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A drumbeat of bad news for Apple Inc. is casting doubt on the argument that the world’s most valuable company is immune to risks related to economic turbulence.

Tepid China sales of its new iPhones raise questions over company’s pricey valuation

Tepid sales in China for its new iPhone models have fueled concerns about Apples ability to justify its pricey valuation and avoid a streak of four consecutive quarters of falling revenue — which would be its worst run since 2001. Thats as the company grapples with political tensions with China and overheating devices, while KeyBanc this month became the latest firm to downgrade the stock.

Shares remain up for 2023 despite weakness since July.