In a sketchy new report, analyst Ming-Chi Kuo concludes that Apple Intelligence is a failure because Apple may have cut iPhone 16 orders before release. Or something like that.

Apple shares slid Wednesday after industry supply chain analyst Ming-Chi Kuo said the company has cut orders for the iPhone 16 by about 10 million units.

The company has scaled down orders to suppliers for the iPhone 16 by about 10 million units, according to analyst Ming-Chi Kuo.

Apple is gearing up to release its quarterly earnings report next Thursday, as hinted earlier by Mark Gurman. We also expect the company to provide a forecast for the holiday quarter on the same day.

Kuo is bullish on Apple's yet-to-be-released AI features but said it would likely take new hardware iterations to grow iPhone sales.

Shares of Apple (AAPL) closed down 2.16% on Wednesday after a report that the iPhone maker cut orders for its latest version by millions of units.

Apple fell Wednesday after Market analyst Ming-Chi Kuo at TF International, known for his knack of nailing predictions on Apple, delivered a gloomy update on iPhone 16 demand, saying the tech giant has cut a total of 10

The analyst says Apple has reduced its orders for the iPhone 16 by approximately 10 million units, with bulk of the cuts impacting non-Pro models.