Shares of Apple and the company’s suppliers fell after a financial institution pointed to “record-breaking” sales of the iPhone 15.
After the decline of Apple shares due to the weak sales of the iPhone 15, the shares of this company’s suppliers in Asia also fell. Last night, Barclays lowered its price target on Apple shares from $161 to $160 due to concerns about low demand for the company’s products.
Shares of TSMC, the maker of Apple chips, are already down 2 percent. Additionally, shares of Foxconn, another major supplier to Apple, fell 1.33 percent. Foxconn, which is based in Taiwan, assembles all types of iPhones.
The fall in Apple’s stock did not only reduce the value of its suppliers’ shares, but the shares of some other technology companies such as Samsung and SK Hynix also fell by more than 2 percent. Also, LG shares fell by 1.85%.
Analyst Ray Wang stated that the production volume of iPhone 15 has not been reduced by suppliers. He also said: “There are still 200 to 300 million iPhones that will be replaced in the next 24 months; “As a result, I’m not sure it’s going to slow down, but in my assessment, that’s where Apple gets hit.”
Apple shares fell by 3.58% yesterday due to the decline in the purchase of the iPhone 15 by the public and the presence of signs of a decrease in demand for the purchase of the iPhone 16 and other Apple products.
