Apple shares fell nearly 5 per cent overnight, with a total of A$184 billion wiped from the company valuation in one trading day.

The 4.91 per cent plummet came after Bank of America cut its rating to neutral from buy, warning of weaker consumer demand for its iPhone 14 range.

Apple recently reduced supplier orders of the entire iPhone 14 range by six million units for the second half of this year, with the new target of just 90 million handsets roughly the same level as for the iPhone 13.

Apple’s valuation has fallen about 20 per cent in 2022, a strong performance compared to the 32 per cent average fall for the tech-heavy Nasdaq 100.

Apple was just one company to bleed billions during a disaster trading day that saw US stocks plunged to the lowest since November 2020.

Meta stock dropped 3.7 per cent, after Zuckerberg announced his plan to cut headcount for the first time since 2004.

Amazon and Alphabet fell 3 per cent, Microsoft dropped 1.5 per cent, and the tech-heavy Nasdaq fell 2.9 per cent.

Despite the downgrade, Bank of America note that “Apple’s long-term prospects remain favourable.”