News Snapshot:
According to Bloomberg News, Apple Inc. is likely to cut production of the iPhone 13 by up to 10 million devices due to a global processor shortage, citing people familiar with the situation. According to Bloomberg, Apple aimed to build 90 million copies of the new iPhone models by the end of the year. According to rumors, Apple informed its suppliers that the number of devices would be reduced because chip vendors such as Broadcom Inc and Texas Instruments are having difficulty delivering components. Apple’s stock dropped 1.2 percent in after-hours trade, while Texas Instruments and Broadcom also declined by...
