Apple Inc. experienced a notable decline in its stock price, closing down 4% on January 16, marking its worst performance since August 5, 2024. This downturn is attributed to reports of disappointing iPhone sales in China, where Apple has lost its status as the top smartphone brand, now ranking third behind Vivo and Huawei. Apple's market share in China has dropped to 15%, as local competitors gain traction. The company's stock has fallen more than 11% since reaching an all-time high on December 26, 2024. Analysts are expressing concerns over Apple's ability to compete in the increasingly competitive Chinese smartphone market, where Huawei's resurgence poses a significant challenge. The broader Asian stock market showed mixed results following China's announcement that its economy met a 5% growth target for 2024.