Billion-dollar shake-up: Global tech firms shed over $600 bn m-cap in Q3

Adversely affected by high bond yields, AI market decline, and sluggish global economy, exacerbated by soaring oil prices

The top 25 global technology (tech) firms, including Apple, Microsoft, Amazon, Tencent, Samsung, Oracle, and Accenture, collectively lost over $600 billion in market capitalisation (m-cap) during the July-September quarter (third quarter, or Q3) of calendar year 2023 (CY23), reveals a recent report by GlobalData, a London-based analytics and consulting company.

According to the report, most of these top global tech stocks were negatively impacted by high bond yields, a decline in the artificial intelligence (AI)-driven market rally that began in June 2023, and sluggish global economic conditions. These conditions were further exacerbated by the surge in oil prices during the