Top US tech companies lose more than $500 billion due to new inflation data.
Six largest US technology companies lost more than $500 billion in value in new inflation data released by the US Labor Department.
Biggest Lost
Biggest lost, in order, are: Apple (down $154 billion in market share), Microsoft (down $109 billion), Google parent Alphabet (down $85 billion), Amazon (down $98 billion), Meta (down $43 billion), and Nvidia (down $340 billion).
US Labor Department said on Tuesday
US Labor Department said Tuesday that consumer prices in the country rose by 8.3% in August on an annualized basis. A month earlier the figure was 8.5%. Experts had expected a much more significant slowdown in inflation. The August figures may result in the US Federal Reserve raising its benchmark interest rate for the third time in a row by 0.75 p.p. at its September 20-21 meeting to 3-3.25% – to fight inflation.
