China's widening curbs on iPhone use by government staff intensified a sell-off in global tech stocks on Friday, fanning fears that Apple and its suppliers could take a hit from rising Sino-U.S. tensions and growing competition from Huawei.
It was not immediately clear how wide China's iPhone curbs are, but one employee at an affected state-owned enterprise in the capital said they extended to visitors.
While the number of central government employees is not public, Bank of America estimated such a ban could cut iPhone sales by 5 million to 10 million units a year from China's annual total of up to 50 million. Several Wall Street analysts said the curbs showed that even a company with good ties to the government and a large presence in the world's second-biggest economy was not immune to rising tension between the two nations.
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