Apple slides as supply snags cloud outlook, putting iPhone demand in focus

Apple shares declined by more than 7%, resulting in a market value loss of approximately $360bn. This drop occurred despite the company achieving record iPhone sales during its June quarter. The decline was driven by investor concerns over supply snags and increasing costs. Additionally, Tim Cook issued warnings regarding memory-chip constraints, which shifted the market focus toward potential impacts on iPhone demand and the overall outlook for the company's supply chain efficiency.