The ten most valuable US tech companies have suffered a combined $82.7 billion value loss today, led by Facebook’s continued slide. The social media firm, whose value plummeted by a record $124bn last Wednesday, closed Monday trading with another 2.2% slide.
In what will bolster insider claims that the tech industry is heading towards a bubble burst, many of America’s best-known tech brands had a Monday to forget. Amazon’s stock price fell by $18.6bn, while Microsoft’s dipped by $17.7bn. Netflix suffered more than any others, losing 5.7%, or $8.8bn, of value.
Intel was the only non-loser of the day’s trading, gaining a single cent. Its share price has fallen by over 10% in the past week, however, as its M&A activity has been heavily questioned by financial media outlets. Today CNBC’s Jim Cramer, host of Mad Money, claimed that AMD chief executive Lisa Su has “caught and passed” Intel in gaming and other key growth areas.
While Amazon and Netflix are locked in a battle to control the future of television streaming content, the former has taken a series of media blows. The Guardian reports that Jeff Bezos’ firm’s aggressive termination policy has left many disabled workers homeless, while NPR has revealed wholesale abuse of Amazon.com’s product reviews.