Global Financial Crisis 2024: Apple and Its Suppliers’ Stock Slump, Google, Tesla, Microsoft, Meta, Amazon and Others Show 10%-11% Decline in Last 24 Hours
Apple's suppliers record the decline in their stock price as it comes after Berkshire Hathaway sold multiple shares of Apple this year. The global financial crisis has affected several other companies leading to 10% decline in stock market.
New York, August 5: Google, Amazon, Microsoft, NVIDIA, Apple and other tech giants have been affected by the global financial crisis, leading to a loss in the market. Apple's suppliers also took a hit as their stocks slumped following the Berkshire Hathaway halving its stake in the Apple company. The Apple suppliers, including chipmaker TSMC and iPhone assembler Hon Hai Precision, were affected by the crisis that led to a 10% decline in their stocks.
According to a report by Business Times, Berkshire Hathaway sold Apple stock in the second quarter worth USD 75.5 billion. Warren Buffet's cash pile recorded a noteworthy USD 276.9 billion. The report said, "The billionaire unloaded shares as US stock gauges climbed toward the peaks reached in mid-July." This was before the AI profit-making wave hit the market, boosting the profits of the companies. Cryptocurrency Crash: Over USD 1 Billion Liquidated From Crypto Market in Past 24 Hours Amid Ongoing Global Financial Crisis.
Tech Giants Lose Up to 11% Shares Amid Ongoing Financial Crisis
Referring to the sale of Apple's shares, Jonetrading's chief market strategist said that it should be hard for anyone to argue that the market was not negative. Warren Buffett also confirmed to have reduced the stake in Apple during the first quarter of 2024.
Besides Apple's Taipei-listed suppliers, component makers, including Tokyo's Murata Making, witnessed a 15% decline in their shares, and Seoul-based LG Innotek's shares fell around 13%. Despite selling Apple shares, Warren Buffett's Berkshire Hathaway remains the tech giant's largest shareholder. Japan Stock Market Crash: From Geopolitical Concerns to Apprehension Over US Recession, List of Reasons Why Japanese Market Suffered Worst Losses Since 1987.
Besides, the last 24-hour update revealed that the global financial crisis affected several leading tech companies. The investors had already anticipated it, but it affected Japan's stock market. Google recorded an 11% slump along with other companies like Amazon with a 10% slump, Microsoft at 8%, NVIDIA at 11%, Meta, Tesla and Apple at 10% low. The crypto market also crashed, and the investors liquidated about USD 1 billion from the market in the last 24 hours.
(The above story first appeared on LatestLY on Aug 05, 2024 02:40 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).