TECH - Apple Suppliers See Share Price Drop As Barclays Downgrades iPhone Maker | Benzinga
In a recent development, shares of Apple’s (NASDAQ:AAPL) suppliers took a hit following Barclays downgrade of the tech behemoth due to a potential decrease in product demand in 2024.
What Happened: CNBC reported on Tuesday that the shares of suppliers associated with Apple in Asia experienced a drop after the Barclays downgrade. Taiwan Semiconductor Manufacturing Company (TSMC), a top-tier manufacturer of advanced processors for companies such as Apple and Nvidia (NASDAQ:NVDA), saw a more than 2% decline in shares during morning trading. Foxconn (OTC:HNHPF), a major Apple supplier and the world’s largest electronics contract manufacturer, also experienced a 1.33% drop in shares.
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Moreover, tech and chip stocks such as Samsung Electronics and SK Hynix (OTC: HXSCL) dropped over 2%, while LG Electronics fell 1.78%, leading to a 1.85% drop in South Korea’s Kospi. This situation developed after Barclays demoted Apple’s stock ...