Hardware Budget Freeze... US IT Solutions Large Caps Plunge 14% in a Day

CDW Corp. (NASDAQ: CDW), a U.S. IT solutions reseller, plunged 14.15% on the Nasdaq on the 22nd, closing at $121.40. The one-day sell-off wiped out roughly $1.9 billion in market value—about ₩2.9 trillion—bringing the company’s market capitalization down to around $15.5 billion (approximately ₩23 trillion).

In its fourth quarter of fiscal 2025, announced at the end of February, CDW reported earnings per share of $2.57 and revenue of $5.51 billion, both beating analysts’ forecasts. Nonetheless, concerns over a slowdown in hardware spending have led Morgan Stanley to downgrade the stock from “Overweight” to “Equal Weight” and cut its price target to $141, reflecting a more cautious stance.

Headquartered in Vernon Hills, Illinois, CDW is a Fortune 500 and S&P 500 company that delivers integrated IT solutions—including hardware, software, cloud, and security services—to corporate, government, education, and healthcare clients across North America and the U.K. As of 2025, the company generates approximately $22.4 billion in annual revenue.