Chip shortage hurts Apple, Nokia, Daimler and Volvo

An ongoing shortage of chips and other basic materials is forcing some of the world’s biggest tech and automotive companies to scale back their targets this year.

Apple CEO Tim Cook warned Thursday that the company was “not immune” to supply chain challenges, noting that the iPad business had “very significant supply constraints” during the most recent quarter. 

The iPhone maker’s chief financial officer, Luca Maestri, said there are several challenges that need to be overcome in the current quarter, including supply constraints related to Covid-19 that could hurt sales by between $4 billion and $8 billion. Apple shares fell…