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Tesla, Nvidia and Alphabet Lose Big as 'Magnificent Seven' Stocks All Fall

The "Magnificent Seven" stocks all fell Friday amid Big Tech's broad sell-off, with Alphabet and Tesla shedding 2% or more as of afternoon trading and other Mag-7 stocks doing little better.

Here's a rundown of what's going on with the group:

Tesla Sinks After Shareholders OK Musk's $1 Trillion Pay Deal

$Tesla Motors(TSLA)$   led the way lower, falling as much as 5.4% during the session to a $421.88 intraday low.

The electric-vehicle giant fell after shareholders late Thursday approved CEO Elon Musk's record 10-year pay package, which could be worth $1 trillion if the company meets a series of performance and stock-price milestones.

Shareholders owning 75% of TSLA stock endorsed the deal after Musk hinted that he might leave the company if investors nixed the package.

However, some large institutional investors opposed to the agreement, including Norway's sovereign-wealth fund and the California Public Employees' Retirement System (CalPERS).

Nvidia Falls After CEO Says No Talks on Selling Blackwell AI Chips in China

$NVIDIA(NVDA)$   shed as much as 4.9% to a $178.91 session bottom after Reuters quoted CEO Jensen Huang as saying during a Taiwan visit that the chip giant is having "no active discussions" about selling its cutting-edge Blackwell AI chips in China.

Both U.S. and Chinese authorities have pushed back on allowing Nvidia to sell the chips in the Asian nation.

Washington fears that China will use the advanced chips for military applications or products that would compete with American companies, but has said NVDA could sell less-advanced H20 chips there.

However, Beijing has discouraged Chinese companies from buying the American hardware at all, and Nvidia is reportedly assuming it'll have zero sales there for now -- costing the company $2 billion to $5 billion a quarter in revenue.

Huang told Taiwanese TV on Friday that "currently, we are not planning to ship anything to China. It's up to China when they would like Nvidia products to go back to serve the Chinese market. I look forward to them changing their policy."

Alphabet Gives Back Gains on Deals with Polymarket and Kalshi

$Alphabet(GOOGL)$   fell as much as 3.4% to $275.19 during the session as the search-and-cloud giant continued a week of choppy trading.

Alphabet gave up all of a 2.6% rebound that it enjoyed Wednesday and Thursday after losing 2.2% Tuesday amid that session's broad tech sell-off.

The stock fell Friday despite a seemingly positive catalyst: a deal to work data from prediction markets Polymarket and Kalshi into Alphabet's Google Finance product.

Polymarket and Kalshi let consumers place cash wagers on not just sports, but also on non-sports matters like which actor will win an Oscar or how long the U.S. government shutdown will last.

Alphabet said on Thursday that it would add data from the two companies into Google Finance, as well as use more artificial intelligence with the product.

GOOGL wrote in a product update that the new system would allow users to "just ask something like 'What will GDP growth be for 2025?' directly from the search box to see current probabilities in the market and how they've changed over time."

Apple, Meta, Amazon and Microsoft Ease as Well

The rest of the Mag-7 stocks fell by lesser amounts Friday. As of shortly before 2:30 p.m. ET, other Mag-7 names to lose ground included:

-- $Apple (AAPL.US)$, off 0.9% at $267.33.

-- $Meta Platforms (META.US)$, 0.7% lower at $614.75.

-- $Amazon (AMZN.US)$, 0.6% weaker at $267.33.

-- $Microsoft (MSFT.US)$, which shed 0.3% to trade at $495.84.

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