For the first time in years, the $3 trillion club has no members. Apple Inc AAPL, the first company to hit the milestone in 2022, has fallen below the threshold, leaving Microsoft Corp MSFT and NVIDIA Corp NVDA also trailing in their bid to reclaim the title.
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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 AMZN, Alphabet Inc GOOGL GOOG, Meta Platforms Inc META and Tesla Inc TSLA — are further behind, with Tesla bringing up the rear at just $782 billion.
Apple isn’t the only stock facing trouble. The Roundhill Magnificent Seven ETF 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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