No Companies in the $3 Trillion Club as Apple Falls Below

For the first time in years, the $3 trillion club is empty. Apple Inc AAPL, which was the first company to cross this mark in 2022, has now dropped below it. Notably, Microsoft Corp MSFT and NVIDIA Corp NVDA have also failed to reclaim the title.

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The recent decline of Apple Stock has been significant, falling over 20% year to date and 17% in the last month alone. As of midday on April 4, Apple’s Stock had dropped 5% to $192.70, resulting in a market cap of $2.92 trillion. Consequently, the status of the $3 trillion club is officially vacant, at least for now.

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Currently, Microsoft stands at a $2.73 trillion valuation, having once closely chased Apple. At the same time, Nvidia, which soared last year due to AI-related optimism, now holds a valuation of $2.32 trillion. The other members of the Magnificent Seven, including Amazon.com Inc AMZN, Alphabet Inc GOOGL GOOG, Meta Platforms Inc META, and Tesla Inc TSLA, are further behind, with Tesla valued at just $782 billion.

While Apple struggles, it is not alone. The Roundhill Magnificent Seven ETF MAGS, which tracks top tech companies, has seen a nearly 22% decline year to date and a 14% drop in the past month. This sell-off has also impacted the broader market, as concerns arise about the waning momentum in the mega-cap tech sector.

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