Apple stock falls to lowest level this year, while other tech companies see AI-fuelled rally

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Apple’s stock price has been taking a beating in the last few weeks, hitting a low for the year today, closing at $170.12.

Investors are pessimistic on the company’s outlook for a variety of reasons. Following a year of negative revenue growth in 2023, Apple executives forecast only meek growth guidance at its February earnings call. In the key Chinese market, there were more indications today that a recent streak of hot iPhone sales has come to an end. And investors are reeling from the EU’s $2bn fine for ‘illegal’ App Store policies, which threatens future Services revenue growth.

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