By
Godfrey Benjamin
April 26th, 2024
Apple stock has gained 16.77%, and 6.65% in the past year and YTD respectively.
Apple Inc (NASDAQ: AAPL) stock closed yesterday trading at $141.51, down 0.91%. The losses continued during the extended trading and had dropped approximately 0.64% to trade around $140.60 as of October 13, 2021, 6:39 p.m EDT. Reportedly, Apple could slash iPhone 13 series production for the current year by 10 million units due to chip shortage.
Notably, Apple released the iPhone 13 series in the third quarter, whereby the company announced the A15 Bionic chipset will run on the hardware onwards. Operating on the latest software iOS 15, Apple customers anticipating to purchase any of the latest iPhones could see an unprecedented delay in delivery timeline.
A similar chipset shortage has been announced in the electric vehicle industry including Tesla Inc (NASDAQ: TSLA) and Ford Motor Co (NYSE: F). Following the ongoing coronavirus crisis that has significantly impacted the global supply chain market, chipset manufacturers have had to cut down production. Additionally, the healthcare industry that required devices with a similar chipset, saw a dramatic increase in demand during the past year. Nevertheless, as coronavirus affects ease in different parts of the world, production and supply chain is expected to jump in the coming quarters.
As the chipset crisis continues globally, the Chinese government previously heavily fined semiconductor companies for pushing chipset prices so high amid the crisis. Should the chipset crisis continue in the coming quarters, electronic prices are expected to go higher. Additionally, electric vehicle car prices are expected to scale higher in the short term.
Notably, Apple designs the A15 Bionic chipset but the mass production is carried out by TSMC. With the report of chipset shortage, Apple could see its earlier goal of selling 90 million units by the end of this year curtailed.
Apple Stock amid the Company’s iPhone 13 Production Plans
As a major global technology company, Apple has a huge number of products in the market to bolster its stock market until iPhone 13 production revamps. According to market analytics provided by MarketWatch, Apple stock has gained 16.77%, and 6.65% in the past year and YTD respectively through Tuesday.
The company has a reported market valuation of approximately $2.36 trillion. From a different perspective, Apple’s market cap hand in hand with the entire crypto market cap at the time of reporting according to metrics provided by CoinGecko.
In the past 52 weeks, AAPL shares have ranged between $107.32 and $157.26. Despite being up in the past year, AAPL shares have dropped approximately 5.12%, and 5.05% in the past three months and one month respectively.