Key Takeaways
- Apple shares declined Tuesday after trading near record highs at the start of the week.
- Barclays analysts said they are seeing indications of softening demand for the newly released iPhone 16. Analysts Tim Long and George Wang of Barclays told clients that Apple may have cut its orders for the phone at a key Taiwanese chip component supplier.
- The stock was recently off nearly 4%, dropping as tech shares and broader stock markets declined.
What a difference a day makes for Apple (AAPL).
Its shares neared record territory Monday after JPMorgan analysts gave a relatively upbeat assessment of demand for the Pro versions of the iPhone 16. The shares reversed direction today, falling alongside broader markets as Barclays analysts reported weakening demand for the phone.
Apple’s stock was recently down almost 4%, well ahead of the tech-focused Nasdaq’s roughly 2% decline in afternoon trading.
Apple Orders for iPhone 16 Parts May Have Been Cut
Barclays said it has indications that orders for the December quarter have been reduced at an important Taiwanese iPhone component supplier. Analysts Tim Long and George Wang wrote in a note to clients that Apple “may just have cut roughly 3 million units at a key semiconductor component in iPhones for the [December quarter], which if confirmed would be the earliest build cut in recent history.”
The analysts added that they previously have noted shorter lead times across iPhone models globally, and that both of those factors “indicate softer demand for IP16, in our view.”
TradingView