# Apple shares plummet by nearly 10 per cent after iPhone report > Source: > Published: 2026-08-02 09:10:08+00:00 # Apple shares plummet by nearly 10 per cent after iPhone report - Apple's shares fell by nearly 10 per cent on Friday following a forecast indicating the iPhone maker's struggle to meet demand. - The company is facing significant component shortages, primarily due to the “AI-driven data centre boom” (dubbed RAMageddon) straining global supply chains for chips. - This potential drop could wipe out nearly $500 billion from Apple's market capitalisation, potentially ceding the title of the world's most valuable company back to AI chip giant Nvidia. - Tim Cook, Apple's CEO, described the shortages as “very significant”, noting the company has limited options to address the supply chain issues. - The company's revenue growth forecast of 9-11 per cent for the current quarter fell short of Wall Street's 12 per cent estimate, alongside concerns about softer growth in its services business.