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Apple’s stock fell on fears of weak demand, the company’s value decreased by $ 120 billion

There has been a big fall in the share price of Apple, the worldwide popular iPhone maker. Investors have sold a large number of shares due to reducing the rating of the company’s shares from Buy to Neutral by Bank of America. This has also affected the shares of other big American tech companies.

rating down company Its share price fell 4.9 percent. Bank of America has warned of weak demand for Apple devices. Apple’s market capitalization has lost about $120 billion due to the huge drop in the share price. In order to curb rising inflation in America, interest rates are being increased continuously by the Federal Reserve. There is also an atmosphere of concern in the US stock market, due to which the Nasdaq is declining. Apart from Apple, on Thursday, shares of Amazon, Google-run Alphabet and Microsoft, which are among the top software companies, also fell from 1.5 percent to about 3 percent.

The stock of Meta Platforms fell nearly 3.7 percent after Facebook’s company Meta Chief Executive Mark Zuckerberg informed about the layoff. Shares of only three companies in the Nasdaq 100 stock index registered gains on Thursday.

Analysts at Bank of America say that demand for Apple’s services has already slowed and sales of its products could be impacted. Apart from this, the strength of the dollar will also increase the difficulties of the company. Apple has less than expected of its new iPhone 14 series handsets demand Shocked by. The company has asked the suppliers to reduce the assembly of iPhone 14 by 6 million units in the second half of this year. According to a Bloomberg report, the company has set a target of manufacturing around 90 million handsets in the second half, which is the same as last year. The demand for higher priced models of iPhone 14 is more than its lower priced handsets. The company’s new iPhone 14 will be made in India. Apple is expected to grow its business rapidly from this world’s largest smartphone market after China.

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