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| Apple silently retreated from its highest point and lost $ 5 trillion in its market value |
Apple's market cap is down more than 20% from its all-time high and it's down by more than half a trillion dollars in just twelve trading days.
The US tech giant was down 22.5% from its daily high of $ 137.98 on Sept.2, down from about $ 536 billion in market cap.
The company's rapid and steep decline came after a sharp rise in August before the stock was valued at 4: 1. The reason for the sharp drop was the latest event in Apple products - the first in 2020. It fell short of the hype.
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The company led by Tim Cook announced a number of new devices and plans last Tuesday, including: the latest smartwatch (Apple Watch Series 6), Apple Watch Series 6, the new iPad Air tablet, and the new service. New fitness service and subscription (Apple One) Apple One. However, the company has not announced any new iPhones.
Bernstein's chief researcher Tony Sakonaghi described the event as "relatively disappointing". "We believe that switching users from competing services to music, video or games may be difficult because music, video or games are usually well established," Sakonagi said in a report. He added, "We still believe that Apple should be more creative in bundling its devices and services into an integrated subscription package."
In recent weeks, the company's weakness has also been caused by investors abandoning market leaders, leading to a widespread sell-off in the tech sector. The Nasdaq High Tech Composite Index dropped more than 10% from an all-time high.
Ahead of the recent sell-off, Apple's share price rose 21.4% in August alone as the stock split announcement triggered a surprising rebound. The move confuses Wall Street because this corporate behavior has no effect on business fundamentals or the intrinsic value of existing property.
However, some analysts believe that Apple will relaunch it due to its wide geographical position and history of its quality products.