The move adds to Apple’s challenges as it directly impacts its biggest non-U.S. market. The Chinese market makes up a sizeable chunk – about 19% – of Apple’s total revenue. According to an anonymous CNN source it appears that China has implemented this policy informally since the Covid-19 epidemic and is now making official to safeguard sensitive data.
Speculations suggest that the ban is a retaliation for the U.S.’s similar action.
Apple’s share price dipped by 7%, and the Nasdaq responded with a 1% decrease. Analysts hailed the fact that the share price fell below the 100-day moving median as a sign of bearishness. Apple’s associates also suffered price declines. Qualcomm Inc., Micron Technology Inc.
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Tesla Inc., and Nvidia Corp. also saw their stock prices fall by at the very least 2%. Edward Moya, senior market analyst at Oanda for the Americas, said:
One bad Apple has ruined a whole bunch of high-capitalization tech stocks ….