Monday, 22 July 2024
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Following the news, Amazon and Meta soar, while Apple declines

  • Apple’s worth decreased by $70 billion, following the release of strong quarterly results for Meta and Amazon.
  • Meta Platforms and Amazon.com had a combined increase in stock market value of $280 billion.
  • Apple’s quarterly results were better than expected by analysts, but the company’s price fell 3.3%.

. With the stock rising more than 14% to a record high of $451, Meta’s market value increased to $1.16 trillion, up $148 billion.

Apple’s worth decreased by $70 billion, while Meta Platforms and Amazon.com had a combined increase in stock market value of $280 billion following the release of strong quarterly results With robust online spending growth during the crucial holiday shopping season, Amazon exceeded revenue projections for the December quarter and saw an 8% increase in stock price. This helped the online shopping and cloud computing heavyweight reach a $1.78 trillion market capitalization.

Amazon and Meta

Apple’s quarterly results were better than expected by analysts, but the company’s price fell 3.3% and its sales in China fell short of forecasts. In recent months, Wall Street has been concerned about Apple’s competitive landscape in China.

The most valuable firms on the American stock market saw rallies last year, propelled by investor excitement about generative AI. Several of these companies recently reached all-time highs.

With investors believing Apple was falling behind Wall Street’s tech titans in the artificial intelligence race, Microsoft (MSFT.O) overtook Apple as the most valuable firm in the world in January.

According to 13 experts surveyed by Reuters last week, Microsoft’s early advantage in AI will likely help it maintain its lead over Apple in terms of stock market valuation over the next five years. Either a significant contribution from new devices like the Vision Pro or a cycle driven by generative AI with the release of the iPhone 16 would be required for Apple to increase growth.

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