Tech Giant Apple’s Shares Plunge To Their Lowest In 18 Months Amid Shortage In iPhone Supply

Tim Cook led Apple, which earlier this year became the world's first company to have a market value of $3 trillion; Apple joined Tesla, Alphabet, Meta, and other titans in the stock plunge.

Apple Shares Fall to Lowest Since June 2021

This week, Apple shares closed at their?lowest level since June 2021, amid an ongoing?selloff of big-tech stocks, which has further been amplified by?concerns over iPhone supply in the key holiday period, as per a Bloomberg report.

The stock fell 1.4% in its third straight negative session on Tuesday. And that’s not all.?Apple shares dipped further by 3% yesterday (Wednesday) to $126.04 on NASDAQ.?

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While Apple still remains a modest outperformer for 2022, with a 30% decline that is narrower than the 35% drop of the Nasdaq 100 Index, it has lagged the tech-heavy gauge over the past month.

Apple had begun the year at a share price of $182.01. Its current market cap is $2.01 trillion.

Also Read:?How A Lost?iPhone?Led To Warren Buffett Investing Billions In Apple

iPhone Production Issues

The recent fall in Apple shares has come as production halts at a major iPhone plant in China contribute to a supply shortfall of Apple’s flagship product.?

Earlier on Tuesday, American investment bank JPMorgan reportedly wrote that iPhone supply is “improving and inching slowly towards parity with demand,” although it added that Apple is typically “much further along in reaching parity between iPhone demand and supply” at this time in the year. Due to this issue, the firm expects results in Apple’s December quarter to be “muted” relative to consensus expectations.

Tim Cook/ Twitter

Separately, JPMorgan analyst Samik Chatterjee also wrote that the latest smartphone shipment data out of China “confirms industry headwinds.”

Also Read:?From?JP Morgan?To Goldman Sachs: Analysts Predict Indian Stock?Market For 2023

Elon Musk-led Tesla’s shares are down over 70%; HP and Dell shares are down over 30%Bloodbath For Giant Stocks

Tech stocks are facing their worst December performance since the dotcom era as investors expect the Federal Reserve will retain a hawkish stance as it grapples with inflation, as per the report.

Besides Apple's 30% fall, Meta platforms’ shares are down over 65% this year till date;?Alphabet's?shares are down over 40%, Elon Musk led Tesla’s shares are down over 70%, HP and Dell shares are down over 30% each, Nvidia?shares are down over 53%; and Samsung?shares are down nearly 30% this year to date.

Also Read:?Elon Musk Says Tesla Will Be?Worth?More Than?Apple?And Saudi?Aramco One Day?

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