Apple's Stock Plummets as Supply Chain Woes Bite

Apple's stock plummeted nearly 10% on Friday after a disappointing forecast revealed that the iPhone maker is struggling to secure essential components due to the AI-driven data center boom straining global supply chains.

The drop, if sustained, would mark the stock's worst day since March 2020 and erase nearly $500 billion from Apple's market capitalization. This would return the crown of the world's most valuable company to Nvidia just days after Apple reclaimed it.

Tim Cook, widely regarded as a supply-chain genius, acknowledged that Apple has limited options to address these shortages, describing them as 'very significant' in his final earnings call before handing over the reins to John Ternus in September and becoming executive chairman.