Several major tech stocks have seen their share prices decline this week, with Salesforce and Dell taking some of the largest hits of all. This comes despite the Nasdaq Composite hitting a record high on Tuesday. Here’s what you need to know as we head into the weekend:
Salesforce
Salesforce, Inc (ticker: CRM) probably had the worst week of the lot. Yesterday, the company’s shares dropped nearly 20% to $218.01. As of the time of this writing, CMR shares are down over 23% in the past five days, according to data from Yahoo Finance.
The reason for Salesforce’s plummet yesterday? Weak sales growth outlook raises concerns that the cloud-based software company will be left behind in the AI transformation that is sweeping the tech industry. Bloomberg notes that Salesforce’s share plunge yesterday was the company’s worst drop since 2008.
Dell
PC maker Dell (ticker: DELL) is not faring much better than Salesforce. As of the time of this writing, DELL shares are currently down over 15% in premarket trading to $143.60 per share. While Dell reported higher-than-expected Q1 sales and profits, its guidance disappointed. At the same time, although a 15% premarket drop is never good news for investors, Dell shares have surged over 122% since the beginning of this year.
Zoom, Adobe, Snap, and Microsoft
Other tech companies are also entering the last trading day of the week with a notable decline in their stocks. In the previous five days, shares of Zoom Video Communications (ticker: ZM) are down nearly 6% after posting mixed Q1 financial results last week.
Shares of Abobe Inc (ticker: ADBE) are currently down almost 8% in the last five days. The company has recently seen increased competition from Canva, which released revamped design tools to compete with Adobe’s lineup of software.
Shares of Snapchat owner Snap Inc (ticker: SNAP) are down about 4.6% in the last five days and Microsoft (ticker: MSFT) has seen its stock decline about 3.6% during the same period.
The bright spot: Nvidia
Despite the decline in the tech stocks above over the past five days, there have also been some positive movements for companies in the sector. AI chipmaker Nvidia had one of the best advances of the week. In the past five days, the company’s stock (ticker: NVDA) is up over 16%.
This comes after Nvidia’s first-quarter results again blew away expectations and the company announced a 10-for-1 stock split last week.
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