Recently, tech giants have been having a tough time. Especially this iPhone manufacturer, whose stock price has fallen for eight consecutive trading days in a week, approaching the nine-day losing streak never seen since 1991. Last Friday alone, it dropped 1.1%, and the entire decline cycle has already accumulated a loss of over 5%.

Similar situations have occurred in previous years, with seven or eight consecutive trading days of decline in 2025, 2022, 2016, and 1998. But to say nine days in a row—this would set the worst record in over thirty years.

Where is the problem? Simply put, it’s the chip war. In the past year, the demand for AI computing data centers has exploded, with major companies rushing to buy computing power, causing memory chip and other electronic component prices to soar. This has significantly squeezed the profit margins of computer manufacturers and equipment producers. The iPhone manufacturer is no exception; rising costs are directly reflected in the stock price, and investors are beginning to worry whether profit margins will be eaten up by the costs.