Chip Stocks Fall on Report Apple Is Scrapping iPhone Production Hike

Shares of


Apple


suppliers


STMicroelectronics


and


Taiwan Semiconductor


  fell Wednesday on a report that said the tech giant was scrapping plans to increase production of its latest iPhones this year due to weaker-than-expected demand.

Dutch-Swiss chipmaker STMicro (ticker: STM) led the decliners, falling more than 5% in early European trading.


Apple


(AAPL) accounted for around 20% of the company’s total revenue in 2021. In Asian trading, Taiwan Semiconductor (TSM) slipped 2.2%, while iPhone assembler


Hon Hai Precision Industry


also known as Foxconn, was close to 3% lower.