Investing.com -- Tesla Inc (NASDAQ:TSLA) and NVIDIA Corporation (NASDAQ:NVDA) shares have experienced declines in U.S. premarket trading on Wednesday.
Tesla shares fell by up to 1.9% after the stock’s rating was downgraded to ’hold’ at Mirae Asset Securities. Similarly, Nvidia’s shares also faced downward pressure, dropping 0.9%.
The Financial Times reported that new energy regulations in China for advanced chips could potentially impact Nvidia’s sales. This news appears to have influenced the drop in Nvidia’s share price.
Meanwhile, other stocks in the Magnificent Seven index showed mixed results. Meta Platforms (NASDAQ:META) and Alphabet Inc Class A (NASDAQ:GOOGL) saw slight increases of 0.2% each, while Amazon.com (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT) experienced minor losses of 0.2% and 0.1% respectively.
Apple (NASDAQ:AAPL) shares remained relatively unchanged.
Microsoft’s CEO also announced a partnership with Korean telecoms firm KT (NYSE:KT) to launch an AI initiative. However, this news did not prevent the slight drop in the company’s share price.
The Bloomberg Magnificent 7 index, which equally weights these seven stocks, has seen a 9.6% drop this year. It rose 67% in 2024.