Apple shares slip as OpenAI reportedly eyes chip development

Apple shares fell after reports that OpenAI is exploring smartphone processors, raising competitive concerns for the iPhone maker. TF International analyst Ming-Chi Kuo said industry checks suggest OpenAI is working with Qualcomm (and Taiwan’s MediaTek) to develop processors and could bundle AI subscriptions with hardware, creating a new AI-agent ecosystem. The news coincided with AAPL slipping about 1.5% in early New York trading on April 27, 2026. The development boosts potential competition in mobile silicon and AI-enabled devices, benefiting chip partners like Qualcomm while pressuring Apple’s stock near-term.