Apple Stocks Plummet Amid Supply Chain Worries

Apple's stock plummeted by around 10% on Friday, potentially shaving nearly $500 billion off its market value. The drop comes as investors grapple with concerns over the company's supply chain challenges and weaker financial forecasts.

The AI chip crisis is reportedly affecting Apple's supply chain, casting a shadow of uncertainty over future growth prospects. Analysts point out that slower-than-expected growth in the company's services business and increasing pressure on its supply chain have further intensified investor concerns.

Apple's recent stock surge had briefly pushed its market capitalization above $5 trillion, making it the world's most valuable publicly traded company. However, the latest downturn has left the company just below this milestone.