The last word from Apple is that it will report revenue for the current quarter (the fiscal second quarter) below the $263 billion low-end of the range it announced in January. Obviously, the coronavirus is to blame. While many forced to self-quarantine will be unable to get the paychecks that they have been relying on, the global economy faces the threat of not just a recession, but a worldwide depression. Consider this sobering statistic. The U.S. stock market (represented by the 30 stock Dow Jones Industrial Average) is now in the red since President Donald Trump took office in January 2017. And the 35% decline in the market over the last month is the worst monthly performance since 1928.

Two other tech companies, both of which had recaptured $1 trillion valuations in January, fell under that level when the coronavirus sell-off first started last month. Those two are Amazon and Google parent Alphabet.