Amidst the bustling landscape of China’s smartphone market, Apple Inc (NASDAQ:AAPL) finds itself facing a daunting challenge as iPhone shipments witness a sharp decline. The latest data for February paints a concerning picture, with shipments plummeting by -33% year-on-year (y/y) and a staggering -56% month-on-month (m/m). This decline, far exceeding typical seasonal patterns of -20% m/m, reflects a challenging landscape for the tech giant. Related: Apple’s iPhone Sales Faces Sharp Decline in China Amid Rising Competition As investors scrutinize the implications of this downturn, questions ari…