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Apple shares have lost about $191 billion of their market capitalization over the past two days due to measures taken by Chinese and European regulators.
Shares fell as much as 5. 1% on Thursday before trimming some of their losses, pushing the two-day loss to $242 billion to its lowest level, according to data from YCharts.
The losses come after China banned government officials from painting from iPhones, the Wall Street Journal reported Wednesday.
Beijing plans to increase the restriction on state-owned enterprises and government-controlled agencies, according to a Bloomberg report on Thursday.
This is the latest step taken by Chinese authorities to reduce their dependence on Western generation and products. The United States and China have engaged in an ongoing tech battle, and the United States also bans public sector workers from employing ByteDance’s TikTok app on their business devices. Members of Congress have proposed legislation banning China’s enforcement of the law nationwide.
Apple is also facing headwinds from Europa. La European Commission on Wednesday named the company as one of six tech corporations acting as “gatekeepers” of online services. Other people discussed in the statement include Alphabet, ByteDance, Meta, Microsoft and Amazon. .
However, Wall Street’s outlook for Apple remains largely optimistic.
In a note Thursday, Wedbush’s Dan Ives downplayed the effect of the Chinese government’s iPhone ban and also pointed to the upcoming iPhone 15 launch as something that would result in a “mini supercycle. “
And Goldman Sachs strategists issued a note Monday saying the tech titan is poised to dominate in the future.