If they let you and you want to, sure. As noted above, some don't re-interview - I think this is fairly common across MC and large-intake firms generally (small-intake firms tend to be more forgiving) but you'd have to dig up the particular firm's policy or email their grad rec.
In the interest of being strategic about time & effort, though, I'd have a think about why you didn't clear AC and whether that's really something you can remediate.
If it's because you were having an off day, or stumbled on commercial awareness or didn't have your motivations fully articulated, these things can be improved between now and next cycle. Go for it.
That said, it's also possible that you and the firm simply weren't the right fit - and there's nothing wrong with that. It could be that your working style or ambitions don't match with their training methods, or any of a number of 'cultural fit' mismatches. I don't know your personal circumstances - or which firm it was - so I won't speculate any further. But if the rejection post-AC comes down to this kind of alignment issue, I'd think about whether that's somewhere you really want to be. Would you actually get on in that environment, in that type of programme? If the answer to that is ultimately yes, then sure take another crack and have a think about how you can better show your alignment with the firm (without compromising yourself). If it's no, there are plenty of fish in the sea - you've made it through to AC at a MC firm, you've clearly got the chops to make it through plenty of other places.
Tl;dr - do you vibe with this firm?
Like... there are a bunch of firms who are top-notch in the practice areas I really want to pursue, great comp, prestige, whatever, but I don't bother applying simply because I do not gel with their vibe.