Apple shares are currently experiencing a selloff, resulting in a reduction of $200 billion in market value in just two days.
Apple finds itself caught in the crossfire of various export controls.
This decline follows the Chinese government's restriction on officials' use of iPhones for work and the unveiling of Huawei's new Mate 60 Pro smartphone, as reported by Akiko Fujita and Luke Carberry Mogan for Yahoo Finance.
Reva Goujon, Director of Rhodium Group, explains the concerns raised by Huawei's new advanced chips in the eyes of U.S. regulators and how Apple finds itself caught in the crossfire of various export controls. Goujon notes, "China has the intention to showcase its technological breakthroughs."
She further adds, "There's a question regarding the extent to which this actually represents a breakthrough and an ability for heavily sanctioned Chinese firms like Huawei to circumvent U.S. export controls and sanctions." Goujon concludes on this note.