According to BlockBeats, following the release of the US Consumer Price Index (CPI) data on July 12, traders opted to withdraw from recently strong-performing tech giants. This resulted in a significant drop in their market values. Nvidia, a heavyweight stock, saw a decline of 5.57%, while Tesla fell by 8.44%. Meta experienced a drop of over 4%, and Apple, Microsoft, Google, and Amazon each fell by more than 2%.
In contrast, the Russell 2000 Index, which is primarily composed of small-cap stocks, rose by over 3.5%. The combined market value of the 'seven giants' evaporated by nearly $600 billion in a single day, equivalent to the disappearance of a JPMorgan Chase, which has a market value of $595.46 billion. This significant shift in the market demonstrates the volatility and unpredictability of the tech industry, particularly in response to economic indicators such as the CPI.
