• Two sets of analysts downgraded Apple, citing weak iPhone demand.
• Apple's AI-powered iPhone 16 has had mixed reviews; its biggest feature is unavailable in China.
• Chinese smartphone makers like Xiaomi are gaining market share over Apple in the key region.

Wall Street's confidence in Apple's China performance seems to be slipping as its first-quarter fiscal year 2025 earnings announcement approaches.

Apple, which is scheduled to report quarterly data on January 30, was downgraded to "underperform" by analysts at Jefferies. It was also cut to "hold" from "buy" at Loop Capital, Bloomberg reported.

Shares have fallen more than 10% in 2025, and dropped more than 3% on Tuesday.

In a note published Monday, Jefferies analyst Edison Lee cited weak iPhone demand, particularly in the key Greater China region. Jefferies estimates a 4% drop year over year in iPhone shipments in the first quarter. Meantime, Loop cited ongoing iPhone sales weakness, Bloomberg said.

Apple released its highly anticipated Apple Intelligence features in October 2024 after announcing the AI software at the Worldwide Developers Conference earlier that year. At the time, Wedbush analyst Dan Ives said it could drive a "golden" upgrade cycle.

However, "AI would be unlikely to kickstart a super upgrade cycle anytime soon," Jefferies' Lee said.

Since the AI-powered iPhone 16 launched in September, it's been met with mixed reviews in the US. Apple Intelligence is also not yet available in China. MoffettNathanson also gave Apple a rare "sell" recommendation this month.

Apple's standing in China has been rocky this past year, with local smartphone makers gaining ground in a crucial market for the tech giant. Chinese competitor Xiaomi grew handset sales the fastest in 2024, according to data from Counterpoint.

Apple was late to launching its AI offerings compared to its tech competitors, but it seemed to invigorate Wall Street with demonstrations of Apple Intelligence at WWDC. Citi analysts said it was the "best WWDC" in a long time.

However, they're still waiting for the Apple Intelligence rollout to move the dial for iPhone sales.

"Any delay in advanced packaging roadmap would be a further negative sign," Jefferies' Lee said.

THE Liverpool Hurdle is up next as excitement builds ahead of the Grand National NEXT.

Sun Racing brings you how every horse finished in the 3.05 at Aintree below, or check out our live blog for the latest updates and reaction.

3.05 Aintree result

Full result and horse placing to follow…

Full Aintree Grand National Festival TV schedule and race times

Thursday, April 3

All times BST

1:45pm: Manifesto Novices’ Chase (WINNER: IMPAIRE ET PASSE)
2:20pm: Juvenile Hurdle (WINNER: MURCIA)
2:55pm: Aintree Bowl (WINNER: GAELIC WARRIOR)
3:30pm: Aintree Hurdle (WINNER: LOSSIEMOUTH)
4:05pm: Foxhunters’ Open Hunters’ Chase (WINNER: GRACCUS DE BALME)
4:40pm: Red Rum Handicap Chase (WINNER: SANUS BRUIT)
5:15pm: Nickel Coin Mares’ Standard Open National Hunt Flat Race (WINNER: SEO LINN)

Friday, April 4

1:45pm: Mildmay Novices’ Chase (WINNER: CALDWELL POTTER)
2:20pm: William Hill Handicap Hurdle (WINNER: WELLINGTON ARCH)
2:55pm: Top Novices’ Hurdle (WINNER: SALVATOR MUNDI)
3:30pm: Melling Chase (WINNER: JONBON)
4:05pm: Topham Handicap Chase (WINNER: GENTLEMAN DE MEE)
4:40pm: Sefton Novices’ Hurdle (WINNER: JULIUS DES PICTONS)
5:15pm: Hallgarten and Novum Wines Handicap Hurdle (WINNER: SHE’S A SAINT)

Saturday, April 5

1:20pm: William Hill Handicap Hurdle (WINNER: DEEP CAVE)
1:55pm: Mersey Novices’ Hurdle (WINNER: HONESTY POLICY)
2:30pm: Freebooter Handicap Chase (WINNER: CRUZ CONTROL)
3:05pm: Liverpool Hurdle (ITV)
4pm: Grand National (ITV)
5pm: Maghull Novices’ Chase (Racing TV)
5:35pm: Standard Open National Hunt Flat Race (Racing TV)

Remember to gamble responsibly

A responsible gambler is someone who:

• Establishes time and monetary limits before playing
• Only gambles with money they can afford to lose
• Never chase their losses
• Doesn’t gamble if they’re upset, angry or depressed
• Gamcare – www.gamcare.org.uk
• Gamble Aware – www.begambleaware.org

For help with a gambling problem, call the National Gambling Helpline on 0808 8020 133 or go to www.gamstop.co.uk to be excluded from all UK-regulated gambling websites.