Big Tech has suffered its worst trading week since March 2020 and the beginning of the pandemic, last week.
Huge companies that had performed so well during the peak of the pandemic including Netflix, Amazon and Peloton have all seen steep declines in their share prices.
Netflix recorded its worst drop in a decade after it quietly admitted that its streaming rivals were cutting into its profits.
Shares of Amazon also dropped 12% for the week, marking its biggest loss since 2018 as investors grapple with the idea of high interest rates and mixed earnings reports.
The Nasdaq was down 7.6% for the week, its biggest decline since March 2020, when the pandemic loomed over corporate interests.
Cloud-computing services also dipped as the work from home mandate was discontinued.
Peloton has seen its valuation drop from $50 billion to just $8 billion over the course of the past 12 months, with the fitness tech company announcing that it expected to see the number of subscribers fall short of expectations when it announces its quarterly results next month.
Investors have also jumped ship from companies including music streaming service Spotify, which saw its shares drop 11% and Roblox, which fell 13%, despite continued interest from companies including Nike amid the “metaverse rush”.
It remains to be seen how ongoing pressures from regulators on Big Tech will continue to affect share prices throughout the coming year.