Apple Magazine

WALL STREET SOURS ON SILICON VALLEY, BATTERING TECH STOCKS

Investors for years have seemingly adored technology stocks as much as most people love their smartphones.

But Wall Street has suddenly soured on Silicon Valley and the rest of tech, triggering a stomach-churning downturn in a turbulent October.

Some of the hardest hit stocks belong to five companies — Facebook, Apple, Amazon, Netflix and Google. They have collectively attracted billions to their products, carving out lucrativeWhat a difference a month makes. Since the end of September, individual FAANG stocks have plunged between 4 percent and 20 percent, collectively wiping out nearly $400 billion in paper shareholder wealth.

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