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.
A company that keeps raising its prices while removing features from its products (removing chargers from phones/tablets, mouse and keyboards from computers, etc.) can’t fool all the people all the time. When your costs go down, you should let your consumers get some of that savings. But Apple’s way is, milk everyone till they’ll dry. Well, we’re dry, Apple.
You mean they increased their prices on the MacBook Air models by up to -$200?
I mean the Mac Mini with 1 TB (or more) non-SSD hard drive with removable bottom for upgradeable memory and replaceable hard drive.
There so many consumers who want large hard drive space & don’t care about the speed benefits of SSD or the thinness it offers. Apple doesn’t give us the option. I also wouldn’t mind a heavier, thicker laptop as long as it has a huge capacity hard drive, ethernet jack, HDMI jack, audio in/out, etc. rather than paying premium price for a thin, super expensive laptop where you have to lug around so many peripherals ‘cuz they’re not built-in, unlike before.
AAPL is up ~21% year-on-year. I’ll take that. If it is up another 20% next March, regardless of the in between gyrations, I’ll be thrilled with that also.
I know people who refuse to give up their paper calendars, write paper checks and won’t look at their accounts on-line. Thankfully, I do have one friend who gave up printing out Mapquest maps and now uses an on-line GPS.
It’s not like Apple dropped while all other stocks went up. The market has tanked since Trump took office. Tesla is down over 50% since its December high.
The market correction is seen internationally as a direct result of the madness of King Donald 2, with his on-off-on-off tariffs, chaotic and irrational policies and thought bubbles.
International markets taking advantage of a falling US dollar (making things even more expensive for US consumers) and the tariffs imposed on US consumers (tariffs are a consumer tax, despite spin from El Presidente) so the US is widely expected to head into a recession later this year – something that even King Donald refused to rule out…
so much for making America “great” …
No worries. Here is a great take that helps people like you to cope.
Easy come, easy go. Are any of the stocks worth their true value? I heard that a market correction was due and it’s a natural thing. I’m not concerned as I depend on dividends for passive income and that will remain the same whether the stock value goes up or down. I believe Apple will recover and at least go back to $240 sometime this year. No guarantees, of course. My portfolio is doing OK, and I’m not struggling to survive. I feel very fortunate.
Not just a market correction, a realisation that Apple Intelligence (which drove the higher price) is largely vaporware.