Overview

• Apple's stock has been downgraded twice in the first week of 2024 by Piper Sandler and Barclays due to concerns over iPhone sales, particularly in China.
• Apple's shares have dropped 1.7% to an eight-week low of $181.20, losing about $176 billion since the start of the year.
• Apple is dealing with weak demand in China due to strained consumer spending in the country, as well as the revival of local rival Huawei.
• Apple is also facing headwinds due to an ongoing patent dispute involving its new Apple Watches.
• Despite the downgrades, Apple remains the most valuable company by market value worldwide with a capitalization of over $2.8 trillion.