
Apple’s market cap slipped back under $3 trillion Wednesday after shares dropped more than 2.5%, erasing recent gains driven by hopes of tariff relief.
The drop follows a short-lived rally sparked by the Trump administration’s announcement of temporary tariff exemptions for consumer electronics — including most Apple products. The company’s valuation briefly recovered from a recent low of $2.6 trillion, but renewed concerns over escalating U.S.–China trade tensions have put pressure back on the stock.
Apple, which relies heavily on Chinese manufacturing for its iPhones, is vulnerable to ongoing uncertainty. Analysts cited worries about the company getting caught in the broader tariff and export crackdown. New restrictions on Nvidia chip exports and the launch of a national security probe into semiconductors added to market jitters.
The broader tech sector also fell Wednesday, with Meta, Microsoft, and Nvidia all sliding amid trade policy concerns.