Short sellers reaped big, the so-called Magnificent 7 lost nearly $1 trillion in market value last week.
There are still quite amazing movements in the stock market in relation to large tech companies, however, according to most analysts, the unprecedented, astronomical growth will subside in the coming quarters – of course, such reports, other problems and the decreasing rate of growth (which is still still significant growth) were never liked by investors.
Short sellers who bet against major US tech companies, the Magnificent 7, had their biggest weekly gain ever last week, reaping more than $10 billion.
This is mainly due to the fact that NVIDIA lost nearly 14 percent on the stock market last week, which is their biggest decline in more than 19 months. Tesla also experienced a similar decrease, which is strongly behind in the Magnificent 7 group this year. They also made significant gains on the exchange rate movements of Microsoft and Apple.
The Nasdaq and S&P 500 both posted six straight declines last week, not seen since the fall of 2022, and now analysts have raised questions about the resilience of the U.S. economy and still-high inflation.
In any case, the Magnificent 7 companies lost nearly $1 trillion in market value last week. Quarterly reports will be announced by several this week. At the same time, analysts are not very optimistic about the future, the reasons for this are weak iPhone sales, Tesla’s weak delivery numbers, EU regulatory changes and restrictions.
