Meta CEO Mark Zuckerberg arrives for a gathering on Capitol Hill on March 26, 2026.
Andrew Harnik | Getty Photos
A foul week for shares was notably tough for tech traders, because the Nasdaq suffered its worst weekly drop since April 2025. Meta and Micron noticed double-digit drops, however the ache was felt throughout the board as considerations in regards to the Iran conflict drove up vitality costs.
The Nasdaq dropped 3.23% for the week. The final time the tech-heavy index witnessed such a sell-off was in April after President Donald Trump’s threats of sweeping tariffs led to a close to panic out there.
Google guardian Alphabet fell practically 9% and Microsoft sank nearly 7% this week, whereas Nvidia and Amazon slipped about 3% every. Tesla slid nearly 2%. Amongst tech’s megacap corporations, Apple held up the very best, notching a slight acquire for the week.
Meta had the worst week within the group, dropping greater than 11% after two stinging courtroom defeats added to the social media firm’s challenges. Each trials — one in Santa Fe, New Mexico, and the opposite in Los Angeles — pointed to the struggles Meta has confronted to adequately police Fb and Instagram, which stay the first money engines as the corporate chases Google, OpenAI and Anthropic in synthetic intelligence.
In the meantime, traders rotated out of reminiscence maker Micron, which has been one of many market’s standout performers up to now 12 months because of a scarcity attributable to hovering demand for AI processors.
Micron shares plunged greater than 15% for the week, although they’re nonetheless up nearly 300% over the previous 12 months. The sell-off began final final week, after Micron’s blowout second-quarter earnings report. Income nearly tripled to $23.86 billion within the newest quarter, and the corporate issued robust steering, projecting gross margins of about 80% for the subsequent quarter.
“Reminiscence as we speak could be very tight provide and provide can’t be introduced up that simply, and you’re seeing that in our outcomes,” Micron CEO Sanjay Mehrotra advised CNBC’s “Squawk on the Road” after the report.
However with international markets feeling the ache of rising gasoline prices and uncertainty about when the battle within the Center East could settle, Micron’s outcomes did nothing to appease Wall Road’s nerves.
Oil costs on Friday closed at their highest in additional than three years after incidents within the Strait of Hormuz exacerbated traders’ vitality provide considerations. In a Fact Social put up, President Trump recommended he is looking for an finish to the conflict in Iran, as rising prices weigh on sentiment and create a rising drawback for Republicans in Congress heading into the midterm elections.
With traders bailing on tech this week, consideration turns to Elon Musk, the world’s richest individual, and what comes subsequent for his trillion-dollar corporations. SpaceX, which was valued at $1.25 trillion final month after merging with Musk’s xAI, is anticipated to file for an IPO very quickly in what may very well be the biggest providing on file. And Tesla, Musk’s electrical car firm, is slated to report quarterly deliveries subsequent week.
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