Apple shares dropped by 2.4% after TF International Securities analyst Ming-Chi Kuo reported that the company has cut iPhone 16 orders by around 10 million units from the fourth quarter of 2024 through the first half of 2025, mainly affecting non-Pro models. The production cut, totaling reductions over three quarters, raises concerns over iPhone demand and led KeyBanc Capital Markets analyst Brandon Nispel to downgrade Apple's stock to Underweight with a $200 price target, citing unrealistic growth expectations. Additionally, Apple has sharply scaled back production of its $3,500 Vision Pro mixed reality headset due to weak demand and may halt production of the existing version entirely by the end of 2024, with plans for a more affordable model in 2024.