Apple ( AAPL ) stock fell more than 2.5% on Wednesday, sending the iPhone maker's market capitalization back below $3 trillion as tariff pressures continue to weigh on the company after shares had enjoyed what some analysts called a "relief rally" earlier in the week.

Apple stock surged to start the week, leading the “Magnificent Seven” stocks higher as investors cheered the Trump administration's temporary tariff exemptions for tech products announced over the weekend.

The "relief rally," as Citi’s Atif Malik put it, briefly put Apple’s value back above the $3 trillion mark after falling to its lowest value in almost a year last week at just under $2.6 trillion.

Apple is still the world's most valuable company, ahead of Microsoft ( MSFT ).

US Customs and Border Protection issued regulations late Friday exempting consumer electronics — and almost all of Apple’s products — from reciprocal tariffs.

On April 2, Trump announced global reciprocal tariffs to go into effect on April 9.

The president instead announced a 90-day pause on the reciprocal tariff plan last Wednesday — with the exception of a 145% reciprocal tariff on Chinese imports, a development cheered by Apple investors. Some 90% of Apple's iPhones are made in China.

Apple had shed more than $770 billion from its market cap between April 2 and April 8.

Apple’s decline on Wednesday comes after Nvidia ( NVDA ) disclosed late Tuesday that the Trump administration had effectively banned exports of its H20 chips to China .

Nvidia's disclosure followed reports Trump had been set to back off plans to restrict Nvidia’s chips designed for China to comply with US trade rules.

To Jefferies analyst Edison Lee, these developments show there are “many conflicting opinions within Trump's team on the issue of tariffs, strategies against China and US tech restrictions."

“The concern about Apple is that it will become harder to avoid the crossfire between the US and China as tariffs and restrictions come into play,” DA Davidson analyst Gil Luria told Yahoo Finance in an email.

“The [export] restrictions on chips that came out from NVIDIA represent an escalation in the trade dispute.”

Tech stocks fell across the board Wednesday, with the Nasdaq ( ^IXIC ) dropping roughly 1.5% late Wednesday morning.

Fellow Magnificent Seven stocks Meta ( META ) and Microsoft ( MSFT ) also sank around 2% Wednesday. Nvidia fell as much as 6%.

Laura Bratton is a reporter for Yahoo Finance. Follow her on Bluesky @laurabratton.bsky.social. Email her at [email protected].