The six biggest tech stocks have lost more than $1 trillion over the last three days alone, but it’s really just a dent coming off a huge rally that peaked last week.
“In general, if you think about the market cap loss over the last 3 days for Apple, it’s about $325 billion. To help put that in perspective, that’s about 1.5 Salesforces, and equivalent to Apple’s projected revenues for the next calendar year,” Jefferies’ Jared Weisfeld told CNBC’s “Fast Money” on Tuesday.
Despite the huge number, it’s worth keeping in perspective given the tech giants’ massive rise in value this year.
At the beginning of 2020, the six largest tech companies were worth about $5 trillion. On Wednesday, Sept. 2, they peaked with a value of $8.2 trillion. After Tuesday’s close, they have a combined market cap of $7.1 trillion. While it’s a big loss over a few days, these six companies are still worth $2.1 trillion more than they were at the beginning of the year — despite the global coronavirus pandemic and record job losses in the U.S…