Apple shares plummeted on Wall Street on Friday (June 7), wiping more than $30bn off the value of the world’s biggest company.
The unexpected sell-off also hit other big-name tech players, with Facebook, Amazon and Google owner Alphabet also suffering big losses.
Apple’s share price closed down 3.9%, falling from $155.19 at opening to $148.98 – at one point sinking to $146.02 before recovering slightly.
Amazon was down 3.16% to $978.41, falling back down below the $1,000 threshold having opened at $1012.50, and hitting $927 before recovering.
Meanwhile Google owner Alphabet also fell back below $1,000 to $970.12, a 3.4% fall on the day, while Facebook fell 3.3%, closing at $149.6.
The move was a dramatic reversal of the recent surge in tech stocks that has seen major gains this year, with the top five tech stocks making up roughly 30% of the S&P’s gains since January.
Experts had said only last week that valuations were solid and not signs of another tech bubble.
But a research report from Goldman Sachs released on Friday claimed there was a “valuation air pocket” under many of the popular stocks.
The report, is 'FANG' mispriced?', suggested the acronym comprising Facebook, Amazon, Netflix and Google, needed expanding to include other tech stocks
"The bigger story in our view is FAAMG – Facebook, Amazon, Apple, Microsoft and Alphabet – a group of five stocks which have been the key drivers of both the SPX & NDX returns year-to date," the report continued. "This outperformance, driven by secular growth and the death of the reflation narrative, has created positioning extremes, factor crowding and difficult-to-decipher risk narratives."
It adds: "Driven by the rise of mega-tech, momentum, as a factor, has built a valuation air pocketunderneath it creating cause for pause."
The authors say the recent run in large-cap tech stocks has "evoked memories (nightmares?) for some investors of the last euphoric NASDAQ run" and that the  Tech Bubble was "more a valuation problem than an issue with fundamentals".
Apple was also hit on Friday by claims in a Bloomberg news report that the modem chips in its highly anticipated 10th anniversary iPhone 8, slated for release in September, will be slower than those in some of its high-end Android rivals.