In a surprising turn of events, tech giant Apple has suffered a staggering $116 billion loss just days after unveiling its highly anticipated iPhone 16. This significant decline has triggered a 3% drop in shares, sparking concerns about the company’s long-term growth prospects.
Industry analysts attribute the loss primarily to weak demand for iPhone 16 Pro models. Despite generating immense hype, pre-order statistics have fallen short of last year’s figures. The delayed rollout of artificial intelligence (AI) features until October or November has also led consumers to delay purchases.
Apple’s market value has taken a substantial hit, with investors and analysts reassessing their projections. This development has raised questions about Apple’s ability to innovate and maintain its market dominance.
“The delayed AI features and lackluster demand for the iPhone 16 Pro are major concerns,” said industry analyst Jane Smith. “Apple needs to innovate and adapt to stay ahead in the competitive tech market.”
