The Nasdaq Composite dropped 4.2% on June 5, marking its steepest single-day decline since October 2025. The culprits were familiar names: Nvidia, Broadcom, Alphabet, Amazon, and the rest of the trillion-dollar club that has spent the last two years convincing investors that AI would print money forever.
The damage report
The nine trillion-dollar tech companies in the S&P 500 lost an average of 5.3% in a single trading session. In dollar terms, that translates to roughly $1.1 trillion in market value evaporating, which is about the GDP of the Netherlands just vanishing between the opening and closing bells.
Semiconductor stocks bore the worst of it. Nvidia fell 6.2%, Broadcom dropped 7.9%, and Micron cratered 13.3%.
In the days that followed, the contagion spread deeper into Big Tech’s core. By June 21-22, Alphabet had fallen approximately 5%, weighed down by talent departures in its AI division. Amazon slid 4.8%. Meta gave back 2.3%.
