Nvidia down 30% from high as tech-led sell-off hits Magnificent Seven

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Nvidia down 30% from high as tech-led sell-off hits Magnificent Seven

Nvidia CEO Jensen Huang gives a keynote address at CES 2025, an annual consumer electronics trade show, in Las Vegas, Nevada, U.S. Jan. 6, 2025. 

Steve Marcus | Reuters

Nvidia has lost nearly a third of its value just two months after notching a fresh high.

The leading chipmaker slumped about 5% on Monday, building on last week’s losses as heavy selling continued across the tech sector. The popular artificial intelligence stock has shed about a fifth of its market cap since President Donald Trump’s inauguration.

The stock hit an intraday high of $153.13 on Jan. 7.

Tariff fears and growth concerns have rocked technology stocks, including Nvidia, over the last week, with the tech-heavy Nasdaq Composite dropping more than 4%. The Nasdaq traded at a six-month low Monday.

Many technology companies rely on parts and manufacturing overseas and new levies could push up prices. That’s also sparked worries of a U.S. recession, which Trump didn’t rule out over the weekend.

Tesla led the declines among the Magnificent Seven names, plummeting more than 9%. The Elon Musk-backed electric vehicle company has plunged 16% over the last week and shed nearly 44% since Trump took office in January. The stock is also coming off its longest weekly losing streak in history as a public company.

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