In China, Apple’s second largest market, iPhone sales fell 18% in the December ending quarter, according to Bloomberg.

Apple already had a rough start to the year. More worries about how its latest iPhones are selling aren’t helpi

Apple stock has continued to run higher while its sales and earnings growth dramatically slowed, especially in the last two years. Over the last five years, the stock price is up 262%, revenue is up just 45.9%, and diluted earnings per share (EPS) increased by 90.5%.

Apple shares are close to key support. Breaking below $217 would bring $208 into play, according to technical stock market analysts.

Jefferies downgrades Apple’s stock, taking a cautious view on the next couple of quarters and on broader AI demand. Plus, Counterpoint Research notes sluggish China performance.

Apple shares fell Tuesday after Jefferies downgraded the stock to an “underperform” from “hold” on Monday, noting that flagging iPhone sales and weak demand for its artificial intelligence (AI) features in newer models would lead the tech giant to undershoot quarterly revenue forecasts.

Forecasts for weak iPhone sales and a weaker update of new artificial intelligence features prompted strategists led by Edison Lee to lower the rate to Underperform from Hold.

Apple (AAPL), and the stock has lost over 11% so far, extending its drawdown from all-time highs to over 14%. It also lost its status as the world’s largest company to Nvidia (NVDA), whose share have looked unstoppable over the last few years.