In the early days of the Trump administration, Silicon Valley has seen plummeting valuations and delays in initial public offerings (IPOs). The leaders of Alphabet, Amazon, Meta, Microsoft, and Uber all made large donations to Trump's second inauguration, both personally and through their companies. In the past two trading days, the seven most valuable technology companies in the United States have lost a combined $1.80 trillion in market value. Worried about the impact of a wide-ranging trade policy hike on the U.S. and global economy, Wall Street is selling off risky assets, and the impact has rippled through the initial public offering (IPO) market.