Biggest Losers
A record 13 S&P 500 components have lost at least $100 billion in market value this year, and 12 of them are tech-related companies. Notable wipeouts: Amazon.com Inc. has lost $756.7 billion, Alphabet has shed $689.7 billion and Meta has seen $616.8 billion in value evaporate. The list also includes Apple, Tesla, Microsoft, Nvidia, and Netflix.
Depending on how the last two weeks of December pan out, this group could get a couple of other technology stocks to join them: Intel Corp. and Accenture Plc’s losses sit at around $90 billion.
A Strong Year for Value Tech
There were some bright spots within the sector. “Value” tech staged a comeback, as investors favored shares of dividend-paying companies that sell at low earnings multiples. International Business Machines Corp., for years an underperformer, soared 18% this year including dividends, while Hewlett Packard Enterprise Co. is up 6.1% on a total-return basis. The S&P 500’s tech sector index is down 23%.
--With assistance from Tom Contiliano.
This article was provided by Bloomberg News.