By Jeran Wittenstein and Carmen Reinicke, Bloomberg

For most of the past decade, a handful of high-flying technology companies have pushed the US stock market to record highs and become cornerstones of investment portfolios. But that’s collapsed this year.

Despite the S&P 500 Index clawing back into the green for 2025 after being whipsawed by President Donald Trump’s vacillating trade policies, tech giants like Apple Inc., Alphabet Inc., Amazon.com Inc. and Tesla Inc. are still down. The Bloomberg Magnificent 7 Index — which includes those companies as well as Meta Platforms Inc., Microsoft Corp. and Nvidia Corp. — is underperforming the S&P 500, and if that holds through Dec. 31, it would make this just the second year in the last 10 where that’s happened.

It’s a far cry from last year

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