Apple's China suppliers surge after CEO Tim Cook praises country at conference in Beijing

From Investing.com: 2024-11-24 22:29:51

Shares of Apple Inc’s suppliers in China surged after CEO Tim Cook spoke positively about the country at a conference in Beijing. AAC Technologies, Sunny Optical Technology, BYD Electronic International, and Q Technology Group saw gains of 2.4% to 7% in Hong Kong trade, with AAC rising the most due to its audio equipment supply to Apple.

Cook highlighted China’s importance to Apple at the China International Supply Chain Expo, acknowledging the country’s critical role in the company’s operations. China serves as a key market and a significant part of Apple’s supply chain, where a majority of its devices are manufactured.

Despite facing challenges like sluggish iPhone sales and increased competition, Apple exceeded expectations in its September quarter earnings. The company has been impacted by declining consumer spending in China and U.S. restrictions on exporting artificial intelligence technology to the country. Apple has been exploring partnerships for AI features in its devices to navigate these hurdles.



Read more at Investing.com: Apple’s China suppliers rally as CEO Cook appears in Beijing By Investing.com