The six largest technology stocks have lost over $1 trillion within a three-day period, but in reality this is part of a larger economic trend that peaked last week.
Apple , which hit a market cap of $2 trillion on Aug. 19, lost about $325 billion during the period. Microsoft saw its stock fall by $219 billion, while Amazon shed $191 billion. Alphabet lost $135 billion, and Tesla fell 21% on Tuesday to mark its worst single - day loss in history, having lost $109 billion over the past three days. Facebook lost $89 billion.
“In general terms, if you consider the loss at the market's upper limit over the last 3 days for Apple, it is about 325 billion dollars. To put this loss in perspective, it is equivalent to Apple's projected revenue for the next calendar year,” said Jared Weisfeld.
At the start of 2020, the six largest tech companies were worth about $5 trillion. On Wednesday, September 2, they peaked at $8.2 trillion. After Tuesday’s close, they have a combined market cap of $7.1 trillion. That marks a big loss in just a few days for tech stocks, but these six companies are worth $2.1 trillion more than they were at the start of the year — despite the global coronavirus pandemic and job losses in the U.S.
«Surely I haven't felt panic from the customers and investors I spoke with in the last few days, but the tech giants had huge losses, which is also evident from Apple's drop below the $2 trillion market cap», said Weisfeld.
