Apple shares tumble after China’s drastic decision on iPhones

Apple shares tumble after China’s drastic decision on iPhones
September 6, 2023 – 12:32 p.m.

The technology giant’s shares lost 2.9% to $184.30 and pushed the Nasdaq index downward.

The apple stock they sank almost 3% this Wednesday, September 6 on Wall Street, after learning that China banned officials from central government agencies from using iPhones and other foreign-brand devices to work, or bring them to the office.

The Tech Giant Papers they lost 2.9% to u$s184.30 and pressured the Nasdaq index downwards (it yielded 1%).

According to the Wall Street Journal, based on information from people familiar with the matter, the orders on the foreign-branded devices have been issued by superiors to his staff in recent weeks and it is still unclear how they are being implemented.

The WSJ article does not name other makes or models of phones besides Apple’s. In recent years, China has become more concerned about data security and has implemented new laws and compliance requirements for businesses..

In May, the country had urged big state-owned companies to play a key role in its drive to achieve self-sufficiency in technology, raising the stakes in the race against a backdrop of disagreements with the United States.

Source: Ambito

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