Apple had its worst day since August, falling 11% from its December peak

apple The stock fell 4% on Thursday, its worst day since Aug. 5, after several reports of weak iPhone sales in China.

The iPhone maker’s share price is down nearly 12% from its most recent peak in December, making it the worst performer among the seven largest tech stocks through 2025.

The slide comes after market research firm Canalys reported on Thursday that Apple has fallen to third place in terms of smartphones sold in China in 2024, behind local manufacturers Vivo and Huawei.

Apple supplied 15% of the 284 million phones sold in China last year, but that was down 17% year-on-year, according to the report. Meanwhile, Vivo and Huawei saw strong growth.

TSMC, a key supplier to Apple, on Thursday reported its smartphone sales forecast for the first quarter, suggesting a sequential decline of about 6%. TSMC, which makes the chips at the heart of Apple devices, attributed the decline to the season. TSMC said AI chips accounted for more than half of its revenue in the fourth quarter, replacing smartphones as its biggest business.

Ming-Chi Kuo, a prominent Apple supply chain analyst, on Monday he wrote he said he expects iPhone shipments to decline 6% year over year in the first half of 2025, with most of the decline occurring in the second quarter. Kuo wrote that he believes the company’s artificial intelligence system Apple Intelligence, which is not yet available in China, is not driving iPhone demand.

“There is no evidence of Apple Intelligence’s ability to benefit from hardware replacement cycles or service business,” Kuo said.

Apple announces its December quarter results on January 30.

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