Reaching over $3 Trillion just last year, Apple created the record for highest valuation
Tech Giant Apple has been facing some rough time in the share market, Apple stock value fell down steeply on Tuesday, bringing the company’s total market value below $2 trillion. This was the first time that happened since 2021.
Apple just last year, made a record by reaching a market valuation that was over $3 trillion.
On Tuesday, Apple share prices went down about 3.7 percent, a reason for which was Exane BNP Paribas analyst Jerome Ramel, who downgraded Apple share status from ‘”outperforming” to “neutral”. This drop brings down Apple’s total market value down to $1.99 trillion.
Major reasons for the Apple share decline are much deeper and ones that are affecting the company and its customers, ‘the global recession’. Economic analysts believe that a slowing global economy, high inflation and limited product supply might be hurting Apple product demand and go on to affect the company negatively.
It’s reported that Apple itself is expecting the company to have a lower demand. Nikkei said that Apple has told suppliers to manufacture fewer parts for its earphones, watches and laptops.
Despite its sudden price falls, Apple still takes the highest position in the list of the most valued companies. Microsoft, another US tech firm, stands not too far behind it and is valued at $1.785 trillion.
The Apple market value fall and a slowing global economy is causing worries amongst investors. Bokeh Capital Partners’ Kim Forrest, while speaking about the situation said that “Apple tends to skew to the high-end consumer device customer but even that demographic might be being affected by the high price of everything.”
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