After receiving a rare rating downgrading, Apple's market worth dropped by 120 billion dollars in only one day.
There was a 4.9% decrease in the price of Apple shares.
The shares of Apple plunged sharply when the Bank of America lowered its rating for the company to neutral.
The price of other technology firms, including as Meta, Amazon, and Alphabet, fell by between 3% and 4% respectively.
The market valuation of the most valuable corporation in the world, which was about $2.3 trillion in 2022, has since decreased by around 20%.
The outlook for Apple's business in the long run is positive though.
For a significant portion of 2022, Apple has been seen as a safe haven.
It would be interesting how Apple is going to perform in the coming months of this year!