Apple shares plunged over 9% after the iPhone maker issued a weaker-than-expected outlook, warning that AI-driven component shortages are straining global supply chains. The stock is on track for its worst one-day fall in more than six years, putting nearly $500 billion in market value at risk and lifting Nvidia's valuation lead.

Investors look to Apple as relatively safe bet, as spending jitters spur sell-off of AI-related stocks

Apple is worried enough about supply shortages that it reported about $11.1 billion in inventory, which is almost double the $5.7 billion it reported last September.

Apple anticipates slower sales growth this quarter due to supply chain issues. The company faces challenges in obtaining necessary parts for product delivery. This forecast led…