Apple and Amazon lost $800 billion in market capitalization in 2022, CNBC reports. Apple’s loss was $846.34 billion and Amazon’s was $834.06 billion. Market capitalization measures the combined value of all a company’s shares.

The value lost by each of the two companies is less than the total of the other tech companies’ shares. Bespoke Investment Group called the figures “staggering” in a tweet.

Amazon’s earnings have deteriorated and fourth-quarter forecasts have been described by analysts as dismal. Its results were similar to those of the technology sector, which has suffered from rising interest rates, a slowdown in Internet advertising and other factors.

Apple, on the other hand, is still struggling as questions have emerged about the popularity of its new products and faced difficulties in shipping the iPhone 14 during the holiday season due to Covid-19 restrictions at its main factory in China.

Concerns have also risen about a potential recession that could reduce demand as consumers put off purchases of big-ticket items to save money. Apple shares fell 3.7 percent during trading on Tuesday, hitting a 52-week low as its market capitalisation fell below $2 trillion for the first time since May.