Apple became the first trillion dollar corporation briefly in October last year.
This was short lived and they have subsequently lost more value than any company in history as their share price has almost halved.
There has been a lot in the press about this blaming Trump and his protectionist policies and increased competition from both South Korea and China.
The issue that has shareholders running for the hills however is much closer to home and that is that Iphone users are now holding onto their phones for three years rather than two on average.
The fact is that Apple isn't really a tech stock at all but a fashion business and is therefore subject to waning consumer demand in the same way that clothing brands are currently. If that is the case then the tech premium falls away and you could argue that the shares have a lot further to fall.
Stimulating consumer demand in saturated markets is certainly more challenging than reinventing segments. Also markets define businesses rather than businesses define markets generally.
Apple have been in the doldrums before and have turned it around. It will be interesting to see how they deal with their current issues.
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