Apple's stock is down 1.3 percent, with m-cap of $2.95 trillion

Apple Inc.'s stock market value topped $3 trillion for the second day on Tuesday, but the iPhone maker's shares failed to retain that gain by the conclusion of the session.

Apple's stock fell 1.3 percent to $179.70, bringing the company's market valuation to $2.95 trillion.

Apple's stock market worth surpassed $3 trillion for the first time on Monday, and it did so again on Tuesday before losing momentum. A session at that level has yet to be completed by the world's most valuable firm.

According to Refinitiv data, Apple accounts for over 7% of the S&P 500 index's value, the largest for a single stock in the index at a time when the benchmark is at an all-time high.

During the pandemic, increased demand for iPhones, MacBooks, and iPads pushed the Cupertino, California-based company's market capitalization beyond $2 trillion in August 2020.

"Apple has been one of the key pandemic trades for a lot of people and as we exit the pandemic. ... the iPhone maker is going to struggle a little bit," cautioned Edward Moya, senior market analyst at Oanda in New York.

Apple's stock has risen in recent years as a result of its huge share repurchases.

According to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices, the corporation has purchased back $348 billion worth of shares in the five years leading up to the September quarter of 2021, cutting its share count by 23%.

"You know there's going to be buying," Silverblatt said. "From an investor point of view, it's very important."

Many investors expect Apple to launch its own vehicle within the next few years, as it looks to reduce its current reliance on iPhones for about half of its revenue. With Tesla now the world's most valuable automaker as Wall Street bets heavily on electric cars, many investors expect Apple to launch its own vehicle within the next few years.

Apple is valued more than any of Europe's major regional indexes, including the FTSE 100 in the United Kingdom, the CAC 40 in France, the DAX in Germany, the IBEX 35 in Spain, and the FTSE MIB in Italy.

After gaining 34 percent last year, Apple's stock is presently up 1% in 2022. According to Refinitiv data, it is currently selling at over 31 times estimated 12-month earnings, which is costly when compared to its five-year average of 20 times expected earnings.