Reuters
Apple falls on fears of slowing iPhone 14 demand
(Reuters) -Apple Inc shares fell more than 4% on Wednesday after a report that the tech giant was ditching its plans to boost production of the latest iPhone fueled demand worries. Bloomberg earlier reported that Apple had told its suppliers to curtail efforts to increase the assembly of its iPhone 14 lineup by as many as 6 million units in the second half of the year on disappointing demand. “Weaker consumer demand is to be expected when utility bills are going up, interest rates are going up, mortgage costs are going higher … discretionary spending is going to be curtailed by that,” said Patrick Armstrong, chief investment officer at Plurimi Wealth in London.
