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It goes without saying that the tech industry has had a tough time in 2022, as several issues over the past 12 months have made it difficult to build a sense of confidence.
Customers stop buying in bulk. Continued supply chain issues. Uncertainty over China’s “Zero Covid” policies. Massive job cuts. Almost every week brought another issue that sent Wall Street into sell mode and threw the market into disarray.
Never mind everything that happened during the months-long saga of Elon Musk taking over Twitter (TWTR) in a deal worth $44B.
Numbers don’t lie. The numbers behind the 10 largest tech companies traded in the U.S. by market capitalization all really need to be looked at to understand what investors are thinking about tech stocks in 2022.
How much did those 10 companies lose in market capitalization last year?
Try a total of $4.6T.
Read that again: $4.6T.
The numbers are too big to believe. But that’s the collective amount (give or take a billion dollars) that the 10 biggest tech companies have lost in market cap over the past 12 months.
The losses start with Apple (Nasdaq:AAPL) The iPhone maker started the year as the world’s most valuable company, and it ended 2022 with that title. But after becoming the first company in history to reach a $3B market cap–which it did in January–Apple (AAPL) saw an influx of sellers and by the end of the year, it had lost about $755B in market value, ending 2022 with a market value of $2.07T.
Behind Apple (AAPL) on the overall market cap in tech stocks Microsoft (Nasdaq:MSFT), ended the year at $1.79T in 2002, down $726B. Google parent company Alphabet (GOOG) managed to stay in the trillion dollar market cap club, but with a valuation of just $1.15T, down about $787B from the start of the year.
The remaining 10 biggest tech companies, based on year-end market cap and how much they lost in 2022:
Amazon (Nasdaq:AMZN): The e-commerce/streaming/cloud storage titan ended the year with a market cap of $857B, down nearly 50% with a loss of $856B.
Tencent Holdings (OTCPK:TCEHY): The Chinese technology and investment giant ended 2022 with a market capitalization of $405B, or $150B less than at the start of the year.
Taiwan Semiconductor (TSM): The world’s largest chip foundry saw its market valuation drop by $193B this year, ending the year at $386.3B.
Nvidia (NVDA): The Santa Clara, California-based graphics chipmaker’s market cap lost $373B in 2022, setting itself up for a valuation of $364B in 2023.
Facebook Parent Meta Platforms (Nasdaq:Meta) was one of the biggest market cap losses in percentage terms, as its valuation fell by nearly 60%, or about $450B, to $320B in market value by 2022.
Broadcom (AVGO), to end the year with a market cap of $233.7B, down about $45B, and Alibaba (Baba), which
Alibaba (BabaIt was down nearly $82B to end the year with a market cap of $233.2B.
As 2022 comes to a close, the tech industry’s next milestone is when the upcoming earnings reports begin at the end of January. One of the factors that set Apple’s tone (AAPL) investors will remain regardless of what the company says about the problems it allegedly suffers Production of various models of iPhone 14.
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