Wall Street Takes a Massive Hit

Tech stocks that led the market in 2024 have faced a steep decline in early 2025, culminating in a historic $759 billion market-cap loss for the “Magnificent Seven” on Monday. This marked the group’s largest single-day drop since at least 2012, according to Dow Jones Market Data. Apple and Nvidia were the biggest contributors to the loss, shedding $174 billion and $139 billion in value, respectively, while Tesla's 15.4% stock drop resulted in a $130 billion decline. The broader market struggled as recession fears, tariff threats, and concerns over AI investment sustainability weighed on investors. While analysts urged patience, pointing to long-term AI growth, others cautioned that tech stocks still command high valuations despite recent declines. Microsoft and Amazon fared slightly better than the Nasdaq Composite Index, but their losses still translated into significant market-cap reductions.

Sources: MarketWatch

X Outage and Musk’s Response

On Monday, users of X experienced widespread outages, with reports peaking at 41,000 issues, according to Downdetector. The disruptions occurred in three waves, beginning before 6 a.m. Eastern time and continuing intermittently throughout the morning. Elon Musk attributed the outage to a "massive cyberattack" with IP addresses originating from Ukraine, though he did not provide evidence. Meanwhile, a hacking activist group called Dark Storm claimed responsibility for the attack in a Telegram post. Cybersecurity experts note that attackers often disguise their locations, making attribution difficult. Representatives for X have not provided further details on the cause of the outage, and the Cybersecurity and Infrastructure Security Agency referred questions back to the company.

Sources: The New York Times, X

Cargo Ship Carrying Sodium Cyanide Collides with Other Ship Off England Coast

A Portuguese-flagged cargo ship, Solong, collided with the US-chartered oil tanker Stena Immaculate off the northeast coast of England on Monday, causing a fire and raising environmental concerns. Solong was carrying 15 containers of sodium cyanide, a chemical that can produce highly toxic hydrogen cyanide gas when exposed to water, though it is unclear if any leaked. The Stena Immaculate, which was transporting jet fuel and marine diesel, sustained a ruptured cargo tank. The fire led to multiple explosions, and one crew member from Solong remains missing. Authorities, including the Marine Accident Investigation Branch, are investigating the cause of the collision, which remains unknown.

Sources: CNN

Oracle Reports Cloud Growth but Misses Earnings and Revenue Targets

Oracle reported a 6% increase in revenue to $14.1 billion, falling short of analyst expectations of $15.91 billion. Net income rose 22% to $2.94 billion, or $1.02 per share, but the company’s adjusted earnings forecast of $1.61 to $1.65 per share for the next quarter was below analyst estimates of $1.79. While Oracle’s cloud infrastructure segment grew by 49% to $2.7 billion, overall cloud revenue increased by only 10%, suggesting a slowdown compared to previous quarters. The company also announced plans to double its data center capacity and increase capital expenditures to $16 billion. However, Oracle’s guidance for the next quarter—expecting revenue growth of 8-10%, lower than the 11% analysts anticipated—raised concerns about future momentum. The weak forecast, combined with investment-related losses and declining software license revenue, contributed to a nearly 11% year-to-date decline in Oracle’s stock.

Sources: CNBC

Apple Plans Major Operating System Overhaul for 2025

Apple is reportedly preparing its most significant operating system redesign in years, with major updates expected for iOS 19, iPadOS 19, and macOS 16. According to Bloomberg, the changes will introduce a more cohesive design across devices, inspired by visionOS from the Apple Vision Pro. The updates, codenamed “Luck” (for iOS and iPadOS) and “Cheer” (for macOS), will include redesigned icons, menus, apps, windows, and system buttons. While the update will bring substantial UI changes, Apple remains committed to keeping iPads and Macs distinct, dismissing speculation of an iPad-macOS merger. The revamp aims to boost hardware sales, which surged during the pandemic but have since slowed. Apple is expected to reveal the new designs at WWDC 2025 in June. Some speculate the redesign could help shift focus from Apple’s delayed AI advancements, including the postponed launch of its enhanced Siri.

Sources: Apple Insider