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Apple’s Slide Topples Last Stock in $2 Trillion Club

  • IPhone maker’s market cap shrunk by about $1 trillion
  • There is now no company with a $2 trillion market valuation
An Apple store in Sydney, Australia.

An Apple store in Sydney, Australia.

Photographer: Brent Lewin/Bloomberg
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A steady slide in Apple Inc. shares pushed the iPhone maker’s market value below $2 trillion, the latest casualty in the tech stock rout.  

Apple fell 3.7% on Tuesday, closing at its lowest since June 2021 as concerns about iPhone supply in the important holiday quarter mount and investors lose faith in a reprieve from higher interest rates. The slump sent Apple’s market value to $1.99 trillion, ending its reign as the last company to sport a $2 trillion valuation after Microsoft Corp. and oil giant Saudi Aramco retreated in 2022.