Worries about weak iPhone demand put pressure on chipmakers
16/09/2024 17:32
** The Philadelphia semiconductor index .SOX was
underperforming on Monday, down 2.45% as concerns about weaker
than expected demand for the latest iPhone model from Apple Inc
AAPL.O put pressure on shares of chipmakers
** Apple shares were down 2.9% after TF International
Securities analyst Ming-Chi Kuo wrote on X that demand for
iPhone 16 Pro models lower than expected. Jefferies analyst
Edison Lee wrote in a research note dated Sept 15 that "demand
seems weak to start with"
** The reports appeared to dampen investor appetite for chip
stocks, which were among the biggest decliners in the S&P 500
technology index .SPLRCT .
** Shares in Qorvo Inc QRVO.O were down 7.6% and Skyworks
Solutions SWKS.O stock was off 6.6%
** Micron Technology MU.O was off 4.7% and U.S. shares of
ARM Holdings ARM.O , which licenses technology to chipmakers,
were off 5%. Contract chip manufacturer Taiwan Semiconductor
Manufacturing co's U.S. shares TSM.N were down 3%
(Reporting By Sinéad Carew)
((sinead.carew@thomsonreuters.com; +13322191897;))