5 technology companies incurred $ 3 trillion in 9 months, under pressure from the Federal Reserve raising interest rates 5 times since the beginning of the year

Big tech stocks have incurred huge losses amounting to $3 trillion since the beginning of 2022, as investors exited from growth stocks and flocked to more defensive assets to deal with the high interest rates that the Federal Reserve raised 5 times since the beginning of the year, to beat inflation.

From the beginning of the year until the end of September, Alphabet’s (Google) stock plunged by about 20%, causing the company to lose 570 billion dollars in its market value, to reach 1.27 trillion dollars.

Apple’s stock declined by 20%, bringing the company’s market value to $2.29 trillion, losing $635 billion during the period.