In August 2020, Apple became worth over $2 trillion in market capitalisation but has now lost 22% of this value, a total of $536 billion.
Apple’s loss came over a period of 12 trading sessions according to a CNBC report on 18th September 2020. The tech giant continuous loss of value came during this period when it is announcing products and software updates.
It seems the products are not meeting expectations or the public may have raised their hopes too high. Just on 2nd September 2020, Apple stock had risen to a record high of $137.98. It is now heading for a crash on a fast lane and it is nearing the $110 valuation.
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This is not all that is behind Apple’s loss in recent times. There has been a general sell-off in the tech sector as investors are bothered that the stocks’ value has risen too fast. Other tech firm have also suffered from these actions.
For example, Tesla has seen its shares price drop and its CEO, Elon Musk, recently dropped two places from his position as the fourth richest person in the world.
Shares in the tech industry had risen quickly before investors began the massive sell-off. Apple had seen its share grow by 21.4%. However, there is still hope that Apple will bounce back soon. This is because, the company has still not launched the long-awaited iPhone 12.
Likely, if the Apple Watch Series 6 and the iPad Air 2020 does not excite customers, the iPhone 12 launch will. Thus, analysts are guessing that Apple stocks may recover when the company releases the date for its latest smartphone.
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