Apple stock dips over 7% on supply chain warning

Apple's stock dropped by more than 7% after warning that supply chain restrictions will impact its growth, mainly due to a shortage of capacity for manufacturing advanced chips that supply iPhones, Macs, and iPads. This is expected to result in a loss of approximately $361.6 billion in the company's market value if the losses persist until the end of trading, amidst broader industry challenges caused by increased demand for AI-powered technologies, which are straining supply chains and driving up costs. Despite these issues, iPhone sales in the last quarter rose by 21.7%, surpassing market expectations, with plans to raise phone prices later on, focusing on the potential to do so without significantly reducing demand. Additionally, Apple announced a leadership change, with John Ternus taking on the role of CEO starting in September, marking the end of Tim Cook's era at the company's helm.

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