Apple market cap plummets nearly $700 billion since December 26th

Apple (AAPL) stock has dropped approximately 18% from its all-time high in December, erasing over $700 billion from the company’s market capitalization as investors assess the company’s ability to innovate and AI delays under Tim Cook.

Laura Bratton for Yahoo Finance:
‎

Apple shares closed at an all-time high of $259 on Dec. 26… and the company’s market cap soared to a record $3.9 trillion.
Last week alone, Apple shares fell 11%, marking their biggest weekly loss since November 2022. And as of Tuesday midday, the iPhone maker’s market cap stood at roughly $3.2 trillion.
On March 7, Apple delayed the release of an AI-upgraded Siri, saying the new Siri is taking longer than the company expected and should come out later this year. The move prompted Morgan Stanley analysts to lower their price target on the stock to $252 from $275 and cut iPhone sales forecasts…
[Morgan Stanley lead analyst Erik] Woodring wrote in an analysis on March 12 that, according to Morgan Stanley’s consumer surveys, “‘an upgraded Siri personal assistant’ is the #1 AI feature prospective iPhone upgraders are interested in when upgrading.”
“Given our prior iPhone forecast assumed the iOS18.4 launch in April ’25 would integrate a more advanced Siri alongside broader Apple Intelligence language support and accelerate upgrade rates this fall, we believe it is necessary to lower our [iPhone] upgrade rate assumption, and FY26 shipment forecast, as a more advanced Siri is unlikely to be available until after the iPhone 17 launch,” he wrote.

‎
MacDailyNews Take: For perspective, Walmart’s market value is currently $689 billion.

‎
Please help support MacDailyNews — and enjoy subscriber-only articles, comments, chat, and more — by subscribing to our Substack: macdailynews.substack.com. Thank you!
Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.
The post Apple market cap plummets nearly $700 billion since December 26th appeared first on MacDailyNews.