Apple continues to maintain its position as the sole Big Tech company with a market capitalization exceeding $3 trillion, currently valued at $3.2 trillion, according to Bespoke Investment Group. In contrast, Microsoft and Nvidia have seen their market valuations dip below this threshold, with market caps now standing at approximately $2.9 trillion and $2.5 trillion, respectively.
Since the peak of the S&P 500 index on July 16, these three tech giants have collectively lost around $1.5 trillion in value, as reported by Bespoke. The tech sector experienced significant losses in July, as investors shifted their focus from high-flying stocks to smaller companies that had been impacted by the Federal Reserve's interest rate hikes. This change in investor sentiment followed a series of reports indicating cooling inflation, which boosted optimism among traders regarding a potential rate cut in September.
The downward trend intensified following a disappointing July jobs report, triggering a widespread selloff across the stock market. As a result, Apple stands out as the only company in the $3 trillion market capitalization club, while Microsoft and Nvidia face challenges in regaining their previous valuations amidst the ongoing market volatility.
