The waning fortunes of Apple’s top selling product, the iPhone, saw semiconductor stock values plummet by as much as 3.2 percent in weekend trade. More than US$15 billion was wiped off the value of chipmakers amid concerns that slowing iPhone demand will carry through to semiconductors.

None of the 16 chipmakers on S&P’s 500 list escaped the rout, with Skyworks Solutions plunging 7 percent, the most since October..

Analysts predict the industry’s Q1 earnings will fall 7 percent, compared to a 6.5 percent decline expected a week ago, with a full-year profit decline of 9 percent.