There’s a growing consensus in financial districts that the iPhone 7 has seen its performance peak and that shipments and revenue forecasters at Apple may be disappointed come January. The latest signs are coming out of an index of certain industrial tech companies based in Taiwan.

The Nikkei Asian Review reports that November revenue for 19 such companies has edged down 0.04 percent on an annual basis. It might seem insignificant, but this is despite the fact that sequential revenue gains were logged at 11 of those companies. Furthermore, it marks three consecutive months of earnings drops.

Take the subset of nine companies involved in iPhone production and we find only three of them managed gains. The net revenue loss was a steeper 1.2 percent.

TSMC, which produced the A10 Fusion chipset for the iPhone 7, logged a 46.7 percent jump. Other business with NVIDIA and, reportedly, Qualcomm helped its bottom line. It seems Apple considers the semiconductor manufacturer an indispensable partner as sources from within the supply chain have previously said that Infinite Loop has been placing downward price pressure on most of its other parts providers and even assemblers.

Minus TSMC, the companies with iPhone business — including Hon Hai Precision Industry (Foxconn), Largan Precision and TPK Holding — lost 4.7 percent for November. These three companies fared worse than the averaged numbers.

Still, with declining lot costs for components, it is unclear if Apple might be squeezing out any sort of gain in shipments and sales for the iPhone 7.

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