The Dow Jones Index crashed by almost 7% from its highest level this year as concerns about the US economy continued. The main concerns were the potential artificial intelligence (AI) bubble and Donald Trump’s Liberation Day tariffs. This article looks at some of the top laggards Dow Jones stocks in Q1 and what to expect.
Top Dow Jones laggards have one thing in common
The Dow Jones Index is highly diversified and made up of firms from across all industries. Most of these firms are in the financials, followed by healthcare, consumer discretionary, and information technology.
A closer look at the top laggards in the Dow Jones index this year shows that they are all in one industry: technology. And these companies illustrate that the fears of the AI bubble bursting is the biggest reason why US equities have plunged. These fears have been more than the ongoing concerns about Trump’s tariffs.
The top laggards in the Dow Jones are stocks like NVIDIA, Salesforce, Amazon, Microsoft, and Apple.
NVIDIA (NVDA)
NVIDIA stock price has crashed by over 20% this year, leading to a $1 trillion wipeout as the market cap fell from over $3.68 trillion to $2.64 trillion. This performance happened amid concerns that its business was slowing down.
The most recent results showed that its business did well in the year’s fourth quarter. Its revenue rose by 78% to $39.3 billion, with its data center growing by 16% to $35.6 billion.
Its guidance was that its Q1 revenue would jump to $43 billion, representing a 66% annual growth rate. Analysts then expect that its second-quarter revenue will be $47.8 billion, a 59% annual growth. While these are all solid numbers, they signal that its business is slowing.
Salesforce (CRM)
Salesforce is the second top laggard in the Dow Jones after NVIDIA. CRM stock has crashed by over 20% this year. The main reason for this slowdown is that Salesforce is no longer the growth company it was a few years ago.
Its AI initiatives, including Agentforce, have not helped it to supercharge its growth. Analysts anticipate that its first-quarter revenue growth will be 6.73% to $9.75 billion. Its annual revenue is expected to be $40.8 billion, a 7.8% annual growth.
Amazon (AMZN)
Amazon stock has moved into a bear market after falling by over 20% from its highest level this year. This drop makes it the third-biggest laggard in the Dow Jones Index in 2025.
Amazon shares have slipped because of its large investments in the AI industry, a sector that analysts believe is slowing down. It will be the biggest casualty if this sector slows or the bubble bursts because of its large investments.
For example, Amazon is one of the top investors in Anthropic, a top VC-funded company in the USA. It has also spent billions expanding its data centers, hoping that the demand will keep rising.
The same reason explains why Microsoft stock dropped by over 18% this year.
Apple (AAPL)
Apple, another top Dow Jones Index laggards, has dropped for the different reasons why the other top names have fallen. Its crash is because investors believe that the company is lagging behind in its AI game.
Apple has attempted to reboot its AI business by launching Apple Intelligence, a solution meant to complement Siri. It has also partnered with OpenAI to power this solution. However, this solution still remains much behind other AI solutions.
There are also concerns that Apple’s growth has slowed this year as iPhone sales move in the opposite direction. The average estimate is that Apple’s annual revenue will grow by just 4.60% this year to $409 billion.
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