Apple Stock Sinks to Year Low as iPhone Sales Slump in China Amid Competition
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Apple stock fell to its lowest level this year due to weak iPhone sales in China. Sales fell 24% year-over-year amid competition from Chinese rivals like Huawei.
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Sentiment towards Apple stock is "dismal" as it misses the AI revolution on Wall Street after shutting down its Apple car project.
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Analyst wonders if Warren Buffett will start selling Berkshire Hathaway's nearly 6% stake, worth over $150 billion, which could further hurt Apple stock.
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Foxconn, which assembles iPhones, reported a 12% sales decline in February, indicating slowing demand.
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Apple will need to introduce impressive AI innovations at its developer conference in June to boost sentiment and stock price.