I'm Carl Kintanilla. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.

Welcome to Tech Check. I'm Carl Kintania with John Fortin-Dear-debosa. Our feed this morning begins with Apple under pressure again today.

After coming off the worst week in more than two years, warning now of a major slowdown in iPhone 14 shipments as strict COVID restrictions forced this lockdown at a

factory in China. John, interesting progression of events last night regarding the guidance,

then a story about actual numbers. And I know you talked last night about the mix and how it's not

the kind of product you'd want to have a shortfall on. Well, no, Carl. I mean, exactly, because Apple's like the one company with a high dollar premium product

with nice margins that seems to have had that product remain in demand.

It doesn't appear that the iPhone customer wants to trade down into the lower end iPhones.

They really want those higher end features.

So when you've still

got demand, consumer demand that's viable at the high end at a time like this, you want supply.

When supply gets choked off like this, D, it raises questions about how much and how long.

I don't know that we have those answers, but this stock reaction

initially pretty mild. I wouldn't expect that it's necessarily the only reaction that we'll get

once we get some more information. Mild today, but we're looking at a one-week chart of Apple.

And as you said, John, this has been a company that has been more resilient in terms of supply

and demand when others have been hit harder, down 10% over the last week. That is a large move for the stock that has been sort of a north star for the market. What we're talking about here, though, is supply, right? And this is Tim Cook's legacy. This is what he has done at Apple that many, many praise him for that has led to these incredible results over the years.

And that is largely built in China. It's operations there. When you go back, Carl, to the earnings

call, it's kind of incredible that there was questions on wearables and other things, but not a

single question on China or zero COVID. So leads you to wonder maybe if Wall Street has become complacent.

Apple is, I think, slowly diversifying that supply chain away from China. But this just shows you

the risks of that and that maybe needs to happen quicker.

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