Apple Sheds $100 Billion in Market Cap as Barclays Predicts 'Lacklustre' iPhone 16: Report

Apple's stock experienced its largest drop in four months on Tuesday, closing at 3.58 percent lower following a downgrade to "underweight" by Barclays due to concerns about weak demand for the forthcoming iPhone 16 and new Mac computers. This was also a result of China's crackdown on products made by outside companies. The leaked information about Apple's plans to roll out several new gadgets, including updated iPads this year, was not enough to prevent the downgrade. The British multinational bank lowered Apple's stock from "neutral" to "underweight", causing the share price to fall from $161 (approximately Rs.13,400) to $160 (approximately Rs.13,300). Apple's market value lost over $100 billion (approximately Rs.8,33,210 crore) following Barclays' pessimistic view on the stock, which ended Tuesday's trading at a seven-month low of $185.64 (approximately Rs.15,500). Barclays analyst Tim Long highlighted the weak demand for the company's newest iPhones and the challenges it faces in China due to government sanctions and the competitive rise of Huawei. Despite the 2021 launch of the iPhone 15 series which featured hardware advancements like a USB Type C port and 3nm A17 Pro chip, Long predicts iPhone 16 would follow the same underperformance. Rumors suggest the iPhone 16 series will contain a unique “capture” feature for easy camera access and video recording. Despite larger screens predicted for iPhone 15 Pro successors, the lack of significant hardware upgrades means Apple will rely heavily on the development of enhanced artificial intelligence traits in its iOS 18 operating system to appeal to customers, according to Bloomberg's Mark Gurman.