As Nvidia, Apple And Other Mag 7 Stocks Wipe Out Over $1 Trillion In Investor Wealth On Thursday, Top Analyst Warns Of 'Economic Armageddon' For Tech Sector If Current Tariffs Remain

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As Nvidia, Apple And Other Mag 7 Stocks Wipe Out Over $1 Trillion In Investor Wealth On Thursday, Top Analyst Warns Of 'Economic Armageddon' For Tech Sector If Current Tariffs Remain - Benzinga

Quick Summary:

What Happened: The sharp fall triggered widespread apprehension regarding the future of the tech sector. Dan Ives, the Global Head of Technology Research at Wedbush Securities, spoke to CNBC and linked the market’s downfall to the proposed tariffs and their potential effects on global supply chains and consumer costs.

Companies with significant exposure to China, such as Nvidia Corporation (NASDAQ:NVDA), Apple Inc. (NASDAQ:AAPL), and various semiconductor firms, bore the brunt of the sell-off. The Magnificent Seven stocks saw a collective market cap loss of over $1 trillion on ...

Ives characterized the situation as “essentially an economic Armageddon” if the current tariff proposals, which could impose a 54% duty on Chinese imports, are not revised.