The start of 2024 has seen some concerning news for the technology industry, with many tech shares and stocks plunging significantly. This trend has been seen across industries, from telecommunications to electronics to software. As tech companies look to the future, it’s concerning to see how some of the most influential stock values have fallen.
The biggest decline so far in this sell-off has come from mobile technology giant Apple. Opening up the year at double what it had closed with in December of 2023, the stock has now fallen by over 10%. Similarly, streaming service Netflix has gone from a high at the start of the year down in the single digits.
Software giant Microsoft did not fare any better, with shares dropping from just over 160 points to around 140 points over the course of the year. The free fall has been attributed to multiple factors, including the ending of subsidies given out by the government for electronic products and the increasing competition between tech companies vying for global markets.
The impact of this sell-off can be felt not just on individual tech companies, but also on the industry as a whole. Many investors are pulling money out of the technology market, believing that it’s headed for a deeper crash. That could lead to a downturn in the industry, leading to more layoffs and less jobs for tech professionals.
It’s too soon to tell if this steep drop in tech stocks is a sign of things to come, but it’s certainly not a good sign. Businesses that rely on technology often have higher financial goals and risk greater losses when things do not go their way. As we move forward, it will be interesting to watch and see how the industry responds.
