The BigTech Rout is Deep
This is the era of the big rout; Amazon seems to be at another level: "Amazon recently lost its membership in the exclusive club of companies with a market cap of $1 trillion or more. Now comes another dubious milestone: The e-commerce giant is the world's first publicly traded company to shed $1 trillion in market value, Bloomberg reports. In July 2021, Amazon's value peaked at just under $1.9 trillion; today, that number is under $900 billion. Amazon has already acknowledged that it's unlikely to bounce back on the strength of holiday sales, saying it expects fourth-quarter revenue to fall far short of Wall Street's forecasts.
Apple, Alphabet, Amazon, Tesla and LinkedIn parent Microsoft have surrendered a total of over $3.4 trillion in market value this year."