Balanced News: Apple shares fall after reports that China banned iPhone use by government employees

Apple shares fell over 3% following reports that Chinese government workers may be banned from using iPhones. The reported restrictions, which have not been publicly announced, raise concerns about Apple’s products being caught up in tensions between the US and China. Greater China is Apple’s third-largest market, accounting for 18% of total revenue. The ban could potentially reduce iPhone unit sales in China by 5% and could signal a move by the Chinese government to promote domestic technology. Additionally, concerns about increased competition from Huawei have led some investors, like portfolio manager Dan Niles, to sell their stake in Apple.