NEW YORK: The “Magnificent Seven” stocks amassed more than US$1.5 trillion in market value yesterday after US President Donald Trump paused his sweeping tariffs for 90 days, easing pressure on tech giants that had tumbled in recent sessions.
The gains did not erase the US$3.4 trillion in value the companies have collectively shed since their peak in late 2024, with some US$2 trillion of those losses coming since last week after Trump slapped tariffs on imports from countries including major tech market and exporter China.
But the reprieve gave investors a reason to buy back these expensive stocks, whose valuations had reached stratospheric levels as the companies bet billions of dollars on building out artificial-intelligence (AI) infrastructure.