cross-posted from [email protected]

• Beijing has imposed restrictions on iPhone use among its government staff, causing Apple’s stock to drop by more than 3%.
• The move exacerbates already high tensions between the U.S. and China, affecting U.S. tech companies with significant exposure to the Chinese market.
• U.S. lawmakers from both major parties express national security concerns and urge a tougher stance against Beijing.
• Apple suppliers like Qualcomm and Broadcom also experience stock declines, leading losses among major tech firms.
• The restrictions indicate that even companies with good relations with China are not immune to geopolitical tensions.
• Despite U.S. sanctions on Huawei, Apple faces competitive pressure in China, where it earns nearly a fifth of its revenue.