The market capitalization of Apple Inc. fell below $2 trillion as its shares continued to decline, making it the latest victim of the tech sector crash.
Concerns about iPhone supply during the crucial holiday quarter increased on Tuesday, causing Apple Inc. to drop 3.7% and close at its lowest level since June 2021. Investors also lost hope that increasing interest rates would be abated. After Microsoft Corp. and Saudi Aramco’s decline in 2022, the collapse reduced Apple Inc. market capitalization to $1.99 trillion, ending its reign as the final corporation to have a $2 trillion valuation.
The accomplishment represents Apple’s fall from grace. The stock outperformed the S&P 500 Index for the majority of the past year, but it has recently fallen on worries that iPhone production issues in China may hurt holiday sales, the company’s most crucial season.Also Read :- https://india-24.com/apple-airpods-pro-2nd-generation-at-your-doorstep/ .
When the S&P 500 reached a record high exactly one year ago, Apple’s shares momentarily soared to rise above $3 trillion in market value. In 2022, the four top US technology and internet corporations saw a decline in market value of more than $3 trillion due to rising inflation and a slowdown in the sales boom that had accelerated due to the Covid-19 pandemic. With a fall of 12%, December was Apple’s worst month since May 2019, worse than the 9% decline for the tech-heavy Nasdaq 100 Index over the same time period.
Due to the Covid-19 lockdowns in China, Apple, situated in Cupertino, California, has experienced supply difficulties; however, they have been reducing. The world’s largest iPhone plant, which is a manufacturing partner, has been restored to around 90% of its expected peak capacity.