Trump Policy Shocks Apple: The Crown Of The Most Valuable Company Has Been Taken Away. Technology giant Apple is no longer the world’s most valuable company. According to a CNBC report, Microsoft has taken Apple’s place after four consecutive days of sharp share price declines.
As of Tuesday’s close, Microsoft’s market valuation had reached $2.64 trillion, while Apple’s valuation had fallen to $2.59 trillion. Until a few days ago, Apple, Microsoft and chipmaker Nvidia were all valued at more than $3 trillion.
The global stock market plunge came after US President Donald Trump announced new tariffs on imports from more than 100 countries. While the impact has hit all companies, Apple appears to have been particularly affected because its production is heavily dependent on China.
The Nasdaq index has fallen by 13 percent in the last four trading days. Investors are worried about a potential recession and rising consumer prices.
Meanwhile, The Wall Street Journal reported that Apple is preparing to move some of its iPhone manufacturing operations from China to India. Despite Trump’s push to revive production in the US, analysts and suppliers have warned that moving iPhone production to the US would be impractical.
Meanwhile, fears of a possible price hike have led to a surge in iPhone purchases at Apple stores in the US. Customers are rushing to buy new iPhones before the price increases, CNBC reported.
