Apple’s Slide Topples Last Stock in $2 Trillion Club

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(Bloomberg) — A steady slide in Apple Inc. shares pushed the iPhone maker’s market value below $2 trillion, the latest casualty in the tech stock rout.

Apple fell as much as 3.7% on Tuesday as concerns about iPhone supply in the important holiday quarter mount and investors lose faith in a reprieve from higher interest rates. The slump sent Apple’s market value to $1.99 trillion, ending its reign as the last company to sport a $2 trillion valuation after Microsoft Corp. and oil giant Saudi Aramco retreated in 2022.

The milestone marks a fall from grace for Apple. The stock spent much of the past year outperforming the S&P 500 Index but has stumbled in recent weeks amid fears that iPhone production problems in China will ruin holiday sales, the company’s most important period.

Earlier this week, Nikkei reported that Apple has told several suppliers to make fewer components for some products, including AirPods, Apple Watch and MacBooks, given weakening demand.

Exactly a year ago, Apple’s shares briefly rallied to climb above $3 trillion in market value as the S&P 500 hit a record high.

–With assistance from Ryan Vlastelica.

©2023 Bloomberg L.P.


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