Apple is no longer the world’s most valuable company. According to a CNBC report, the iPhone maker has been overtaken by Microsoft after a sharp four-day decline in its stock. As of Tuesday’s market close, Microsoft’s market capitalization stood at $2.64 trillion, slightly ahead of Apple at $2.59 trillion.
The broader market downturn follows President Donald Trump’s announcement of new “discounted” tariffs on imports from over 100 countries. Global stocks have taken a hit, but Apple has been particularly affected due to its significant dependence on China. The Nasdaq has fallen 13% over the past four trading days, as concerns mount over a potential recession and rising consumer prices.
According to UBS analysts cited in the report, the price of iPhone 16 Pro Max could rise by as much as $350 in the US if the tariffs are fully passed on to consumers.
Apple may shift more iPhone production to India
Amid rising concerns over U.S. tariffs, a Wall Street Journal report says Apple is planning to move a significant portion of its iPhone manufacturing from China to India. The move is aimed at offsetting the increased costs triggered by President Trump’s newly announced China-focused import tariffs. Although Trump has pushed for a US manufacturing revival, analysts and suppliers say shifting iPhone production to Apple’s home country isn’t realistic—the costs would far exceed simply paying the tariffs.
Calling these adjustments as “a short-term stopgap”, the report quotes a person familiar with the matter who told the publication: “The company sees the current situation as too uncertain to upend long-term investments in its supply chain, which is centered around China”.
In another news, Apple Stores in the US are seeing more iPhone buyers than usual, as many are hurrying to upgrade their iPhones before a possible price hike.
