But it was hardly a train wreck for tech stocks this week: Amazon.com shares soared 14% Friday on strong cloud growth, in the biggest single-day gain in market capitalization in US history. On Wednesday, Alphabet Inc jumped the most in almost two years after the Google parent posted upbeat results, which came on the heels of solid earnings from Microsoft Corp and Apple Inc a week earlier.
It was a week of polar extremes for Big Tech, which saw stomach-churning swings that ignited the wildest volatility since the pandemic shuttered the US economy in 2020.
The zaniness of the past five days is hard to exaggerate: The Nasdaq 100 Index, which includes some of the world’s technology behemoths, had its best week since December even after Facebook parent Meta Platforms posted the worst one-day drop in market value in stock-market history, plunging it into value territory.
