Apple Inc.’s market value is set to dip below the historic $3 trillion level after the iPhone maker’s outlook for the fourth quarter sparked worries over tepid demand for its handsets and other gadgets.

Shares in the California-based company dropped as much as 2.2% in US premarket trading Friday, giving it a market value of about $2.95 trillion if the move holds. Apple posted its third straight quarter of declining sales late on Thursday, and predicted a similar performance in the current period.

Apple in June became the first company with a $3 trillion value. The shares have gained 47% this year through Thursday amid a broad tech rally on investor hopes that the development of artificial intelligence could provide a fresh boost to growth.

Read more: Apple Faces Longest Sales Slowdown in Decades as iPhone Slumps

--With assistance from Farah Elbahrawy.