According to the latest report, JPMorgan analysts said on Friday that slowing smartphone demand may affect the growth of Apple and chipmaker Qualcomm, and removed the two companies from the analyst’s watch list.
Analyst Samik Chatterjee said a slowdown in consumer spending will temper higher expectations for the iPhone SE launch, while a slowdown in China’s gaming market could weigh on Apple’s services.
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As previously reported, Apple is already planning to reduce the production of iPhones and AirPods due to slowing demand. Analysts warned that rising commodity costs due to the impact of the epidemic and international conflicts may affect smartphone demand in 2022.
Meanwhile, Qualcomm may bear the brunt of the weakness in the mid-to-low-end Android phone market. However, Apple and Qualcomm are still rated “overweight” based on their long-term potential, which is equivalent to a “buy” rating.
