It’s been a painful year so far for megacap technology giants and 2025 is only getting started.

Six members of the group are already tracking for significant year-to-date losses, led by a 40% drop in shares of Tesla. Meta Platforms is the only exception, holding on to a slim gain.

The drop in technology stocks comes just two months after leaders flocked to Washington for President Donald Trump‘s inauguration and after many megacaps powered to new highs in the post-election rally after his November victory.

Now, macroeconomic uncertainty, recession fears and concerns over the impact of tariffs have fueled a market selloff that’s pushed all the major averages into negative territory for 2025. Earlier this month, the megacaps lost more than $750 billion in market value in the worst day for the tech-heavy Nasdaq Composite since 2022.

Artificial intelligence leaders such as chip darling Nvidia haven’t been spared from the turmoil. The chipmaker has dropped nearly 14% in 2025, shedding nearly a fifth in value since its record high in January. The company, once in the $3 trillion market capitalization club, has lost $767 billion in market value since then, with shares headed for a negative week even after its annual GTC Conference.

Alphabet — another key leader in the AI race — is down more than 14% this year and has lost about a fifth of its value since its record close last month. Microsoft is on pace for its eighth straight negative week and its worst losing streak since February 2008.

Tesla has suffered the most significant losses, shedding about $780 billion in market value since its record close in December. CEO Elon Musk’s close ties to Trump haven’t shielded the stock, with shares on pace for their ninth straight negative week.

Apple has lost nearly $700 billion in market value since its record close in December and dropped 17% in that timeframe, while Amazon is down 18%. The e-commerce giant is on pace for its longest weekly losing streak since May 2022, when it fell seven consecutive weeks.

While Meta has held on to slight gains, the stock has suffered its fair share of turbulence. The stock is headed for a fifth straight negative week, which would match its five-week decline from October 2022. Shares have lost a fifth of their value since their record close on Feb. 14.