24H | Big Tech Stocks Pull Back Slightly After Strong Rally
Big tech stocks pulled back slightly in overnight tradings after strong rally on Wednesday. Super Micro and Nvidia fell 3%; Tesla, Intel, Palantir, AMD, and Broadcom fell 2%; Apple, TSMC, Amazon, and Alphabet fell 1%.
The "Magnificent Seven" stocks amassed more than $1.5 trillion in market value on Wednesday after U.S. President Donald Trump paused his sweeping tariffs for 90 days, easing pressure on tech giants that had tumbled in recent sessions.
The gains did not erase the $3.4 trillion in value the companies have collectively shed since their peak in late 2024, with some $2 trillion of those losses coming since last week after Trump slapped tariffs on imports from countries including major tech market and exporter China.
But the reprieve gave investors a reason to buy back these expensive stocks, whose valuations had reached stratospheric levels as the companies bet billions of dollars on building out artificial-intelligence infrastructure.
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