Apple stock sinks 10% after Tim Cook warns of ‘100-year flood’ in memory prices

The iPhone maker warned that supply constraints and slowing growth would weigh on results in the current quarter.

Apple has found itself dealing with component shortages exacerbated by the AI boom, and the company is scrambling for solutions.

It was a good but not great quarter as Apple worked to mitigate the memory shortage, which impacted the reported quarter and guidance.

The iPhone maker said sever constraints in the supply chain will affect sales of iPhones, Macs, and iPads in the current quarter.

3 min readNew DelhiJul 31, 2026 03:59 AM IST Prime Minister Narendra Modi on Thursday discussed with a group of senior ministers the prevailing geo-political situation in West Asia and measures to keep supply chains uninterrupted despite conflicts surrounding the Strait of Hormuz, the Black Sea, the Red Sea, and the Gu

PM directs agencies to prioritise safety of Indian seafarers and ensure uninterrupted fertilizer and fuel stocks for domestic needs