Apple tumbles, drags tech stocks lower as fears grow over China iPhone curbs

📆 9/7/2023 10:55 AM
📰 Reuters

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Apple fell nearly 4% on Thursday and sparked a selloff in tech stocks after reports that China has widened curbs on iPhone use by government staff in one of the U.S. company's biggest markets.

The reported move deepened fears about the financial toll from rising tensions between Washington and Beijing.

The U.S. has in recent years restricted China's access to key technologies including cutting-edge chips, while Beijing has tried to reduce its reliance on American tech and curbed shipments from U.S. firms including planemaker BoeingSeveral Wall Street analysts said the curbs on the iPhone show that even a company with a good relationship with the Chinese government and large presence in the world's second-largest economy was not immune to rising Sino-U.S. tensions.

"The restrictions have the potential to slow Apple's sales growth in China. This could provide an additional challenge for the company," said D.A Davidson analyst Tom Forte.

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