Apple’s valuation has dropped below $2 trillion for the first time since mid-2022, after its stock price dropped 3% Tuesday.

Apple became the first US company to cross $2 trillion in valuation in August 2020, with Microsoft and Google following suit. The company then hit $3 trillion in January 2022.

As CNBC points out, Apple has not been immune to the economic downturn in the wake of the pandemic. iPhone 14 orders have been lower than expected, and the company has reportedly begun the process of scaling back production on a range of products, including MacBooks, AirPods, and the Apple Watch.