Over the past three days alone, the six largest tech shares have lost over $1 billion, but it’s just an enormous rally that hit last week.
Apple, which reached a market limit of $2 trillion on August 19, is down by about $325 billion. Microsoft has fallen by $219 billion, $191 billion for Amazon has cratered by Alphabet by $135 billion and Tesla is down by $109 billion over the last three days, 21% on Tuesday to mark its worst single- day loss in history. Finally, 89 billion dollars are off Facebook.
“Generally, Apple is worth approximately $325 billion if you think about market cap losses during the last 3 days. This is about 1.5 Sales Forces and equal to Apple’s projected revenues for the following calendar year, Jefferies’ Jared Weisfeld said Tuesday to TNN “Fast Money.”
Despite the enormous volume, it is worth taking into account the massive increase in the value of the technology giants this year.
In early 2020, around $5 trillion was worth to the six largest tech companies. The peak was $8.2 trillion on Wednesday, September 2. They have a combined market share of $7.1 trillion after Tuesday’s closure. These six businesses are still worth 2,1,000 trillion USD, despite a global coronavirus pandemic and record job losses in the U.S., while it’s a major loss over several days.
“With clients & investors I have certainly not felt any panic in the last few days … But the large cap tech has certainly brought us down and the action today is certainly spectacular evidence that Apple has fallen below the $2 billion market cap, “said Weisfeld.
