Apple shares are slumping on reports of the production cuts.

Just three months ago, the world celebrated was celebrating Apple’s achievement of a historic milestone: becoming the first company in the world to reach a $1 trillion market capitalization.

Now, after an unimpressive product launch and poor Q3 earnings report in which the company quietly revealed its controversial decision to stop breaking out sales unit numbers for iPhones, the narrative surrounding the company’s stock has changed remarkably and, as Lumentum shareholders no doubt remember, difficulties associated with lackluster sales of the three new iPhone models are trickling down to Apple’s beholden suppliers, who were the first to hint at the trouble in paradise by cutting their guidance due to declining demand at their biggest customer(s), an obvious reference to Apple.

Smelling blood in the water, Goldman Sachs slashed its price target to $209 from $222 (based on a P/E of ~16x), citing expectations of slowing demand in emerging markets – and China in particular, where Baidu searches for the new iPhone modes (a surprisingly accurate leading indicator for demand) have fallen dramatically (though this isn’t all that surprising considering the outrageous prices of the new phones, coupled with a weakening currency that is making Apple products more expensive in yuan terms).

And one week after shares of Apple suppliers imploded following Apple’s latest earnings report (while Apple shares tumbled into bear market territory, erasing $200 billion in value from their October highs), the Wall Street Journal has published a deep dive into the reactions of Apple’s long-suffering suppliers, who were willing to countenance the company’s controlling style and its inflexible demands while sales were hot. But as Apple’s complex three-tiered product offerings create logistical nightmares and the company’s expensive handsets start turning off some customers, suppliers are beginning to rebel. In the past, Apple thrived on “the beauty of simplicity,” said,” said one executive at an Apple supplier. “It was very few models at massive volumes.”