Investors are reacting negatively to Taiwan Semiconductor Manufacturing Company‘s latest revision to its revenue forecasts, now centered on the low end of its initially published range.

TSMC, which supplies processor chips for iPhones to Apple and certain chips to MediaTek, NVIDIA and Qualcomm, is now expecting 5 percent growth for the year on a range of 5 to 7 percent. Contract producers are expected to grow by 8 percent instead of 9 to 10 percent.

Many analysts have told the Reuters news agency that this change was “exactly” about Apple and its flagging iPhone X, which had been expected to give TSMC a big boost. iPhone 8 and iPhone 8 Plus demand is also facing natural decay.

“Apple represents nearly 20 percent of TSMC’s revenue so the outlook potentially points to weaker-than-anticipated iPhone demand,” said James Cordwell of Atlantic Equities.

TSMC shares in New York fell 6 percent on the news. Contingent listed companies like Applied Materials, Analog Devices, Lam Research, Micron Technology and others have taken falls for the day.

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