Quick Take
According to the Kobeissi Letter, the “Magnificent Seven” tech stocks—comprising Apple, Microsoft, NVIDIA, Google, Amazon, Tesla, and Meta—have experienced significant market cap losses over the past 20 days. Collectively, these tech giants have shed $2.6 trillion, or the equivalent of two Bitcoin market caps.
Since July 10, NVIDIA has plummeted by 23%, losing $800 billion. Microsoft followed with a 15% decline, equating to $554 billion. Amazon and Google each dropped 12%, resulting in market cap reductions of $259 billion and $288 billion, respectively. Apple saw a 9% decrease, losing $312 billion, while Meta dropped 18%, amounting to a $257 billion loss. Tesla experienced a 19% decline, translating to a $164 billion decrease in market cap, according to data from the Kobeissi Letter.
In stark contrast, Bitcoin has surged. On July 10, Bitcoin was valued at approximately $57,000 and has since risen to around $66,000. This increase has boosted Bitcoin’s market cap from $1.14 trillion to roughly $1.3 trillion. Year-to-date, Bitcoin is the second-best performer among the “Magnificent Seven” with a 49% increase, trailing only NVIDIA, which leads with a 115% gain.
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