Apple likely to cut iPhone 13 production due to chip crunch 

According to Bloomberg News, which cited sources familiar with the situation, Apple is expected to cut manufacturing of its iPhone 13 by up to 10 million devices owing to a global chip shortage. According to Bloomberg, Apple intended to create 90 million copies of the new iPhone models by the end of the year. According to the source, Apple informed its suppliers that the quantity of devices will be reduced due to a shortage of components from chip suppliers such as Broadcom and Texas Instruments.

In after-hours trade, Apple's stock plummeted 1.2 percent, while Texas Instruments and Broadcom both lost nearly 1%.Apple has been silent about the matter. Reuters reached out to Broadcom and Texas Instruments for comment, but neither company responded right away. In July, Apple predicted that sales growth would slow and that a chip shortage, which had already hampered the company's capacity to produce Macbooks and iPad models, would also stifle iPhone manufacturing.