Even after last week's violent rally, Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Google parent Alphabet (GOOGL) and Facebook parent Meta Platforms (META) have still evaporated more than $3 trillion in total market value this year, with a sharp slowdown in earnings growth and rising interest rates hitting these tech The sharp slowdown in earnings growth and rising interest rates have hit the valuation levels of these technology giants.
At the same time, the huge loss in market capitalization has also reduced their weight in the S&P 500 to about 19% from a record 24% touched in September 2020, and the influence of these global technology giants on U.S. stocks has been significantly weakened after a number of plunging markets in 2022. But it is undeniable that these tech giants have been major contributors to the long bull run in U.S. stocks over the years, driving the S&P 500 to record highs.
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