Apple’s Stock Hits 18-Month Low Amid iPhone 14 Pro Supply Issues

• Apple’s stock fell to an 18-month low this week due to iPhone supply issues and a broader downturn in the stock market.
• Foxconn, Apple’s manufacturing partner, has faced iPhone production constraints due to COVID-19-related issues.
• Last month, Apple stated that iPhone 14 Pro and iPhone 14 Pro Max shipments would be lower than anticipated due to restrictions at Foxconn.
• Taiwanese research firm TrendForce reported that the capacity utilization rate of Foxconn’s factory has yet to rise above 70% since the production issues began.
• The production issues are expected to continue into early 2023, with TrendForce lowering its iPhone shipment forecast for all models to 47 million units in the first quarter of the year.
• Apple’s market cap is now closer to the $2 trillion mark again.

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