Apple nears falling below $2T market cap as Big Tech continues to sell-off post Fed meeting
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Apple (NASDAQ:AAPL) shares fell again on Thursday, as the largest technology company by market cap inched closer to losing its $2T valuation, just several months after it reached a $3T valuation.
Apple (AAPL) shares fell another 2.5% to $131.96 in early trading and have lost more than 25% of their value since the start of the year, as investors worry about slowing consumer spending, lower earnings multiples and potential global recession.
Earlier this week, Apple (AAPL) announced that it had signed a landmark 10-year deal with Major League Soccer to bring games to Apple TV+.
Following yesterday's Fed-induced rally, shares of other big tech companies fell sharply as well, with Microsoft (NASDAQ:MSFT) falling 2.5%, Amazon (AMZN) losing nearly 3%, Meta Platforms (NASDAQ:META) losing 2.5% and Alphabet (NASDAQ:GOOG) (GOOGL) seeing a decline of more than 2%.
Other tech stocks also fell sharply, including social networks such as Snap (SNAP) and Pinterest (PINS), while chipmakers such as Nvidia (NVDA), Marvell Technology (MRVL), Advanced Micro Devices (AMD) and Qualcomm (QCOM) all saw declines of 3% or more.
On Wednesday, Morgan Stanley lowered its price target on Apple (AAPL) and cut the price targets and ratings of several other consumer electronics companies, noting that consumers are "turning more cautious" about spending.