Apple Market Cap Dips Below $2 Trillion, as Tech Sector Sell-Off Continues

apple 2 trillion sell off

The sell-off of the tech sector continues and Apple’s stock market cap has now dipped below the $2 trillion threshold, for the first time since May of 2022.

Shares of Apple are trading down 4.15% for the day as of writing, at $124.54, below the $125.72 threshold to remain above $2 trillion. The iPhone maker’s stock last dipped to $125.57 back on May 28, 2021. Apple reached the $2 trillion market cap milestone for the first time back on August 19, 2020.

Exactly one year ago, Apple made history as the first company to reach a $3 trillion valuation, when shares hit $182.88.

COVID-19 measures in China have affected global manufacturing and Apple was not immune to disruption, with its iPhone 14 Pro models seeing short supply during the holidays. However, the iPhone maker’s manufacturing partner, Foxconn, has brought its ‘iPhone City’ back to 90% capacity as measures have been relaxed in China.