The correction may already be starting: many big tech names, particularly semiconductors, were down in the high- to mid-single digits last week.
Semis last week Intel down 9.2% AMD down 8.4% STMicro down 7.0% Skyworks down 6.6% Broadcom down 5.3% How big are tech companies? Apple is as big as the GDP of France It's one thing to say Apple's market cap is nearly $3 trillion, but how do you convey how big $3 trillion is? Some viewers were openly skeptical a month ago when David Faber and I discussed the market capitalizations of Apple, Microsoft, Nvidia and others, comparing them to the GDP of big countries like the UK and France.
6 trillion Source: Wells Fargo Tesla bigger than Taiwan? Tesla $839 billion Taiwan $791 billion Source: Wells Fargo This list could be extended further, but Harvey is trying to make a point: "Today, there are eight companies whose market caps would place in the top-25 of national GDPs," he writes. "By comparison, ten years ago there were none. But if we go back to the end of 1999 — the best comp for today's Tech-led, arguably over-valued market — there were ten such companies.
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