Apple stock (NASDAQ: AAPL) has remained largely flat over the past month, underperforming the Nasdaq-100, which gained about 4% in the same period.

Apple had been counting on new artificial intelligence features to make the iPhone 16 a major hit. But pre–sale estimates point to a more muted early response than Apple had hoped.

Barclays analyst Tim Long made some recent supply chain channel checks and believes that Apple may have just cut orders at a Taiwanese supplier for the December quarter.

Apple iPhone 16 is the most affordable iPhone to offer Apple Intelligence, though the features will continue to roll out into early 2025.