Nvidia, Apple, Tesla Stocks Plunge as Tech Selloff Worsens

Nvidia, Apple, and Tesla all tanked on Friday, leading the decline of the “Magnificent Seven” as an escalating trade war sparked broad-based selling on Wall Street.

Apple stock tumbled 7% after the iPhone maker lost over $310 billion in market capitalization in the previous session. I Photo: Apple

Chipmaker Nvidia fell more than 7%, while Tesla dropped over 10%, helping send the tech-heavy Nasdaq Composite into bear market territory, Ines Ferré reported for Yahoo Finance.

Shares of social media platform Meta sank more than 5%, and Apple stock tumbled 7% after the iPhone maker lost over $310 billion in market capitalization in the previous session, marking its worst day since March 2020.

Tech stocks took a hit for the second day in a row after China announced retaliatory tariffs against the U.S. in response to President Trump's sweeping levies on imports from various countries.

Trump’s retaliatory tariffs—including additional levies on China that raised its tariff rate to 54%—prompted one of Wall Street’s biggest tech bulls to warn of surging prices for electronics, including $3,500 iPhones.

“The concept of taking the U.S. back to the 1980s ‘manufacturing days’ with these tariffs is a bad science experiment that, in the process, will cause an economic Armageddon in our view and crush the tech trade, AI revolution theme, and the overall industry,” Wedbush analyst Dan Ives wrote in a note on Friday.