The operation of Foxconn’s major manufacturing base in the Chinese city of Zhengzhou has been affected by a local COVID-19 outbreak since this October. As a result, the capacity utilization rate of the base has yet to risen above the level of 70%. The outbreak in Zhengzhou was at its worst just as Apple was trying to ramp up sales of the new iPhone models for this year (i.e., the iPhone 14 series) to a peak. Furthermore, the new Pro models have been in high demand, so Apple has kept raising their share in the overall iPhone production. Hence, Foxconn as the sole a...