Amid fears of an economic recession, the New York stock market plummeted on the 10th, erasing over 1 trillion won (approximately $774 billion) in market capitalization from the seven major tech stocks known as the “Magnificent 7” in a single day.

On this day, the stock prices of the “Magnificent 7” dropped sharply, ranging from over 2% to as much as 15%, resulting in a combined market cap loss of $774 billion (1.129 trillion won).

Apple, the company with the largest market cap, closed at $227.48, down 4.85% from the previous trading day. Although it briefly fell more than 5% before recovering slightly, its closing price marked the lowest level in a month since July 10 ($227.65). Its market cap shrank by $174 billion (254 trillion won), from $3.591 trillion on the 7th to $3.417 trillion.

Nvidia’s stock price fell 5.07% to close at $106.98. This was the first time since September 10 of last year ($108.08) that Nvidia’s closing price dropped below $110, a span of six months.

Tesla’s stock plunged 15.4%, ending the day at $222.15—the lowest since October 23 of last year ($213.65). Its market cap decreased by $130.3 billion from $844.9 billion on the 8th.

Alphabet (Google’s parent company) and Meta Platforms (Facebook’s parent company) saw their stock prices decline by 4.41% and 4.42%, respectively, with market cap losses of $86 billion and $70 billion. Meta, which had surpassed $700 during a record rally from January 17 to February 18, fell below $600 for the first time in about two months since January 14 ($594.25).

Microsoft (MS) and Amazon experienced relatively milder drops of 3.34% and 2.36%, respectively, though their market caps still declined by $97 billion and $78 billion.

The sharp decline in these major tech stocks is attributed to growing concerns over a U.S. economic recession.

These stocks, which had driven the U.S. stock market over the past two years amid the AI boom, faced a sell-off from investors spooked by recession fears tied to President Donald Trump’s tariff war. Rising prices due to the tariff war and a slower pace of interest rate cuts have heightened recession concerns, with Trump’s remarks amplifying the decline.

In an interview with Fox News aired the previous day, Trump was asked if he anticipated a recession this year. He responded, “There’s a transition period with these things,” adding, “What we’re doing is a big deal—bringing wealth back to America—and it takes a little time to see results.” His comments suggested he isn’t ruling out a short-term recession to achieve long-term policy goals.

Semiconductor stocks also saw widespread declines amid recession fears.

U.S. semiconductor firm Broadcom fell 5.39%, matching Nvidia’s 5% drop, while Taiwan’s TSMC, the world’s largest foundry (contract chip manufacturer), declined by 3.64%. Qualcomm (-3.87%), AMD (-3.67%), Micron (-6.33%), and Marvell Technology (-7.30%) also posted significant losses.

As a result, the Philadelphia Semiconductor Index, composed of semiconductor-related stocks, closed down 4.85% from the previous trading day.