Apple market cap falls back below $3 trillion

Apple stock dropped nearly 4% on Wednesday, pushing the iPhone maker’s market capitalization below $3 trillion. Tariff concerns continue to pressure the company, erasing gains from what analysts described as a “relief rally” earlier in the week.
Laura Bratton for Yahoo Finance:
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Apple stock surged to start the week, leading the “Magnificent Seven” stocks higher as investors cheered the Trump administration’s temporary tariff exemptions for tech products announced over the weekend.
The “relief rally,” as Citi’s Atif Malik put it, briefly put Apple’s value back above the $3 trillion mark after falling to its lowest value in almost a year last week at just under $2.6 trillion.
Apple is still the world’s most valuable company, ahead of Microsoft.
Apple’s decline on Wednesday comes after Nvidia disclosed late Tuesday that the Trump administration had effectively banned exports of its H20 chips to China… “The concern about Apple is that it will become harder to avoid the crossfire between the US and China as tariffs and restrictions come into play,” DA Davidson analyst Gil Luria told Yahoo Finance in an email.

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MacDailyNews Take: As we wrote yesterday when Apple poked its head above the $3 trillion valuation mark, “The rollercoaster is just on a flat straightaway right now. The ride is not over. More fun to come!”

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