Gafam: the year of questioning


Posted Jan 10, 2023, 12:18 PM

The Gafam back on earth? If, in 2021, the operating results of the major American techno groups had disappointed without it being seen in the prices, reality caught up with them in 2022, resulting in annual declines ranging from 26% to 65% (see graph below). At the beginning of 2022, Apple’s market capitalization crossed the symbolic bar of 3,000 billion dollars. At the start of 2023, it has just fallen below that of 2,000 billion. Microsoft had already fallen below this threshold in the spring.

Admittedly, the rise in interest rates has played against these growth stocks, but the deterioration of the macroeconomic environment and a change in investor expectations, even more so.



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