apple inc AAPL Stocks hit fresh 52-week lows this week, falling in line with temperatures since the beginning of the month. Loup fund Gene Munster had a simple explanation for Apple’s long winter slide.

“It’s market fears, it’s as simple as that,” Munster said Thursday on CNBC’s Squawk Box.

What you should know: Apple shares have held up largely due to significant selling pressure over the past few months Concerns about iPhone production as the company continued to struggle with supply chain challenges in China due to the ongoing COVID-19 restrictions.

Muenster previously said The Cupertino-based company could lose as much as $2 billion a week from the closures, and other analysts have suggested Apple could Missing estimates by 16 million units this year.

But as the stock continued to fall, investors appeared concerned not only about current-quarter deliveries but also expected a soft guidance for the company’s March quarter, Munster told CNBC.

“This unknown has dragged the stock down 15%,” he said.

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Why it matters: Investors sold Apple shares on the potential for more iPhone delays next year, but delays showed the company can’t keep up with demand, and those shipments would likely be pushed to the March quarter, Munster said.

In addition, Apple supplier Taiwan Semiconductor Manufacturing Co.Ltd. TSM reported sales growth of 47% in October and November, he said.

“That correlates strongly with iPhone growth. This suggests they will beat estimates for the December quarter,” Munster said.

Investor concerns should have eased given continued demand for Apple products and TSMC’s strong growth, but that hasn’t happened, he said.

“What tells us there’s something bigger with these investors, and I think it’s this nervousness about March guidance,” Munster said.

“Unfortunately, Apple investors have to…