What’s behind Apple’s $110 billion market-cap loss?
From Fortune:
Tech giant Apple saw their stocks drop by over 4%, costing the company over $110 billion in market cap value after receiving a rare downgrade from Wall Street analyst Tim Long. Long attributed the underweight rating to weak iPhone demand ahead of the release of the iPhone 16.
Investors may be reallocating their capital away from Apple, contributing to the stock price drop compounded by the recent tech-heavy Nasdaq Composite decline. Concerns about waning iPhone demand have also played into stagnating global smartphone market shares for Apple.
The future continues to look bleak for Apple, as regulatory challenges to their app store and ongoing antitrust trials could further erode investor sentiment. The U.S. and E.U. are already cracking down on Apple’s app store practices and the potential impact could have broader restrictive effects on the tech giant’s services business.
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