10 Firms Hit Hard in Thursday’s Trading

1. Skyworks Solutions Inc. (NASDAQ:SWKS)

Shares of Skyworks fell by nearly 25 percent on Thursday to end at $65.6 apiece after technology giant Apple Inc. announced that it would reduce its reliance on Skyworks’ semiconductors for components in the upcoming iPhone 17.

According to Skyworks’ Chief Finance Officer Kris Sennesael, its content share in the new iPhone is expected to decline by up to 25 percent despite securing multiple sockets, including highly integrated RF modules.

According to the company, Apple accounted for 72 percent of its revenues in the last quarter.

Following the announcement, several investment banking firms downgraded Skyworks’ rating.

Analysts from Stifel said they slashed their stock rating for the company from “buy” to “hold,” while Mizuho analysts said they cut their rating for the company from “outperform” to “neutral,” citing continued headwinds through at least the iPhone 18 launch and limited near-term catalysts.

While we acknowledge the potential of SWKS as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than SWKS but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.

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