Apple set to cut iPhone production goals due to chip crunch

Apple Inc. is likely to slash its projected iPhone 13 production targets for 2021 by as many as 10 million units — Apple Inc. is likely to slash its projected iPhone 13 production targets for 2021 by as many as 10 million units as prolonged chip shortages hit its flagship product, according to people with knowledge of the matter.

Apple gets display parts from Texas Instruments, while Broadcom is its longtime supplier of wireless components. One TI chip in short supply for the latest iPhones is related to powering the OLED display. Apple also is facing component shortages from other suppliers.Apple shares slipped as much as 1.6% to US$139.27 in late trading after Bloomberg reported on the news. The stock was up 6.6% this year through Tuesday’s close. Broadcom and TI also dipped in after-hours trading.

Apple’s woes show that even the king of the tech world isn’t immune from global shortages made worse by the pandemic. In addition to facing tight iPhone availability, the company has struggled to make enough of the Apple Watch Series 7 and other products. Broadcom doesn’t have major factories of its own and relies on contract chipmakers like Taiwan Semiconductor Manufacturing Co. to build its products. Texas Instruments makes some chips in-house, but also relies on outside manufacturing. That means they’re part of an increasingly challenging fight to secure production capacity at TSMC and other foundries. Apple is a TSMC client itself — in fact, it’s the company’s largest.

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