Apples market cap falls under $2 trillion as selloff continues

▤ Summary

Tim Cook walks in the Paddock prior to the F1 Grand Prix of USA at Circuit of The Americas on October 23, 2022 in Austin, Texas. Apple shares fell more than 3% during intraday trading on Tuesday, giving the iPhone maker a market capitalization under $2 trillion for the first time since May. Apple first hit a $2 trillion valuation in Aug. 2020, as the pandemic boosted its sales of computers and phones for remote work or school. Investors are also wary of rising interest rates and declining consumer confidence which could hurt demand for Apples premium-priced products. A recent report from supply chain analyst Trendforce said that it saw Apples iPhone shipments declining 22% in the December quarter.

▦ Linked Companies