Apple’s market cap fell below $2 trillion in trading Tuesday for the first time since early 2021 and one year to the day after the company became the first public tech company valued at $3 trillion. Shares of Apple\n \n ended Tuesday down nearly 4% after a report raised concerns about consumer demand for its products.
Like other tech companies, Apple has grappled with supply chain hiccups and concerns that recession fears could weigh on advertiser and consumer spending, including for pricier products like the iPhone. Ahead of the all-important holiday shopping period, Apple said it was experiencing “strong demand” for iPhone 14 Pro and iPhone 14 Pro Max models but it expected lower shipments than anticipated due to Covid-related disruptions at a supplier in China.
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