High-performing shares of Alphabet, Tesla and others fell as much as 12.2pc in premarket trading
- 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.
The losses in the Magnificent Seven stocks were set to wipe out nearly $1 trillion from the combined market value of the companies. The share slide followed a weak U.S. payrolls report on Friday that pushed investors to safe assets and spurred bets that the Federal Reserve will have to soon cut interest rates to aid growth.
Meanwhile, Nvidia shares took a hit from a report that the launch of its upcoming AI chips could be delayed by three months due to design flaws, which could impact customers such as Facebook-parent Meta, Alphabet's Google and Microsoft.After driving gains on Wall Street for more than a year, big technology stocks have come under pressure in the past few weeks also on signs that the payoff from hefty AI investments would take longer than some investors had initially hoped.
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