Magnificent 7 market cap drops $2.6 trillion in 20 days, while Bitcoin rises Quick Take
According to the Kobeissi Letter, the “Magnificent Seven” tech stocksโcomprising Apple, Microsoft, NVIDIA, Google, Amazon, Tesla, and Metaโhave experienced significant market cap losses over the past 20 days. Collectively, these tech giants have shed $2.6 trillion, or the equivalent of two Bitcoin market caps.
Since July 10, NVIDIA has plummeted by 23%, losing $800 billion. Microsoft followed with a 15% decline, equating to $554 billion. Amazon and Google each dropped 12%, resulting in market cap reductions of $259 billion and $288 billion, respectively. Apple saw a 9% decrease, losing $312 billion, while Meta dropped 18%, amounting to a $257 billion loss. Tesla experienced a 19% decline, translating to a $164 billion decrease in market cap, according to data from the Kobeissi Letter.
In stark contrast, Bitcoin has surged. On July 10, Bitcoin was valued at approximately $57,000 and has since risen to around $66,000. This increase has boosted Bitcoin’s market cap from $1.14 trillion to roughly $1.3 trillion. Year-to-date, Bitcoin is the second-best performer among the “Magnificent Seven” with a 49% increase, trailing only NVIDIA, which leads with a 115% gain.
Analyst 
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.
Latest Insights
In this insight
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Microsoft
Microsoft is an American multinational technology company that develops, licenses, and sells computer software, consumer electronics, and personal computers.