The Nasdaq Marketsite in New York, on June 9, 2023.
Michael Nagle | Bloomberg | Pictures of getty
Silicon Valley’s executives and financiers publicly opened the portfolios in support of the President Donald Trump’s 2024 Presidential run. The first returns of 2025 are not excellent, to say less.
After Trump’s sweep Tariff plan Announced on Wednesday, Nasdaq suffered consecutive low daily low to finish with 10% lower during the week, the worst performance of the index since the start of the Covid pandemic in 2020.
The main delegated directors of the technology industry precipitated to contribute to the inauguration of Trump in January and paraded in Washington, DC, for the event. Since then, it has been a slogan.
The market can always turn around, but economists and investors are not optimistic and worries are creating a possible recession. The seven most valuable technology companies in the United States lost $ 1.8 trillion combined in two -day market lid.
Apple It slid 14% for the week, its greatest fall in more than five years. Tesladirected by Trump’s maximum advisor Elon MuskIt fell by 9.2% and has now fallen more than 40% during the year. Musk contributed about $ 300 million To help propel Trump in the White House.
Nvidia, Goal and Amazon They all suffered two digit falls during the week. For Amazon, a consecutive ninth weekly decline marks its maximum streak lost since 2008.
With the sale of Wall Street with risk assets for concern for widespread fares to punish the United States and the global economy, abandonment has been directed to the IPO market. Klarna and Stubhub online lender of the Ticket Market delayed his iPo Due to the turbulence of the market, a few weeks after the presentation to the Exchange and Exchange Commission, and the Fintech Chime company also delayed its card.
CoreweaveA provider of artificial intelligence infrastructure, last week became the first company supported by the company to raise more than $ 1 billion in a United States OIP since 2021. But the company reduced its offer and negotiation has been very much volatile On their opening days in the market. The action fell 12% on Friday, leaving it 17% above its supply price, but below the bottom of its initial rank.
« You could not create a worse market and a macro environment to make public, » said Phil Hastlett, co -founder of EquityzenA platform to invest in private companies. « Very turbulence. All flights are on the ground to a new warning. »
Investor Coreweave Mark Klein of Cork Previously he told CNBC that the company could be the first in a “IPO parade”. He is back back.
« It seems that the IPO parade has stopped temporarily, » Klein said by email to CNBC on Friday. « The current fare situation has promoted these companies to pause and evaluate their impact. »
“Quickly cave”
During last year’s presidential campaign, prominent risk capitalist such as Marc Andreessen supported TrumpHoping that its administration would be put into a boom and eliminate some of the obstacles to start the growth of Biden administration. Andreessen and his partner, Ben Horowitz, said in July that their financial support for the Trump campaign was due to what they called best « Small technological agenda ».
A spokesman for Andreessen Horowitz refused to comment.
Some technologies that have supported Trump in the campaign have passed on social media to defend their positions.
Risk capitalist Keith Rabois, CEO of Khosla Ventures, Published Ax On Thursday that « Trump Derangement Syndrome has become the Tarify deangement Syndrome. » He he said Rates are not inflationary, they are effective in reducing imports of Fentanyl and hopes that « most of the other Cova and Cova countries quickly. »
This was before China’s Ministry of Finance said on Friday that a 34% rate In all the imported goods from the United States from April 10.
In Sequoia Capital, who is the greatest investor in Klarna, Trump’s supporter, Shaun Maguire, wrote Ax« The first long -term president of my life of my life », and said in a post separate This, « The price of actions does not say almost nothing about the long -term health of an economy. »
However, the Economic Minister in Chief of Allianz, Mohamed El-Eian warned on Friday than the extensive Trump raft of It matters rates They are putting the north -American economy at risk of recession.
« You have had a significant representation of growth prospects, with a recession in the United States up to 50% probability, you have seen an increase in inflation expectations, up to 3.5%, » said Silvia Amaro de CNBC apart from the Ambrosetti Forum in Cernobbio, Italy.
The ex -Microsoft Chief Executive Officer, Bill Gates, on the left, and Steve Ballmer, Center, are considering photographs with CEO Satya Nadella during an event celebrating the 50th anniversary of Microsoft on April 4, 2025 in Redmond, Washington.
Stephen Brashear | Pictures of getty
Meanwhile, Tech Megacap companies executives were largely silent this week, and their Public Relations representatives refused to provide comments on their thinking.
Microsoft CEO Satya Nadella was in the uncomfortable position on Friday to celebrate his company 50th birthday At the corporate headquarters in Redmond, Washington. Beside the two previous Microsoft Delegates, Bill Gates and Steve Ballmer, Nadella sat with Andrew Ross Sorkin of CNBC for a television interview that was scheduled for Trump’s tariff announcement.
When asked about the rates at the top of the interview, Nadella effectively dodged the question and avoided expressing his views on whether the new policies would make Microsoft’s business difficult.
Ballmer, which was succeeded by Nadella in 2014, recognized in Sorkin That « the interruption is very hard for people » and this, « as a Microsoft shareholder, these kinds of things is not good. » Ballmer and Gates are two of the 12 richest people in the world thanks to their Microsoft fortunes.
It is possible that C costumes cannot remain silent for a long time, especially if the recent turmoil is poured next week.
Lise buyer, who previously helped guide Google Through his OIP and now he works as an advisor to the companies that are made public, he said that there is no hunger for risk in the market in these conditions. But there is a risk that employees have a headache and will surely look at their leaders a certain peace of mind.
« Until the markets are established and we have the opportunity to access the valuation levels, the CEOs of the public company should work to calm the potentially distressed employees, » the buyer said in an email. « And the procedures of private companies should perfect the plans to get dollars already in the treasury. »
– Hayden Field of CNBC, Jordan Novet, Leslie Picker, Annie Palmer and Samantha Subin contributed to this report.
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