Apple has lost $286 billion in market cap since its September high

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Apple shares bounced back Thursday, but losses since its record highs remain sharp.

The stock has fallen 9% since that September peak, shedding roughly $229 billion in market cap. That’s equivalent to the market cap of 94% of the S&P 500 companies. Most recently, the shares dropped on reports it would cut iPhone production in response to a shortage of chips.

Nancy Tengler, chief investment officer at Laffer Tengler Investments, has been a long-term holder of the name.

“We became shareholders in 2013 when the yield on the stock rose above 3% which was also well above the yield on the 10-year, and we did that because we liked the services model and we thought that was being undervalued by the market,” Tengler told CNBC’s “Trading Nation” on Wednesday.

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