4 tech giants mask Apple’s $181B collapse
Hitting all-time highs isn’t easy with a giant anchor pulling downward. But that’s precisely what the Nasdaq managed to do despite the enormous weight applied by #Apple (AAPL). The tech-heavy Nasdaq Composite Index last week notched an all-time high of 5221.12, topping its previous peak of 5218.59 set on July 20, 2015 and joined the Standard & Poor’s 500 in record ground. The tech-heavy index pulled back 0.2% Monday, but that doesn’t take away the fact the key index is at never-before-seen levels even though the most valuable stock in the index, Apple, is down 18% from when the Nasdaq hit its previous high and has shredded $181 billion in paper wealth since then.
Other big tech stocks are carrying the slack and then some. Four Nasdaq stocks associated with technology, #Amazon .com (AMZN), #Google parent #Alphabet (GOOGL), #Facebook (FB) and #Microsoft (MSFT)altogether have added more than $400 billion in paper wealth since the Nasdaq’s former high, according to a USA TODAY analysis of data from S&P Global Markets Intelligence. Those enormous gains have erased the Apple hit as well as papered over the big losses posted by biotech stocks likeGilead Sciences (GILD) and Biogen (BIIB). Amazon has added more market value of any other Nasdaq stock since the Nasdaq’s last high to the tune of $136 billion.