Apple set to lose nearly $500 billion in value after weak forecast

Apple shares fell nearly 10% on Friday after a disappointing forecast showed that the iPhone maker was struggling to secure enough components as the AI-driven data center boom strains global supply chains.

The drop, if sustained, would mark the stock’s worst day since the pandemic-driven selloff in March 2020. It would erase nearly $500 billion from Apple’s market capitalization and return the crown of the world’s most valuable company to AI chip giant Nvidia, days after reclaiming it.