Magnificent Seven stocks poised to lose nearly $1 trillion during Wall Street meltdown

The Magnificent Seven stocks were poised to lose nearly to lose nearly $1 trillion in combined market value as recession fears and Berkshire Hathaway’s decision to cut its stake in Apple punctured a months-long rally in the sector.

“Expectations have arguably become too high for the so-called Magnificent Seven group of companies. Their success has made them untouchable in the eyes of investors and when they fall short of greatness, out come the knives,” said Dan Coatsworth, investment analyst at AJ Bell.Over the weekend, Warren Buffett’s Berkshire Hathaway announced it had halved its Apple stake, fanning investor concerns.

And while many have panicked that Buffett’s pullback on Apple shares is a reason to sound the alarm, others on Wall Street have urged investors to keep calm.“If there were any concerns about the longer-term viability of Apple, Buffett would have exited the entire position. Similar to Berkshire’s other stock position reductions, Buffett has meaningful unrealized gains,” Gilbert said.

Some analysts believe investors should hold onto Apple, and even keep their hopes high that the company’s upcoming AI launches could boost sales.

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