Apple tumbles nearly 10% after forecast miss, $500B wiped
Business
Apple just had what would be its worst day on the stock market since 2020 if sustained, with shares tumbling nearly 10% and nearly $500 billion wiped from its value.
The big reason? Apple's latest revenue forecast missed Wall Street's expectations, and if things don't bounce back, NVIDIA could reclaim the title of most valuable company.
Tim Cook cites supply, AI shortages
CEO Tim Cook pointed to global supply chain issues and a shortage of AI chips as key problems holding back iPhone and Mac sales.
Plus, Apple's services like the App Store and Apple Music aren't growing as fast as before.
With possible iPhone price hikes coming soon, analysts worry this could turn off buyers, and several brokerages have already lowered their price targets for Apple stock.