The months-long slide in the value of Apple shares reached the point on Tuesday that the company is now worth less than $2 trillion.
In an ironic twist, this happened exactly one year to the day after it surpassed the $3 trillion mark.
Apple market cap: Down, down, down
Between 2013 and 2021, AAPL shares went on an amazing ride. And growth was especially strong in recent years. Between March 2020 and December 2021, Apple’s market capitalization increased 190%.
But 2022 wasn’t a good year for the Mac-maker. Since August, its valuation has dropped 28%. That became very clear on Tuesday, when the AAPL shares dropped a further 3.74%, lowering the total market cap to $1.99 trillion, according to Yahoo Finance.
The company is now back to where it was in mid-2020 when it first surpassed the $2 trillion mark. And some investors probably don’t want to remember that on January 3, 2022, APPL briefly make it to $3 trillion.
Keeping some perspective
A recent report by MarketWatch called Apple the “biggest stock-market loser” in 2022. That said, share prices for the company from Cupertino aren’t plummeting while its rivals all shoot up.
Microsoft lost 27% of its value in the last year, and with a $1.79 trillion market cap is still worth less than Apple. Alphabet lost 37.9% of its value over the previous year, giving it a $1.16 total valuation.
These Big Tech companies all have the same difficulties. Investors are concerned about a possible recession, which will cut spending on computers and phones. And the days of pandemic lockdowns forcing people to do everything online are over, which is also cutting demand for computers.