential China tariff reprieve. Market volatility has increased, with the Nasdaq Composite Index in correction territory and the S&P 500 Index down 12% year to date. Analysts expect the Magnificent Seven to post nearly 15% year-over-year earnings growth, but trade policy and regulatory uncertainty continue to affect the sector.