MAGNIFICIENT SEVEN SET TO SHED $900 BILLION IN VALUE, LED BY APPLE AND NVIDIA

Apple and Nvidia led a sell-off in technology stocks on Monday as U.S. recession fears and Berkshire Hathaway's decision to cut its stake in the iPhone maker punctured a months-long rally in the sector. High-performing shares of Alphabet, Amazon, Meta Platforms, Microsoft and Tesla, as well as Apple and Nvidia, fell as much as 6.5%.

The losses in the Magnificent Seven stocks were set to wipe out nearly $900 billion from the combined market value of the companies. Chip stocks, the big winners of Wall Street's picks and shovels trade for AI, also tumbled, with Advanced Micro Devices, Intel, Super Micro Computer and Broadcom falling as much as 7.8%.

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