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IPhone Curbs: Apple selloff deepens to $200 billion on China iPhone curbs
Apple Inc. Shares are on track to lose $200 billion after falling on Thursday market value In just two days, as China plans to extend the ban on the use of iPhones to government-backed agencies and state companies.
Shares of the Cupertino, California-based company fell as much as 5.1%, bringing its two-day decline to 6.8%. Apple is the biggest component of major US equity indexes, fueled by widespread selling amid a string of crises in China.
The world’s second-largest economy is reeling from a long-running crisis in its real estate market, threatening demand for everything from commodities to consumer electronics. iPhone The manufacturer considers China as its largest overseas market and global production base.
Apple’s troubles are rising as US Treasury yields rose as bond selling raised concerns that the Federal Reserve will have to step up its fight against inflation as the US economy remains resilient.
The news is having a cascading effect on markets, with investors selling everything from chips to mega-cap tech to US-listed Chinese shares.
“The Nasdaq is sinking because a bad Apple has ruined many mega-cap tech stocks,” said Edward Moya, senior market analyst at OANDA. “Apple’s growth story is heavily dependent on China and if Beijing’s action intensifies it could create a major problem for a host of other mega-cap tech companies that depend on China.”
The tech-heavy Nasdaq 100 index was trading about 1% lower, meanwhile the Philadelphia Semiconductor Index, which includes several Apple suppliers, was down 2.5% on Thursday.
interesting times
Bank of America Corp analyst Vamsi Mohan says “the timing of the potential ban is interesting” given Huawei Technologies Co’s recent launch of high-end 5G-capable smartphones.
Huawei’s mystery phone shows off wireless speeds as fast as Apple’s
The destruction of the new device shows Beijing is making early progress in a nationwide effort to block US efforts to curb its dominance Huawei’s Mate 60 Pro is expected to be equipped with Semiconductor Manufacturing International Corp’s 7nm chips, according to an analysis. Is being operated by. That was conducted by TechInsights for Bloomberg News.
If Beijing moves forward with the ban, the unprecedented blockade could also affect many other US technology companies that depend on sales and production in China. Apple suppliers across various continents were trading lower on Thursday as multiple reports confirmed China’s latest changes.
However, bullish analysts like Daniel Ives of Wedbush Securities believe that “the impact of the iPhone ban is much larger” as it will affect less than 500,000 iPhones out of the approximately 45 million sold in the country over the next 12 months.
“Despite the noise, Apple has gained massive share of China’s smartphone market,” Ives, who has an overweight rating on the stock, wrote in a note.
Shares of the Cupertino, California-based company fell as much as 5.1%, bringing its two-day decline to 6.8%. Apple is the biggest component of major US equity indexes, fueled by widespread selling amid a string of crises in China.
The world’s second-largest economy is reeling from a long-running crisis in its real estate market, threatening demand for everything from commodities to consumer electronics. iPhone The manufacturer considers China as its largest overseas market and global production base.
Apple’s troubles are rising as US Treasury yields rose as bond selling raised concerns that the Federal Reserve will have to step up its fight against inflation as the US economy remains resilient.
The news is having a cascading effect on markets, with investors selling everything from chips to mega-cap tech to US-listed Chinese shares.
“The Nasdaq is sinking because a bad Apple has ruined many mega-cap tech stocks,” said Edward Moya, senior market analyst at OANDA. “Apple’s growth story is heavily dependent on China and if Beijing’s action intensifies it could create a major problem for a host of other mega-cap tech companies that depend on China.”
The tech-heavy Nasdaq 100 index was trading about 1% lower, meanwhile the Philadelphia Semiconductor Index, which includes several Apple suppliers, was down 2.5% on Thursday.
interesting times
Bank of America Corp analyst Vamsi Mohan says “the timing of the potential ban is interesting” given Huawei Technologies Co’s recent launch of high-end 5G-capable smartphones.
Huawei’s mystery phone shows off wireless speeds as fast as Apple’s
The destruction of the new device shows Beijing is making early progress in a nationwide effort to block US efforts to curb its dominance Huawei’s Mate 60 Pro is expected to be equipped with Semiconductor Manufacturing International Corp’s 7nm chips, according to an analysis. Is being operated by. That was conducted by TechInsights for Bloomberg News.
If Beijing moves forward with the ban, the unprecedented blockade could also affect many other US technology companies that depend on sales and production in China. Apple suppliers across various continents were trading lower on Thursday as multiple reports confirmed China’s latest changes.
However, bullish analysts like Daniel Ives of Wedbush Securities believe that “the impact of the iPhone ban is much larger” as it will affect less than 500,000 iPhones out of the approximately 45 million sold in the country over the next 12 months.
“Despite the noise, Apple has gained massive share of China’s smartphone market,” Ives, who has an overweight rating on the stock, wrote in a note.
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