U.S.-China Tech Tensions Escalate, Hurting Firms on Both Sides

China is encouraging domestic automakers to buy more chips locally instead of from U.S. companies like Nvidia. This hurts U.S. tech companies.

iPhone sales in China have fallen 24% this year due to popularity of Huawei phones. This hurts Apple's revenue.

U.S. has restricted exports of chips to China, harming Nvidia's sales and position in China.

U.S. House voted to ban TikTok unless sold by Chinese parent ByteDance, threatening TikTok's 150 million U.S. users.

Both U.S. and China are inflicting economic pain on each other through export controls, bans, and encouraging domestic alternatives. U.S. tech firms stand to lose a lot.