Apple’s market value evaporated by nearly 800 billion overnight

On January 21, local time, the three major U.S. stock indexes closed higher, and most large technology stocks rose. But Apple fell more than 3%, with a market value of 3.3 trillion U.S. dollars, and its market value evaporated by 110.3 billion U.S. dollars (about 800 billion yuan) overnight. Nvidia rose 2.27%, with a total market value of 3.4 trillion U.S. dollars, surpassing Apple to become the world’s number one.

It is understood that at the close of last Friday, Apple’s market value was 3.48 trillion U.S. dollars, only about 3% higher than Nvidia (3.37 trillion U.S. dollars), and it has fallen by more than 10% in the past three weeks.

According to media reports, a few days ago, Wall Street investment bank Jefferies downgraded Apple’s rating from “hold” to “underperform the market”, and lowered its target price from 211.84 U.S. dollars to 200.75 U.S. dollars. The bank expects that Apple’s upcoming performance and guidance will be lower than expected.