Apple suppliers slide on China anxiety, threat from Huawei
Huawei suppliers extended recent gains. Shares in Semiconductor Manufacturing International Corp , which is believed to have made the advanced chip in Huawei's new smartphone, rose 0.7%.It was not immediately clear how wide China's iPhone curbs are, but one employee at an affected state-owned enterprise in the capital said they extended to visitors.
While the number of central government employees is not public, Bank of America estimated that such a ban could cut iPhone sales by 5 million-10 million units a year from China's annual total of up to 50 million. Several Wall Street analysts said the curbs showed that even a company with a large presence in China and good ties to the government is not immune to rising tension between the two nations. Apple has shifted some production out of China in the aftermath of the country's strict COVID-19 restrictions.
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