Led by Apple, major tech stocks drop $728 billion in 6 weeks

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Big pile of cash underneath an Apple logo.
Apple is still worth a whole lot. Just not as much as it was.
Photo illustration: Ste Smith/Cult of Mac

Apple’s market cap has taken one heck of a beating over the past six weeks. But it’s far from alone.

A new report notes that tech’s FAANG stocks (that’s Facebook, Apple, Amazon, Netflix, and Google) have lost a combined $728 billion of their combined value in one-and-a-half months. That’s slightly more than the GDP of Saudi Arabia and only a bit less than that of the Netherlands.

Apple closes in on $1 trillion market cap

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Big pile of cash underneath an Apple logo.
Warren Buffet wants to buy 100% of Apple.
Photo: Ste Smith/Cult of Mac

The race to become the world’s first $1 trillion company is nearly complete with Apple share prices soaring on the stock market today.

Trading of AAPL stock hit 187.60 per share during the morning trading hours today, putting the company just $55 billion under the coveted $1 trillion market cap mark.

Spotify is finally going public

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Spotify
The Spotify IPO is finally here.
Photo: Jim Merithew/Cult of Mac

Apple Music’s biggest competition is about to get an influx of Wall Street cash.

Spotify finally filed documents for an initial public offering, after rumors of going public had been floating around for years. According to reports, the company could be worth as much as much as $23 billion, but it’s still not profitable.

Apple’s value drops $46 billion amid falling iPhone X demand

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iPhone X standing
The iPhone X wasn't such a flop after all.
Photo: Ste Smith/Cult of Mac

Apple’s market value has fallen $46 billion in a week amid reports that iPhone X isn’t selling.

A growing number of analysts and news outlets have claimed that Apple is cutting production due to weaker-than-expected demand for its flagship device. The Wall Street Journal is the latest to corroborate the claims.

One analyst thinks Apple stock won’t be climbing much more for now

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iphone x
Nomura Instinet analyst thinks iPhone X growth is fairly reflected in current share price.
Photo: Ste Smith/Cult of Mac

With the exception of a few software-related blips, Apple has had an incredible 2017 — but its phenomenal run of success could be coming to an end, claims one analyst.

Nomura Instinet analyst Jeffrey Kvaal has lowered his recommendations concerning AAPL from “buy” to “neutral,” suggesting that the current share price adequately reflects iPhone X sales.

Why Apple investors should quit worrying about iPhone 8 delay

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iPhone 8 mockup
Here's how Apple will make iPhone 8 feel less expensive.
Photo: Ste Smith/Cult of Mac

Apple investors have been urged to “quit worrying” by one analyst, who insists the “short-lived” iPhone 8 delay won’t impact stock price.

Robert Cihra from Guggenheim doesn’t deny that iPhone 8 will launch late, but he’s confident fans will wait, rather than jump ship.

Warren Buffett is betting big on Apple

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iphone stocks app
Berkshire Hathaway's investment in Apple could send the price back up.
Photo: Ste Smith/Cult of Mac

Some of the world’s biggest investors have ditched their Apple shares lately, but where others see doom and gloom Warren Buffett sees an opportunity to make some serious money. 

Warren Buffet’s legendary investment firm Berkshire Hathaway has taken a large position in Apple stock, scooping up 9.81 million shares, worth about $1.07 billion.