Apple shares plummet by nearly 10 per cent after iPhone report

The drop, if sustained, would erase nearly $500 billion from ⁠Apple's market capitalisation — The drop, if sustained, would erase nearly $500 billion from ⁠Apple’s market capitalisation (Reuters)

Apple’s shares fell by nearly 10 per cent on Friday following a forecast indicating the iPhone maker’s struggle to meet demand.
The company is facing significant component shortages, primarily due to the “AI-driven data centre boom” (dubbed RAMageddon) straining global supply chains for chips.
This potential drop could wipe out nearly $500 billion from Apple’s market capitalisation, potentially ceding the title of the world’s most valuable company back to AI chip giant Nvidia.
Tim Cook, Apple’s CEO, described the shortages as “very significant”, noting the company has limited options to address the supply chain issues.
The company’s revenue growth forecast of 9-11 per cent for the current quarter fell short of Wall Street’s 12 per cent estimate, alongside concerns about softer growth in its services business.