Apple Crossed The Whopping $3 Trillion Mark Exactly A Year Ago Today — Now, It's Not Even In The $2 Trillion Club

Apple Inc’s AAPL valuation fell below the $2 trillion mark on Tuesday for the first time since March 2021.

What Happened: The Tim Cook-led company’s shares closed 3.7% lower at $125.07 on Tuesday, according to data from Benzinga Pro. The shares slid another 0.1% in the after-hours trading.

Apple’s total outstanding shares of 15.91 billion puts its market cap at $1.99 trillion. 

Exactly a year ago, Apple became the first company to exceed the $3 trillion market cap. Over the past 12 months, the Cupertino-based tech giant’s shares have fallen 31.3%.

Apple still enjoys the largest market cap among large companies ahead of Saudi Aramco, which is worth $1.9 trillion, and Microsoft Corporation, which is valued at $1.8 trillion.

See Also: Best Blue Chip Stocks Right Now 

Why It Matters: BNP Paribas analyst Jerome Ramel downgraded Apple to “neutral” from “outperform” and cut his price target to $140 from $180, reported Reuters. 

The iPhone maker's stock marked a 52-week low on Tuesday after a report emerged that the company told its suppliers to build fewer components for AirPods, Apple Watches and MacBooks due to weakening demand.

Apple’s supply chain in China is reportedly in a state of disarray due to the changes made to the country’s COVID-19 policies.

Read Next: Apple Hikes Battery Replacement Service Fee For Out-Of-Warranty iPhones, iPads, And MacBooks