Apple's stock price plummeted by more than 20% from its all-time high in just 12 trading days, falling into a "technical bear market", and its market value shrank by more than $500 billion.
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| Image Courtesy of Business Insider India |
The stock value of the tech giant has fallen by 22.6% from its intraday high of $137.98 on September 2 and has lost approximately $536 billion in market value.
Following Apple announced its 4-for-1 stock split, its stock price surged sharply in August, becoming the first US company with a market value of over $2 trillion. Since then, the company's stock price has been declining, and the absence of the latest 5G iPhone 12 at the event took place on Tuesday also disappointed the market.
In the past few weeks, the flop of Apple's stock price also coincides with the widespread sell-off of technology stocks. The Nasdaq composite index has fallen into the correction territory, down 10% from its historical high. Some investors maintain that the sell-off of technology giants comes from concerns about high valuations that are too high and fast-growing.
In August alone, Apple's stock price soared by 21.4% due to the announcement of the stock split plan triggered a rebound. This trend confuses many investors on Wall Street as stock splits will not affect the fundamentals of the company or the intrinsic value of existing ownership.
Nevertheless, given Apple's market position and history of producing quality products, some analysts still believe that the company's stock price is about to bounce back. Gene Munster of Loup Venture said that Apple will shift away from the downtrend because the company has some of the best products in the world.
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