Apple shares are down 3.34% and the company is worth about $90 billion less this morning after two body blows from China in the last two days.
Apple shares are down 3.34% just this morning and the company is worth almost $200 billion less than earlier this week after two body blows from China. Yesterday China banned iPhones in government offices, and todayWhen superpowers collide, there’s collateral damage.
In part this move is an attempt to rid sensitive Chinese government and companies of foreign technology, just like the U.S. and Europe have limited Huawei’s involvement in telecommunication networks. Another piece of the puzzle is U.S. restrictions on high-tech computer chip sales to China as well asfrom the Dutch global leader ASML, whose photolithography machines are used to produce sophisticated computer chips.
Yet another concern for the Chinese government is that Apple is outcompeting local smartphone vendors in grabbing an outsized chunk of the value of China’s domestic market. The other vendors sell more units, but thanks to its big-ticket device prices, Apple makes more money.$74 billion worth of iPhones, mostly, to what it calls “Greater China” in fiscal year 2022. That number was $68 billion in 2021, and could be much higher in 2023.
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