Apple’s market capitalization fell below $2 trillion for the first time since early 2021 during trading on Tuesday, one year after it became the first publicly traded tech company valued at $3 trillion. The company has been hit by supply chain issues and a reduction in manufacturing in China due to a recent surge in Covid cases. Additionally, there have been concerns about consumer demand for Apple products after the company reportedly notified several suppliers to build fewer parts for some popular devices for the first quarter. Apple’s shares have fallen about 31% over the past year, while Amazon’s and Facebook-parent Meta’s shares have fallen by about 50% and 63%, respectively.
First In History: A tech Giant, Apple loses $1 trillion in market cap in one year
