Apple has seen $114 billion in market value erased in less than week

Apple has seen its market value decline by $114 billion since November 23 as investors grow concerned about ongoing iPhone shortages and the impact on the company's typically strong holiday earnings results.

Apple has faced shortages of its iPhone 14 Pro models in recent weeks, but the lack of iPhone supply has grown even more pronounced amid protests in China against the government's zero-COVID lockdown policies, according to Markets Insider.

China is still pursuing a zero-COVID policy, in which just a few reported infections could trigger a complete lockdown of an entire city. Meanwhile, the country has yet to roll out COVID-19 vaccines that are as effective as those from Pfizer and Moderna.

In October, a COVID outbreak at a Foxconn iPhone assembly plant in Zhengzhou led to many employees abandoning the "iPhone city" to avoid the stringent lockdown procedures. Last week, violent protests erupted at the Foxconn iPhone factory due to the stringent lockdown policies.

Now, civil unrest and protests against the COVID lockdown policies are spreading across the country, with a recent apartment fire that killed 10 people escalating public outcry against the government, as blame was pinned on the restrictive COVID policies.