Meta CEO Mark Zuckerberg arrives for a meeting on Capitol Hill on March 26, 2026.
Andrew Harnik | Getty Images
A bad week for stocks was particularly tough for tech investors, with the Nasdaq suffering its worst weekly decline since April 2025. Meta And Micron saw double-digit declines, but the pain was felt across the board as concerns over the war in Iran sent energy prices soaring.
The Nasdaq fell 3.23% over the week. The last time the tech-heavy index saw such a sell-off was in April after That of President Donald Trump threats of radical tariffs led to a almost panic on the market.
Parent Google Alphabet fell by almost 9% and Microsoft sank nearly 7% this week, while Nvidia And Amazon slipped about 3% each. Tesla slipped almost 2%. Among mega-cap companies in the technology sector, Apple held up the best, posting a slight gain for the week.
Meta had the group’s worst week, losing more than 11% after two bitter legal defeats added to the challenges of the social media business. Both trials – one out of Santa Fe, New Mexicoand the other in Los Angeles — highlighted the difficulties Meta has faced in adequately controlling Facebook and Instagram, which remain key cash drivers as the company pursues Google, OpenAI and Anthropic over artificial intelligence.
Meanwhile, investors have pulled out of memory maker Micron, which has been one of the market’s best performers over the past year due to a shortage caused by growing demand for AI processors.
Micron shares plunged more than 15% for the week, although they are still up nearly 300% over the past 12 months. The selloff began last week, after Micron’s second-quarter breakup. income report. Revenue nearly tripled to $23.86 billion in the most recent quarter, and the company issued strong guidance, projecting gross margins of around 80% for the next quarter.
“Today, the supply of memory is very limited and the supply cannot be increased as easily, and you see it in our results,” the Micron CEO said. Sanjay Mehrotra told CNBC “Screamed in the street” after the report.
But as global markets reel from rising fuel prices and uncertainty over when the Middle East conflict might settle, Micron’s results did nothing to calm Wall Street’s nerves.
Oil price Friday’s session closed at its highest level in more than three years after incidents in the Strait of Hormuz heightened investors’ energy supply concerns. In an article for Truth Social, President Trump suggested he is seeking to end the war in Iran, as rising costs weigh on sentiment and create a growing problem for congressional Republicans as the midterm elections approach.
As investors move away from technology this week, attention turns to Elon Muskthe richest person in the world, and what’s next for his trillion-dollar companies. SpaceX, valued at $1.25 trillion last month after merger along with Musk’s xAI, is expected to file for an IPO very soon in what could be the largest offering ever. And Tesla, Musk’s electric vehicle company, is expected to report quarterly deliveries next week.
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