People with shares in Apple Inc. will be unusually edgy this week after Apple stock took another hit on Sunday. This followed a massive sell-off of major tech stocks on Friday, to the tune of around $100 billion.

The sell-off last week can be explained, in part, not by tech giants’ failings, but by their appeal. They are victims of their own success. Their stocks are so prestigious that a lot of people want them, which in turn makes them less valuable.

Apple, Alphabet Class A shares, Microsoft, Facebook and Amazon – the “big five” – all had major problems, with Apple coming out slightly worse than most after shares fell around 4 percent. Other big players saw a loss in the region of 3 percent. Netflix was actually down 4.7 percent.

“They’re just plain overbought,” David Bahnsen of The Bahnsen Group private wealth management firm told CNBC. “They are extremely stretched from a valuation standpoint.”


He added that: “There is a sense that a lot of investors think there’s safety there. A lot of managers are afraid to not own these names, and I can understand that.”

Apple stock has taken a temporary hit
In better news, Apple opened a new store in Singapore. Source: Forbes/Roslan Rahman/AFP/Getty

Late on Sunday, followed the news that the investment banking company Mizuho Securities downgraded Apple stock to “neutral” – the level below “buy”. Tech shares are now expected to be under pressure again when trading opens on Monday.

Is iPhone 8 news affecting Apple stock?

Along with reasons related to financial markets, there is also a more technical reason why Apple stock may have lost a little value.

It has been suggested that data performance speeds for the upcoming iPhone 8 may lag behind competitors, due to the way in which Apple get its components.

Using joint suppliers Qualcomm Inc. and Intel Corp. could cause problems since Qualcomm offers modems capable of 1 gigabit per second download speeds, while Intel won’t have a similarly capable modem ready in time for the iPhone 8’s release.

Apple seems reluctant to be dependent on only one supplier, especially given that it has had legal wrangling with Qualcomm. However, given that iPhones of the same model can’t randomly operate at different levels, the speeds given by Qualcomm chips could not be utilized until Intel’s are capable of the same.

Don’t worry, Apple is still awesome

There are some significant qualifications to all of this news, interesting though it is. Apple stock is still among the most valuable and desirable in the world, and despite a recent blip, Apple, Facebook and Amazon are still up more than 27 percent in 2017 as a whole.

Shares do go up and down, and this will be just a phase.

As regards to the iPhone 8 speculation, it is currently just that. The sources Bloomberg quoted asked not to be identified, and, of course, there have been endless rumors about the iPhone 8 both positive and negative. We are still eagerly awaiting the finished product.

[See More: Amazon’s Stock Hits $1000 for the First Time in History]