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<\/p>\nThe top 25 global technology (tech) firms, including Apple, Microsoft, Amazon, Tencent, Samsung, Oracle, and Accenture, collectively lost over $600 billion in market capitalisation (m-cap) during the July-September quarter (third quarter, or Q3) of calendar year 2023 (CY23), reveals a recent report by GlobalData, a London-based analytics and consulting company.<\/p>\n
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According to the report, most of these top global tech stocks were negatively impacted by high bond yields, a decline in the artificial intelligence (AI)-driven market rally that began in June 2023, and sluggish global economic conditions.<\/p>\n
These conditions were further exacerbated by the surge in oil prices during the recently concluded quarter.<\/p>\n
“Apple’s stock peaked during the quarter, hitting an m-cap of $3.07 trillion on July 31, 2023.<\/p>\n
“But, the stock was dented by news of the Chinese government’s decision to expand the ban on Apple products to state-owned companies and government-sponsored entities,” said Gracio Benher, business fundamentals analyst at GlobalData.<\/p>\n
Even though the Chinese government later denied issuing such a directive, the damage had already been done to Apple’s stock.<\/p>\n
Towards the end of Q3, Benher noted that Apple’s shares were affected by projected soft demand for the iPhone 15 over the next 12 months, with the initial excitement waning.<\/p>\n
Nevertheless, investors still appear confident in the company’s long-term prospects, banking on its innovation capabilities.<\/p>\n
In contrast, Alphabet and Meta Platforms were notable gainers, with market value gains of over $145 billion and $46 billion, respectively, in Q3CY23.<\/p>\n
The rise in Alphabet’s share price was attributed to new opportunities presented by generative AI and the company’s reputation as a credible contender to ChatGPT, as suggested by the report.<\/p>\n
Top semiconductor stocks had a mixed quarter.<\/p>\n
Companies such as ASML, Advanced Micro Devices, Inc, Texas Instruments, and Applied Materials, Inc experienced a decline in market value, while NVIDIA Corporation and Intel maintained their growth trajectory.<\/p>\n
Among the top 25, NVIDIA added another $19 billion in m-cap in Q3, although its stock saw only a 1.86 per cent overall growth during the quarter.<\/p>\n
However, the chip company’s shares have surged by a remarkable 196 per cent since the beginning of 2023, according to the GlobalData report.<\/p>\n
Looking ahead to the final quarter of CY23, Benher believes that the deflated tech stocks may receive a boost from Q3 earnings.<\/p>\n
These earnings are expected to benefit from strong consumer demand and a resilient US economy.<\/p>\n
However, Benher cautions that “volatile economic conditions, fuelled by rising oil prices and the Israel-Palestine conflict, could pull back a potential rally”.<\/p>\n