Analysts and wary investors have cautioned for months that demand for Apple products have peaked, but the tech company downplayed the concerns of weakening demand, the Financial Times reports.

The fallout from Apple’s announcement was not limited to U.S. chipmakers. Semiconductors in the Europe also received a heavy blow, with Austrian maker AMS among the worst off with a 20% plunge in the wake of the news.

Looking ahead, Apple downgraded its sales forecast for the final three months of 2018 by as much as 10% compared to its previous guidance.

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