Numerous tech firms saw their shares tumble during today’s trading session amid a broader sell-off in stocks and cryptocurrency.
The sell-off accelerated after the Trump administration clarified that the tariffs on imports from China will be set at 145%, not 125% as investors previously believed.
Many major tech firms were among the affected stocks, with Nvidia Corp. losing nearly 6% of its market cap, Microsoft Corp. closing 2.34% lower, and Amazon.com Inc. shares sliding 5.1%.
Cryptocurrencies also experienced a decline, with Coinbase Global Inc. shares falling about 6% and Bitcoin's price down more than 3%.