The news: Big Tech’s Magnificent Seven collectively lost nearly $1 trillion in market value Thursday—a record one-day loss for the group—following President Donald Trump’s announcement of new tariffs, per MarketWatch.

• Apple was hit the hardest due to its manufacturing plants in China, India, and Vietnam: Its shares plunged 9.2% in the day after the announcement.
• Amazon and Meta followed close behind, each with 9% declines, while Nvidia’s shares fell 7.8%.