Nvidia down 30% from high as tech-led sell-off hits Magnificent Seven

The leading chipmaker slumped about 5% on Monday, building on last week’s losses as heavy selling continued across the tech sector. The popular artificial intelligence stock has shed about a fifth of its market cap since President Donald Trump’s inauguration.

The stock hit an intraday high of $153.13 on Jan. 7.

Tariff fears and growth concerns have rocked technology stocks, including Nvidia, over the last week, with the tech-heavy Nasdaq Composite dropping more than 4%. The Nasdaq traded at a six-month low Monday.

Many technology companies rely on parts and manufacturing overseas and new levies could push up prices. That’s also sparked worries of a U.S. recession, which Trump didn’t rule out over the weekend.

Tesla led the declines among the Magnificent Seven names, plummeting more than 9%. The Elon Musk-backed electric vehicle company has plunged 16% over the last week and shed nearly 44% since Trump took office in January. The stock is also coming off its longest weekly losing streak in history as a public company.