Amid concerns that a "tariff war" between the United States and China could reignite, the market capitalization of major U.S. big tech companies plunged by more than 1,100 trillion won in a single day.
On October 10 (local time) at the New York Stock Exchange, Nvidia, the company with the largest market capitalization, closed at $183.16, down 4.85% from the previous session. Its market capitalization shrank by $229 billion (approximately 327 trillion won) in just one day.
Tesla fell by 5.06%, resulting in a $71 billion drop in its market capitalization. Apple declined by 3.45%, with its market capitalization decreasing by $131 billion.
Microsoft and Amazon, which rank second in market capitalization, also saw their stock prices fall by 2.19% and 4.99%, respectively. Google and Meta also plunged by 1.95% and 3.85%.
According to U.S. economic media outlet CNBC, the combined market capitalization of these seven big tech companies evaporated by $770 billion (1,101 trillion won) in a single day.
The sharp decline in big tech stock prices was attributed to rising tensions between the United States and China. On this day, President Donald Trump announced that the U.S. would impose an additional 100% tariff on Chinese goods starting November 1 in response to China's rare earth export controls.
Back in April, when President Donald Trump announced reciprocal tariff measures against major trading partners, the market capitalization of big tech companies also plunged by more than $1 trillion.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
