In 3 trading days, Apple got a $220 billion haircut

From Jordan Novet’s “Tech giants lost more than $1 trillion in value in the last three trading days” posted Monday on CNBC:

The world’s largest technology companies have shed over $1 trillion in value in just three trading sessions.

Stocks at large have sold off since the Federal Reserve raised its benchmark interest rate on Wednesday, but technology has endured more pain than other sectors of the economy.

Investors now have less interest in what drove business during a strong bull market in recent years, including during the pandemic, and are now pushing more money toward safer pockets of the market, including staples like Campbell Soup, General Mills and J.M. Smucker.

Apple, the world’s most valuable public company, has shed $220 billion in value since the close of trading on Wednesday, the day Fed Chair Jerome Powell declared that inflation was running too high and that there were no plans for a rate hike more than half of a percentage point…

Here are the other big losses over the last three trading days:

    • Microsoft has lost around $189 billion in value.
    • Tesla’s markdown registers at $199 billion, months after seeing its valuation fall below $1 trillion.
    • Amazon’s market capitalization has declined by $173 billion.
    • Alphabet, Google’s umbrella company, is worth $123 billion less than it was last week.
    • Graphics card maker Nvidia’s loss stands at $85 billion.
    • And Facebook parent Meta Platforms has lost $70 billion in value.

My take: Sell Apple and buy Smucker’s jam? Out of a sticky platform and into a sticky jar.

2 Comments

  1. Robert Paul Leitao said:
    How incredibly boring if Apple and other equities were always rationally priced! The desire is to buy low and sell high. Apple’s share price certainly isn’t high. There’s an action step here for astute investors. Hint: I won’t be buying jam. I want the enterprise with the eco-system that’s sticky. It could be the way out of a jam for many investors.

    0
    May 10, 2022
  2. Michael Goldfeder said:
    Any chance of getting Elvis on a zoom call?

    1
    May 10, 2022

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