Nearly $1tn has been wiped off the value US big tech this week

Nearly $1tn has been wiped off the value of the biggest US tech companies this week, amid a slowing global economy and mounting cost pressures.⁠
⁠The biggest stock market loser was Microsoft, with $243bn slashed from its market value by late trading on Thursday.⁠
⁠Amazon’s downbeat forecast extended the pain to the ecommerce sector and cut more than $200bn from the company’s stock market value.⁠
⁠Facebook’s parent, Meta, delivered one of the biggest blows to Wall Street’s faith in the resilience of Big Tech when it reported another quarter of declining revenue, pushing investors to wipe more than $89bn from Meta’s market capitalization.⁠
⁠Between them, Alphabet, Apple, Meta, Microsoft, and Amazon have lost $954bn in stock market value.⁠