Big tech has lost ground this year, but it's still huge

Amazon isn't the only big tech company that's having a slightly tougher year (don't cry just yet).

As of yesterday the 7 stocks that make up our newest big tech acronym — MAATMAN* — had shed almost $2.1 trillion of equity value since the start of the year (Amazon is losing another ~$150bn at the time of writing). That's a loss in value that would have been unthinkable for 7 stocks to lose even just a few years ago — but even with that loss it's worth reminding ourselves just how big big tech still is:

• Apple alone is worth 9x Coca-Cola, 14x Nike, 25x Target, 30x Netflix or 42x Uber.
• Meta has lost the approximate value of a JPMorgan Chase or 8 Twitters, just this year.
• Tesla remains more valuable than the next 15 automakers in the world... combined.

Welcome NVIDIA

‍For a long time Netflix was a key member of many a tech acronym. From FANG to FAATMAN, Netflix's rise to a $250bn+ valuation kept it a part of the big tech conversation for many years. However, in strict financial terms it hasn't really been in the same league as the others for a while. Enter NVIDIA, the maker of graphics processing units (GPUs) and other computer hardware that has quietly grown into America's 8th most valuable company.

‍*MAATMAN is Microsoft, Apple, Alphabet, Tesla, Meta, Amazon and NVIDIA.