World’s most valuable firm was set to lose more than $100 billion in market value
) fell nearly 4% on Thursday and sparked a rout in U.S. equities after reports that China has widened curbs on iPhone use by government staff in one of the U.S. company’s biggest markets.
Reuters reported earlier in the day that Beijing told employees at some central government agencies in recent weeks to stop using their Apple mobiles at work. Several 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.
Some analysts have also warned of a potential sales hit due to Huawei’s new Mate 60 Pro smartphone, which is powered by an advanced chip made by Chinese contract chipmaker SMIC and marks a breakthrough for the duo hit by U.S. sanctions.
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