All five technology titans saw their stocks tumble at least 4% as investors braced for coronavirus to escalate into a global pandemic. Apple, the most valuable public company in the world, saw more than $60 billion wiped off its $1.4 trillion market cap.
Microsoft also gave up nearly $60 billion, while Amazon and Alphabet’s market caps both shrunk by more than $40 billion. Facebook, the least valuable member of the group, surrendered more than $25 billion.
President Donald Trump praised Microsoft, Apple, Google, and Amazon as “MAGA” stocks earlier this month, when all four boasted market caps north of $1 trillion. Monday’s sell-off pushed Alphabet below that valuation, and Amazon closed just north of it.
However, the “big tech” quintet look set to regain ground — their stocks rose roughly 1% in pre-market trading on Tuesday.
Apple recently warned that it expects to fall short of its revenue forecast for this quarter. It blamed coronavirus forcing store closures in China, eroding customer traffic, and disrupting its supply chain. Investors are signaling that they expect the outbreak to weigh on Apple’s tech rivals as well.