The world’s best-performing tech stocks have bled an average $125 billion market cap per day for the past 20 days while crypto market cap has risen 11%.
The “Magnificent Seven” — a moniker for a group of high-performing tech stocks including Nvidia and Microsoft — has shed $2.6 trillion from their combined market cap in 20 days in the lead-up to a high-profile earnings week.
In a July 31 post on X, economics outlet The Kobeissi Letter commented that “The Magnificent Seven has lost triple the value of Brazil’s entire stock market in 20 days.”
The group includes Google parent Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla, which have outpaced the rest of the S&P 500 in growth since the market low in 2022.
