No big U.S. tech company is more exposed to China’s political climate than Apple. But its adroit management of the Chinese market is insulating it from the turmoil gripping the country’s own tech stocks.
The Chinese government under President Xi Jinping has rattled investors in Chinese technology companies by announcing regulatory measures meant to curb the country’s fast-growing economy while reasserting control over some of its biggest companies. But the big U.S. technology company most exposed to China — Apple Inc. — is likely insulated from the turmoil for the time being.
On Tuesday — when Chinese tech giant Tencent Holdings had its worst day in a decade and Chinese tech companies ranging from food delivery to online tutoring sectors continued a multi-day free fall — Apple underscored its dominance by releasing earnings that topped Wall Street expectations for both sales and profit and reported quarterly revenue that topped $100 billion for the first time. That included strong growth in Apple’s Greater China region, in which it reported $14.
Apple’s manufacturing supply chain is based in China and Taiwan, where nearly every iPhone, iPad and Mac computer is made. Over the years, China has proven itself to be both an important customer and partner to Apple. Apple may not be facing the brunt of the Chinese crackdown, but it has not been totally immune to its regulatory bodies in recent years. In 2017, after China passed a cybersecurity law that required technology companies operating in China to store Chinese users’ data in the country, Apple agreed to build two data centers in the country. Cookasserted that the company had more or less given up control of the computers inside the data center to the Chinese state.
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