If you’ve been holding onto Skyworks stock solely because of their relationship with Apple, well, it’s time to face the music. That safety net just snapped, and all you’re left with is a hard fall. Grab your tissues, you’re going to need them.

Skyworks stock is down more than 24% after revealing that Apple is now “dual-sourcing” radio frequency components for their Iphones. This is brutal considering 72% of Skyworks’ revenue last quarter came from Apple. You can’t call this a business (basically a glorified employee). And now, Apple is cutting Skyworks’ share by 20-25%, which TD Cowen analysts estimate will rip $600 million out of its 2025 revenue.

This isn’t the first time Apple has started pulling away. Last year, Skyworks lost some business to Qualcomm, and now Broadcom is moving in. Even Citi analyst Atif Malik, who doesn’t usually jump to conclusions, nailed a sell rating on the stock. And that’s before we even get to the CEO shake-up, which feels more like a pure panic move than a carefully planned transition.

Skyworks stock suffered its worst trading session in over 40 years. To put that in perspective, the last time it took a hit this bad, people were still rewinding Thriller cassette tapes with their pinkies (and a gallon of gas was cheaper than a pack of gum).

At this point, the stock is barely clinging to $62, and if it falls below that, analysts warn there’s little support until $36… a nightmare 60% drop from here. Right now, the only thing holding it up is blind hope and some desperate prayers from bagholders.

Maybe. If Apple ever breaks up with Qualcomm’s 5G modem, then Skyworks might get another shot (key word: might). But that’s a long and uncertain road. In the meantime, it might be good to have paper hands and sell the stock.

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Stock.News has positions in Apple.