Apple and Tesla have experienced underperformance compared to the other “Magnificent Seven” megacaps, with Apple’s stock down about 2% due to a 24% drop in iPhone sales in China in the first half of 2024.

Apple’s stock has also seen a 3% decline in value following a €1.84 billion fine from the European Union for using restrictions on its App Store to stifle competition from rivals in the music streaming space.

Tesla’s stock is down about 25% for 2024 due to a pricing battle and declining demand for electric cars.

Alphabet, the parent company of Google, has been down about 5% overall.

The underperformance is striking, with the equal-weighted S&P 500 up 4% this year.

Geopolitical confrontation between Washington and Beijing, exposure to China’s faltering economy, and this year’s U.S. elections may contribute to the underperformance.

Bitcoin’s nearly 60% increase this year appeared to falter at the last hurdle, with Microstrategy experiencing an almost 9% decline.