Why Apple shares have slumped – wiping billions from its market value

Apple shares fell 6.1% in their worst single-day drop in over a year, wiping out about $270 billion in market value after the company raised prices on MacBook and iPad models due to rising memory and storage costs from an AI-driven chip shortage. The decline dragged down other tech stocks and weighed on global equity markets.

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.