Reports that authorities in China have ordered government officials and state employees to stop using Apple products at work weighed down broader market indices last week. Apple, the largest constituent of the blue-chip S&P 500 and technology focussed Nasdaq indices, saw its market valuation shrink by nearly $200 billion as its shares fell 6% on the news.
Whilst the curbs are also said to extend to other foreign-branded devices, they will have the biggest impact on Apple. China is its third-largest market, accounting for 18% of its revenue last year and around 50 million in annual iPhone sales.
The timing of the report also comes just before this week’s release of the new iPhone 15 range and the restrictions could knock Apple off track from passing Samsung to become the world’s largest smartphone seller.
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