Han Media: Sino-US Trade War Intensifies, Tech Giants' Market Value Falls by $770 Billion in One Day
With the re-escalation of Sino-US trade tensions, the market value of US tech giants fell by more than $770 billion (1,100 trillion won) in a single day.
On the local date of the 10th, NVIDIA's stock price plummeted by 4.85% from the previous day, closing at $183.16.
On that day, NVIDIA's market value shrank by $229 billion (approximately 327 trillion won).
The stock price of electric vehicle giant Tesla fell by 5.06%, with a market value loss of $71 billion; Apple's stock price dropped by 3.45%, with a market value loss of $131 billion.
The stock prices of Microsoft and Amazon, the second and third largest in the US, also fell by 2.19% and 4.99%, respectively.
According to American financial media CNBC, the combined market value of the seven major tech giants fell by approximately $770 billion (about 1,101 trillion won) on that day.
The report pointed out that the trigger for the sharp decline in these companies' market values was a post by US President Trump on the social media platform "Truth Social", hinting that Sino-US trade tensions would further escalate.
Trump criticized China's rare earth export control measures, saying, "Extremely abnormal situations are happening in China," which caused a collective plunge in tech stocks.
He also emphasized, "One of the policies currently under review is to significantly increase tariffs on all products exported by China to the US," and "Other multiple countermeasures are also being seriously considered."
Subsequently, Trump clearly stated that in response to China's rare earth export controls, the US will impose an additional 100% tariff on Chinese goods starting from next month on the 1st.
Sources: JoongAng Daily
Original: www.toutiao.com/article/1845858241552521/
Statement: This article represents the views of the author himself.