Apple dips below $2T as it reportedly cuts MacBook, Apple Watch, AirPod orders
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Apple (NASDAQ:AAPL) erased premarket gains and fell more than 3% on Tuesday, dipping below the $2T market value level, after a Japanese news outlet reported that the tech giant had cut MacBook, Apple Watch and AirPod orders.
It was the first time Apple's (AAPL) market cap dipped below $2T in more than a year. Apple (AAPL) became the first U.S. company in history to reach a stock market valuation of more than $2T when it crossed that threshold in August 2020.
According to Nikkei Asia, Apple (AAPL) informed many of its suppliers to build fewer components for its MacBook computers, Air Pods and the Apple Watch for the first quarter of the year.
The decline to start 2023 extends from 2022, when many big tech companies, including Apple (AAPL), experienced a sharp drop in their respective market caps.
Separately on Tuesday, Morgan Stanley noted that Apple (AAPL) saw App Store net revenue growth for December, the first time it had seen growth since June.