Meta CEO Mark Zuckerberg arrives for a gathering on Capitol Hill on March 26, 2026.
Andrew Harnik | Getty Photographs
A foul week for shares was significantly tough for tech buyers, because the Nasdaq suffered its worst weekly drop since April 2025. Meta and Micron noticed double-digit drops, however the ache was felt throughout the board as issues in regards to the Iran battle drove up power costs.
The Nasdaq dropped 3.23% for the week. The final time the tech-heavy index witnessed such a sell-off was in April after President Donald Trump’s threats of sweeping tariffs led to a close to panic available in the market.
Google dad or mum Alphabet fell almost 9% and Microsoft sank nearly 7% this week, whereas Nvidia and Amazon slipped about 3% every. Tesla slid nearly 2%. Amongst tech’s megacap corporations, Apple held up the perfect, notching a slight achieve for the week.
Meta had the worst week within the group, dropping greater than 11% after two stinging courtroom defeats added to the social media firm’s challenges. Each trials — one in Santa Fe, New Mexico, and the opposite in Los Angeles — pointed to the struggles Meta has confronted to adequately police Fb and Instagram, which stay the first money engines as the corporate chases Google, OpenAI and Anthropic in synthetic intelligence.
In the meantime, buyers rotated out of reminiscence maker Micron, which has been one of many market’s standout performers up to now yr on account of a scarcity brought on by hovering demand for AI processors.
Micron shares plunged greater than 15% for the week, although they’re nonetheless up nearly 300% over the previous 12 months. The sell-off began final final week, after Micron’s blowout second-quarter earnings report. Income nearly tripled to $23.86 billion within the newest quarter, and the corporate issued robust steerage, projecting gross margins of about 80% for the following quarter.
“Reminiscence right this moment may be very tight provide and provide can’t be introduced up that simply, and you might be seeing that in our outcomes,” Micron CEO Sanjay Mehrotra advised CNBC’s “Squawk on the Road” after the report.
However with world markets feeling the ache of rising gas prices and uncertainty about when the battle within the Center East might settle, Micron’s outcomes did nothing to assuage Wall Road’s nerves.
Oil costs on Friday closed at their highest in additional than three years after incidents within the Strait of Hormuz exacerbated buyers’ power provide issues. In a Fact Social submit, President Trump recommended he is in search of an finish to the battle in Iran, as rising prices weigh on sentiment and create a rising downside for Republicans in Congress heading into the midterm elections.
With buyers bailing on tech this week, consideration turns to Elon Musk, the world’s richest particular person, and what comes subsequent for his trillion-dollar corporations. SpaceX, which was valued at $1.25 trillion final month after merging with Musk’s xAI, is predicted to file for an IPO very quickly in what might be the most important providing on file. And Tesla, Musk’s electrical car firm, is slated to report quarterly deliveries subsequent week.
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