Nearly $1tn has been wiped off the value of the biggest US tech companies this week, amid a slowing global economy and mounting cost pressures.
The biggest stock market loser was Microsoft, with $243bn slashed from its market value by late trading on Thursday.
Amazon’s downbeat forecast extended the pain to the ecommerce sector and cut more than $200bn from the company’s stock market value.
Facebook’s parent, Meta, delivered one of the biggest blows to Wall Street’s faith in the resilience of Big Tech when it reported another quarter of declining revenue, pushing investors to wipe more than $89bn from Meta’s market capitalization.
Between them, Alphabet, Apple, Meta, Microsoft, and Amazon have lost $954bn in stock market value.
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