For the first time in years, the $3 trillion club has no members. Apple Inc (NASDAQ:AAPL), the first company to hit the milestone in 2022, has fallen below the threshold, leaving Microsoft Corp (NASDAQ:MSFT) and NVIDIA Corp (NASDAQ:NVDA) also trailing in their bid to reclaim the title.
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Apple's Slide Takes It Out Of The $3 Trillion League
Apple's stock has been in a steep decline, falling over 20% year to date and more than 17% in the past month. By midday on April 4, Apple stock was down another 5% to $192.70, bringing its market cap down to $2.92 trillion. That means the club is officially empty, at least for now.
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Microsoft, once Apple's closest competitor in the race, currently holds a $2.73 trillion valuation. Meanwhile, Nvidia, which surged last year on AI-fueled optimism, sits at $2.32 trillion. The rest of the Magnificent Seven -- Amazon.com Inc (NASDAQ:AMZN), Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG), Meta Platforms Inc (NASDAQ:META) and Tesla Inc (NASDAQ:TSLA) -- are further behind, with Tesla bringing up the rear at just $782 billion.
Broader Mag 7 Weakness Weighs On Markets
Apple isn't the only stock facing trouble. The Roundhill Magnificent Seven ETF (BATS:MAGS), which tracks the elite tech giants, has dropped nearly 22% year to date and 14% in the past month. The recent sell-off has weighed on the broader market, raising concerns about whether the mega-cap tech trade is losing steam.
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