Apple Suppliers Drop as Firm Said to Ditch iPhone Output Boost
- Cooling device interest latest sign of falling global demand
- Hon Hai Precision drops as much as 2.9%, TSMC also falls
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Shares in Apple Inc.’s Asian suppliers extended losses Wednesday after Bloomberg reported the Californian company is backing off plans to increase production of its new iPhones.
Hon Hai Precision Industry Co., which assembles most of the world’s iPhones, dropped as much as 2.9% while chip bellwether Taiwan Semiconductor Manufacturing Co. fell as much 1.8%. The fall in the two stocks helped move Taiwan’s equity benchmark down as much as 2.3% to its lowest level since November 2020. Asia’s regional stock benchmark dipped about 2% amid a hawkish Fed and a strong dollar.