Apple loses $200B in two days as China bans iPhones in government
Apple is preparing to launch the iPhone 15 series in the coming days. This will directly affect the company’s shares. However, China’s ban on foreign brand phones, including the iPhone, in public institutions has created a loss of up to 200 billion dollars in Apple.
Apple lost 191 billion dollars in just two days
China believes that foreign technology is exporting data inside the country. The government has taken action and banned the use of US smartphones. This means that Chinese government officials will no longer be allowed to have iPhones.
Later, there was also news that these measures would go further. As a matter of fact, it did. According to a new report, China Mobile, the wireless operator of the People’s Republic of China, will not offer the iPhone 15 to its customers.
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These situations led to a decline in Apple shares. Shares of the technology giant lost more than 5 percent the past day. The cost of this situation was 191 billion dollars in two days.
The challenges facing Apple come not only from China but also from Europe. The EU thinks that 6 companies, including Apple, have excessive power, leading to monopolization. The European Commission will introduce stricter rules on data usage for brands like Apple.
China’s iPhone ban marks a new escalation in the economic war with the US. Both countries have taken steps to limit the activities of technology companies. Earlier, the US banned the Chinese-owned TikTok app on federal government devices.
However, Wall Street analysts think that Apple shares will meet long-term expectations. Events such as the iPhone 15 launch will have a positive impact on stock prices.
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