by Hartley Charlton
Apple's stock price today dropped amid a broader roader technology sector sell-off that has wiped out nearly $900 billion in market value (via Reuters).
Apple's stock fell by over 4%, largely influenced by Berkshire Hathaway's announcement that it has almost halved its stake in the company from 5.6% to approximately 2.8%, alongside escalating fears of a recession in the United States. The decision by Warren Buffett's conglomerate came as a surprise to many, given Buffett's long-standing endorsem*nt of the company. The move was part of a broader strategy by Berkshire to raise its cash position to a record $277 billion, indicating a cautious approach towards the current economic environment and concern about the technology sector's resilience.
The "Magnificent Seven" technology companies in the United States (Apple, Nvidia, Amazon, Alphabet, Meta Platforms, Microsoft, and Tesla) today collectively lost nearly $900 billion in market value due primarily due to concern about their volatility. Nvidia experienced a sharp decline of over 8% following reports of delays for its next-generation AI chips. Amazon and Microsoft also saw their shares tumble by 8.3% and 5%, respectively, amid growing concerns about the reliability and profitability of their cloud computing services.
However, some analysts still see cause for optimism about Apple's position in the market. In its most recent earnings report, Apple detailed a steep increase in services revenue at $24.2 billion, up from $21.2 billion a year ago. The introduction of Apple Intelligence later this year is also expected to support growth.
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Tag: AAPL
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Top Rated Comments
ignatius345
5 days ago at 09:15 am
As always, zoom out your charts. Unless you're seriously trading day to day, it's way more important to look at a longer time frame. Here's the recent action in context.
edit: this isn't to say AAPL and others could fall a lot further -- this may well come to pass! But what looks like a full-blown disaster on a 1-day to 1-year chart may look a lot less disastrous when viewed out on the decade-scale timeline you expect to be holding the asset. If you have something in your retirement portfolio, for instance, you will probably regain a bit of calm by squinting your eyes and looking at the general shape of the chart over a decade.
Score: 48 Votes (Like | Disagree)
dallas112678
5 days ago at 09:12 am
Got to love the stock market. Worried about a potential recession in the future, sells everything, ends up causing the actual recession…
Score: 42 Votes (Like | Disagree)
coffeemilktea
5 days ago at 09:17 am
The decision by Warren Buffett's conglomerate came as a surprise to many, given Buffett's long-standing endorsem*nt of the company.
He sold when the price was high, and he's going to buy back in at a discount after this fire sale is over. The man has a predictable yet extremely effective strategy. ?
Score: 24 Votes (Like | Disagree)
nt5672
5 days ago at 09:12 am
Yep, that hurts. If we can make the correct political decisions in November, it will be temporary.
Score: 22 Votes (Like | Disagree)
boak
5 days ago at 09:13 am
Time to buy lol
Score: 19 Votes (Like | Disagree)
BuffyzDead
5 days ago at 09:16 am
Y A W N ???
As an owner, of a 5 didgit number in Quantity, of Apple Stock.
Wake me up several months after the election,...sometime in the Spring of 2025 might be worth a peek.
Score: 12 Votes (Like | Disagree)
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