Apple's Market Value Declined to Less Than $2 Trillion for First Time Since 2021

The market value of Apple shares declined sharply, starting yesterday, Tuesday, after its large losses last year, and the company’s shares ended the session at a value of fewer than two trillion dollars for the first time since June 2021.

The wave of selling comes a year after the iPhone maker became the first company to reach a market value of $3 trillion.

Apple shares fell 4 percent to $124.60 after Jerome Ramel, an analyst at Exxon BNP Paribas, downgraded the company's stock to "neutral" from "overperforming", cutting its price target to $140 from 180, according to a Refinitiv Eikon.

Rammell cut its forecast for iPhone shipments for the 2023 fiscal year to 224 million units from 245 million, reflecting supply chain problems from major technology companies.