The world’s largest technology firms have lost higher than $1 trillion in value in just the last three trading sessions.
Since the central bank raised its benchmark interest rate on Wednesday, tech companies have endured more losses than other fields of the economy.
Investors are now directing more money toward secure pockets of the market.
Apple has lost $220 billion in value since the end of the trading session on Wednesday.
Stocks went lower on the day after the central bank raised the interest rate, declined again on Friday, and then even lower on Monday.
Microsoft has declined around $189 billion in value while Tesla experienced a loss of $199 billion. Amazon declined in value by $173 billion and Alphabet lost $123 billion. Nvidia lost $85 billion, and Meta Platforms lost $70 billion in value.