A pullback in Apple stock can largely be attributed to a potential fourth-straight quarter of declining revenue expected to be reported early next month, in addition to increased competition in China, according to analysts. Shares of the iPhone maker have slipped about 1.5% this week and are now about 11% below their 52-week high reached in mid-July. Given its $2.7 trillion market capitalization, Apple is the largest company in the U.S. and thus a stock market bellwether. Shares remain higher from the start of the year, with a gain of almost 36%. AAPL 5D mountain Apple stock. Apple, led by CEO Tim Cook, has lately shown signs of weakness in previous quarters as revenue for flagship products such as the Mac and iPhone have slowed. Analysts largely expect the company to post another decline in revenue when fiscal fourth-quarter results are released Nov. 2, which could spill over into the next quarter as well. “U.S. sales are going to be really weak,” said Brandon Nispel, analyst at KeyBanc Capital Markets. “Carrier promotions [by wireless phone networks] are no more aggressive than they’ve been in the last couple of years.” Nispel also pointed to headwinds in China stemming from increased competition from Huawei as being a potential drag on the stock recently. A Monday report from Jefferies showed that Apple lost the top spot as the premier handset market share leader in China. However, growth remains a topline issue for investors on Wall Street, which have already been looking for a turning point, according to Melius Research analyst Ben Reitzes. “I think we need to see a bit of an inflection point for a company of this magnitude,” he said. Reitzes also pointed to concerns about the China business as well as geopolitical issues weighing on the broader market as headwinds afflicting Apple. Meanwhile, UBS says risks also remain to the iPhone 15 Pro handsets, which the bank says is already showing signs of weaker demand when compared with last year’s iPhone 14 lineup. “While there are catalysts for smartphone demand approaching with the holiday season and Singles’ Day in China, the upside for iPhones is somewhat limited considering the macro environment and the competitive landscape with Huawei’s Mate60 in China,” UBS analyst David Vogt wrote in a Tuesday note. Reitzes added that Apple stock could also be suffering as a result of the company’s relatively muted strategy to utilize artificial intelligence, which the analyst says Apple has yet to flesh out in any great detail. “They’re really the only Magnificent 7 company that leaves you scratching your head,” he said. “It’s really important for Apple to establish its AI strategy, and I think investors are looking for that,” he said. — Additional reporting by CNBC’s Michael Bloom.