The United States tech sector is experiencing a downturn, with the seven largest technology companies losing a combined total of US$2.7 trillion in market value over the past three weeks.

This decline has brought the Nasdaq index to its lowest level since September, reflecting a 4.9% drop for the week as of Mar.20, marking its worst weekly performance in six months.

The seven major tech firms, known as the “Magnificent Seven,” have reported significant declines in market value.

Tesla experienced the largest percentage drop at 33%, equating to a loss of US$386 billion.

Nvidia suffered the largest monetary decrease, losing US$577 billion, a 17% decrease.

Other companies like Apple, Microsoft, Amazon, Alphabet, and Meta saw declines between 9% and 16% in their respective market capitalizations.