(Bloomberg) -- A lukewarm response to Apple Inc.’s highly anticipated launch of new artificial intelligence features sank shares of some of the company’s key Asian suppliers.

Analysts said the event to introduce the Apple Intelligence platform contained no big surprises, and would fail to alter the downbeat outlook for iPhone shipments this year. That took some steam out of recent stock rallies for Apple and related component makers.

South Korea’s LG Innotek Co. tumbled as much as 9.5%, the most since September 2022, while China’s Luxshare Precision Industry Co. fell 4.1%. Both companies get more than 70% of their sales from Apple, according to data compiled by Bloomberg.

“It was disappointing that there was no killer content,” Yang Seung Soo, an analyst at Meritz Securities Co., wrote in a report, adding that iPhone shipments are unlikely to surprise on the upside.

Apple’s shares fell 1.9% Monday after the presentation at its annual Worldwide Developers Conference, which featured operating system updates and a new partnership with ChatGPT creator OpenAI. The stock had rebounded nearly 20% from an April low on a positive earnings report last month and expectations for its AI strategy.

Among other suppliers falling in Asia on Tuesday, Japan’s Sharp Corp. slipped 2.9%. Some related stocks bucked the declines however, including chipmaker Taiwan Semiconductor Manufacturing Co., which rallied after reporting strong May sales.

--With assistance from Kelly Li.

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