Less than two months ago, the tech industry’s top leaders flocked to Washington, D.C., for the presidential inauguration, part of an effort to strike a friendly tone with President Donald Trump after a contentious first go-round in the White House.
Thus far, they’ve avoided any nasty social media posts from the president. But their treatment by investors has been anything but warm.
Over the last three weeks, since the Nasdaq touched its high for the year, the seven most valuable U.S. tech companies — often called “the Magnificent Seven” — have lost a combined $2.7 trillion in market value. The sell-off has pushed the Nasdaq to its lowest level since September.
As of Thursday, the tech-heavy index was down 4.9% for the week, heading for its worst weekly performance in six months. If it ends up down more than 5.8%, it would be the steepest weekly drop since January 2022.
Sparking the downdraft was President Trump’s promise to slap high tariffs on top trading partners, including China, Mexico and Canada, along with mass firings of government workers. The combination of a potential trade war and rising unemployment is particularly troubling news for consumer and business spending and has raised fears of a recession.
Additionally, many technology companies import key parts from abroad, and rely on trade partners for manufacturing.
This isn’t what Wall Street was expecting.
Following Trump’s election victory in November, the market jumped on prospects of diminished regulation and favorable tax policies. The Nasdaq climbed to a record close on Dec. 16, capping a more than 9% rally over about six weeks after the election.
Since then, electric car maker Tesla has lost close to half its value, despite — or perhaps because of — the central role that CEO Elon Musk is playing in the Trump administration.
The Nasdaq’s high point for the year came on Feb. 19, about a month into Trump’s second term. But it finished that week lower and has continued its precipitous decline.
Here’s how the seven megacaps have fared over that stretch:
Apple, the world’s most valuable company and the only remaining member of the $3 trillion club, has lost $529 billion in market cap since the close on Feb. 19. The iPhone maker is down 17%.
Microsoft, which was previously worth over $3 trillion, has fallen by $267 billion in the past three weeks, a drop of close to 9% for the software giant.
Nvidia, the chipmaker that’s been the biggest beneficiary of the artificial intelligence boom, also slid below $3 trillion over the course of losing $577 billion in value, the biggest dollar decline in the group. Like Apple, the stock is down 17% since the Nasdaq peaked.
Amazon is down by $347 billion, falling by 14%, while Alphabet is off by $275 billion after a 12% decline. Meta has shed $286 billion in market cap, a 16% drop.
Tesla has seen by far the biggest percentage decline at 33%, equaling $386 billion in value.
Goldman Sachs on Wednesday referred to the group as the “Maleficent 7.” Chief U.S. equity strategist David Kostin noted that the basket now trades at its lowest valuation premium relative to the S&P 500 since 2017. Goldman cut its price target on the benchmark index to 6,200 from 6,500. The S&P 500 closed on Thursday at 5,521.52.
“We believe investors will require either a catalyst that improves the economic growth outlook or clear asymmetry to the upside before they try to ‘catch the falling knife’ and reverse the recent market momentum,” Kostin wrote.
OpenAI is rapidly expanding its presence in India — one of the key markets for its flagship ChatGPT product.
India is an appealing destination for U.S. tech giants, with companies ranging from Google to Meta betting on its huge — and young — population over recent years.
OpenAI CEO Sam Altman visited the country in February this year and met with the country’s IT Minister Ashwini Vaishnaw to discuss collaboration. During the visit, Altman said India was OpenAI’s second-largest market by number of users.
He has subsequently said that AI adoption in India is “amazing to watch.”
“We love to see the explosion of creativity–india is outpacing the world,” he said on X earlier this year.
India is one of ChatGPT’s fastest-growing markets globally, Nick Patience, practice lead for AI at tech research and analysis firm Futurum Group, told CNBC. “OpenAI’s India focus is a strategic move to gain a competitive edge,” he added.
Here’s a rundown of how OpenAI is expanding in India.
ChatGPT explosion
ChatGPT, OpenAI’s core product, has seen strong growth in India. The app was downloaded 10.2 million times in India in August, a huge jump from the 2.5 million downloads seen during the same month last year, according to analytics firm Appfigures.
Since its launch, ChatGPT has 111 million downloads in India, ahead of its 80 million downloads in the U.S, Appfigures data shows.
Downloads do not necessarily equal daily or monthly users, but the figures emphasise OpenAI’s growth trajectory in the country.
The download numbers are also far ahead of rivals, including Google’s Gemini and Anthropic’s Claude. The closest challenger was Perplexity, Appfigures said, which had 6.4 million downloads in August.
India-specific product
User spending on ChatGPT has been increasing. To date, Indian users have spent $21.3 million on ChatGPT, Appfigures data shows. In comparison, U.S. users have spent $784 million.
That underlines the fact that while the number of users in India is huge, it remains a price-sensitive market.
“It’s a classic wedge strategy to capture a price-sensitive market and build a user base that will be difficult for local players to dislodge later,” Futurum Group’s Patience said of the strategy.
Infrastructure and hiring
According to Bloomberg, OpenAI is scouting a location in India for a data center with at least 1-gigawatt capacity. The facility will be part of OpenAI’s Stargate-branded infrastructure push, Bloomberg said this week, although CNBC was unable to verify the report.
The ChatGPT developer said last month that it would open a local office in the market and is currently advertising three sales roles in India.
It also announced last month an education program in India that will include funding for research and provide half a million ChatGPT licenses for educators and students across the country.
India challenges
While India doesn’t have a home-grown artificial intelligence company as big as OpenAI, there are some challengers in the form of domestic startups, including Sarvam AI and Krutrim, and other American tech giants like Google and Meta.
Continued geopolitical tensions between the U.S. and India over trade, however, have the potential to cause complications if there’s any backlash from New Delhi against American tech firms.
OpenAI is also locked in a legal battle with Asian News International in India, which has accused the ChatGPT developer of using copyrighted material illegally. It’s a closely-watched case in the country for how copyright laws apply in the AI era.
“OpenAI’s success in India is not guaranteed and depends heavily on its ability to navigate these legal and political hurdles,” Futurum Group’s Patience said.
“While the Indian market is vast, its diversity in languages and user needs presents challenges. OpenAI’s ability to deliver a truly localized product and its long-term impact on India’s AI talent remain uncertain.”
Waymo partners with Uber to bring robotaxi service to Atlanta and Austin.
Uber Technologies Inc.
Alphabet’sWaymo unit will begin test-driving robotaxis at its first California-based airport, the company said Thursday.
The autonomous car unit has been cleared to begin testing driverless rides at the San José Mineta International Airport in San Jose, California, this fall. Waymo said it plans to offer paid rides at the airport later this year.
“With San José at the epicenter of the biggest sporting events of 2026, Waymo is an ideal mode of transportation that will help visitors move around the area smoothly and safely,” San José Mayor Matt Mahan said in a release.
The vehicles will pick up passengers at the Ground Transportation Centers in Terminal A or B and roll out to locations in Waymo’s San Francisco Bay Area service area, according to the release.
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Once fully operational, it will be the second international airport where the company has service.
In 2023, Waymo launched at Phoenix Sky Harbor International Airport, which has become the most popular Waymo destination in its Phoenix metropolitan service area, a Waymo spokesperson said Thursday.
Waymo has continued to expand its driverless, ride-hailing service across the U.S. after already launching commercial operations in Austin, Texas, as well as Atlanta, San Francisco, Phoenix and Los Angeles.
In March, Waymo expanded its service to include an additional 27 square miles of coverage around the San Francisco Bay Area, including Mountain View, Palo Alto and San Jose.
Bret Taylor, chairman of the board of directors of OpenAI, attends the annual Allen and Co. Sun Valley Media and Technology Conference at the Sun Valley Resort in Sun Valley, Idaho, on July 8, 2025.
David A. Grogan | CNBC
Bret Taylor’s artificial intelligence startup Sierra has just joined an exclusive club: The company sports a new $10 billion valuation after raising $350 million in fresh capital.
Sierra is one of just a handful of AI startups, including OpenAI, Anthropic, xAI, Safe Superintelligence and Thinking Machines that are valued at or above $10 billion.
Investors are pouring money into this competitive group of companies in the hopes that they’ll eventually hit the public markets.
Taylor is the chairman of OpenAI’s board, and previously served as co-CEO of Salesforce alongside Marc Benioff. Taylor co-founded Sierra in 2023. The company builds and implements AI agents for customer service. AI agents can carry out tasks autonomously on behalf of their users.
Shares of Salesforce fell 5% Thursday after the company reported weak guidance and concerns lingered about how AI is affecting software companies.
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Sierra said its agents are already being used by “hundreds of millions of people” to help with tasks like refinancing homes, ordering lunch, delivering furniture, understanding insurance deductibles and fixing technology, among other things.
Greenoaks led Sierra’s latest funding round, the company said. Its valuation more than doubled from its most recent raise in October.
“We’re in this for the long term,” Sierra said in a blog post on Thursday.
The company said it will use its fresh funding to invest in its platform and focus on domestic and international expansion.
Sierra’s funding follows a flurry of other major AI raises in Silicon Valley. Earlier this week, Anthropic announced it had closed a $13 billion funding round at a $183 billion post-money valuation.