# Why Apple shares have slumped – wiping billions from its market value > Source: > Published: 2026-06-26 13:59:46+00:00 # Why Apple shares have slumped – wiping billions from its market value [Apple](/topic/apple)'s[shares](/topic/shares)experienced their most significant single-day decline in over a year, slumping after the tech giant announced price increases for several products.- The Silicon Valley firm's stock fell by 6.1 per cent overnight, erasing approximately $270 billion from its market value. - This sell-off was triggered by [Apple](/topic/apple)'s decision to hike prices for a number of[MacBook](/topic/macbook)and[iPad](/topic/ipad)models in response to soaring memory and storage costs. - The increase in component costs is attributed to a shortage of memory chips driven by the AI boom. - The slump in Apple [shares](/topic/shares)and concerns over memory supply negatively impacted stocks across the tech sector, weighing on global equity markets.