Shares of Apple fell nearly 3% on Monday after some analysts said delivery times for the new iPhone 16 Pro models indicated weaker-than-expected demand, possibly due to the delayed rollout of key artificial intelligence features.

Shares fell 3% by midafternoon, wiping out roughly $96 billion in market capitalization, though Apple comfortably remains the most valuable public company in the world. Apple dropped Monday to its lowest intraday share price since Aug. 9.