Big tech falling hard in the sell-off related to tariffs. Mag 7 wipes out close to a trillion

dollars in market value today with Apple Amazon meta leading that drop. Our dear Deirdreboza

ransom numbers for today's tech check. Important day, Dee. Important day and they're all getting

hit, but of course tariffs are going to be hitting Medicaid caps in very different ways.

So here it is useful to look at the hardware versus software breakdown among them, which is exactly what we did.

Now, Apple's hardware heavy business, Asia-dependent supply chain, of course that faces direct pressure.

But other mega-caps, they could be more insulated. Look at shares of Microsoft and Google today.

They are holding up much better relative the broader markets and the other

mega caps. This has to do with their revenue mix and lower reliance on physical goods.

Now, these are rough calculations. We took them from the latest quarterly reports. They're not

exactly in apples to apples comparison. However, they do get a key idea across Apple's revenue.

It's about 75% hardware, 25% services.

Microsoft, meanwhile, scuse much higher on the software side.

PCs and gaming devices making up a smaller portion of sales.

And this physical good versus software breakdown, it's key because tariffs, of course,

will raise costs and pressure margins for hardware-heavy companies.

Meanwhile, software, cloud services, advertising, they're far less exposed to supply chain disruptions

and import duties.

Macro uncertainty, now it could still weigh on enterprise spending, which is key to the

hyperscalers, for example, but recurring revenue models and pricing power, they

provide a level of stability that an Apple just doesn't have. Dollar weakness could also play in

their favor for the hypers, making contracts denominated in U.S. dollars cheaper for their international

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