Technology giant Apple is not off to a good start as its market cap dropped below USD 2 trillion on Tuesday's trading.
Apple's market value was slashed by USD 1 billionBased on a report from CNN International, this is the first time its market value fell below USD 2 trillion after clinching the status as the first public technology company valued at USD 3 trillion. On Tuesday, shares of Apple plunged by nearly 4 percent after reports of it notifying several suppliers to build fewer parts for its products, such as AirPods, Apple Watch, and MacBooks surfaced.Before this development, Apple reported earlier that its iPhone 14 and iPhone 14 Pro Max models had seen"strong demand" from the market.
Many industries across the globe have been suffering from supply chain problems. This problem is further worsened by recession fears expected this year, which may dampen consumer spending, including for expensive products like the iPhone. Aside from Apple, other tech titans, such as Amazon and Facebook-parent Meta, recorded a decline in market value over the past year.