Tech
Apple shares dive following reports of iPhone 13 chip shortage
There could be some production delays to the new iPhone 13 range
Apple’s shares dropped on Tuesday following reports it could slash its iPhone 13 production targets due to the ongoing global computer chip shortage.
Apple expected to make 90 million iPhones in the last quarter of 2021, but that target has been dramatically slashed on the back of the global chip shortage.
The tech giant has been forced to tell its partners that the total will be lower by as many as 10 million units.
Millions of products across multiple industries today rely on computer chips to operate
Those that make semiconductor chips are currently working flat-out to meet demand.
Stocks in semiconductor manufacturers Broadcom and Texas Instruments were also down 1%, as sources said they were struggling to deliver enough chips to Apple in time.
Smartphone makers like Apple – some of the biggest chip purchasers in the world – have been severely impacted, but also other sectors like the car industry and the makers of video game consoles.