On January 3, 2022, Apple became the first company ever to hit the $3 trillion market capitalisation. Exactly one year later to the date, it slipped back to a valuation below $2 trillion.
On Tuesday, the American tech giant shed 3.74 percent to close at $125.07. It ended a reign of more than 21 months when the company enjoyed a market cap of $2 trillion or more.
Based on Tuesday’s closing price, Apple has a market cap of $1.989 trillion, and is only one of four companies which is valued at over $1 trillion. Saudi Aramco is at No. 2 at $1.887 trillion, followed by Microsoft ($1.785 trillion) and Google ($1.157 trillion).
Apple’s stock has taken a beating lately, led by several factors including the disruption of its production problems in China because of Covid-related issues.
The last time the company was valued inside the $2 trillion mark was on March 8, 2021, and it hit a market cap of $3 trillion on January 3 last year – tripling its valuation in under four years – when its share price reached $182.86.
Earlier this week, Nikkei Asia cited anonymous sources in reporting that Apple has told some of its suppliers to make fewer components for AirPods, Apple Watches and MacBook computers in the first quarter.
Amazon, whose shares rose 2.17 percent on Tuesday, is the fifth largest company in the world as per market captalisation at $875.5 billion.
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