Apple stock has now erased all its gains from the last two years

Apple's stock price dropped to its lowest point since June 2014 this morning on a report of lower iPhone chip shipments, removing Apple from its perch as the most valuable company in the world. Now Alphabet (Google) has a higher market cap, though the two companies might still switch places from time to time.

Here's a chart of Apple's stock price for the last two years, compiled by Statista.

Forgetting day-to-day fluctuations, the bigger story is that the iPhone shipments are no longer growing, and it's not clear how Apple will be able to create another hit on that level. Apple still boasts record profits and revenues- the company's profit in the most recently reported quarter was $10.5 billion, which was nearly twice as high as Facebook's quarterly revenue. But Wall Street values growth, and for the time being, Apple has stopped growing.

Statista