Apple shares fall after iPhone chipmaker cuts sales forecast

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iPhone X laying down
I wanted a Galaxy S10, but I'm stuck with iPhone.
Photo: Ste Smith/Cult of Mac

Apple shares fell 3 percent this morning after iPhone chipmaker Taiwan Semiconductor Manufacturing (TSMC) cut its revenue forecast for the second quarter of 2018.

The company and industry analysts point to weak demand for high-end smartphones as the main reason for the poor guidance. This likely has something to do with the fact that iPhone X sales have been in the gutter since early hype quickly died out late last year.