Nasdaq Falls 3.2%, Meta Drops 11% in Worst Tech Week Since April
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- Nasdaq dropped 3.23% for the week, its worst weekly performance since April 2025, when President Trump's sweeping tariff threats triggered near-panic selling across markets.
- Meta plunged more than 11% after two court defeats — one in Santa Fe, New Mexico and another in Los Angeles — that exposed the company's ongoing struggles to police Facebook and Instagram as it chases Google, OpenAI, and Anthropic in AI.
- Micron shares fell more than 15% despite reporting Q2 revenue that nearly tripled to $23.86 billion and issuing guidance of approximately 80% gross margins for the next quarter; CEO Sanjay Mehrotra called memory supply 'very tight.'
- Alphabet fell nearly 9% and Microsoft sank almost 7%, while Nvidia, Amazon, and Tesla each slipped 2-3%; Apple was the sole megacap gainer with a slight weekly uptick.
- Oil prices closed at their highest level in more than three years after incidents in the Strait of Hormuz exacerbated energy supply concerns tied to the Iran conflict, with Trump posting on Truth Social about seeking an end to the war.
- SpaceX, valued at $1.25 trillion after merging with xAI, is expected to file for an IPO soon in what could be the largest offering on record, with Tesla's quarterly delivery report due next week as the next major catalyst for the sector.
Why it matters: With oil at three-year highs, Meta's 11% plunge on court losses and Micron's 15% drop despite nearly tripled revenue show the macro selloff punishing both weak and strong tech names alike. Alphabet shed nearly 9% and Microsoft almost 7%, and Tesla's delivery report due next week now becomes the next major test for the sector.
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