APPLE PRODUCTION SHIFTS
Apple shares fall 5% as buyback cuts, tariff fears fan investor jitters
Apple shares fell 5% on Friday after the company trimmed its stock buyback program and CEO Tim Cook flagged a $900 million tariff-related hit to costs this quarter amid a raging Sino-U.S. trade war.
Tariffs cloud tech outlook; Oyo hits IPO wall
Amazon and Apple beat estimates, but their forecasts amid Trump’s trade war raised investor concerns. This and more in today’s ETtech Top 5.
Most iPhones sold in US in June quarter to come from India, says Apple CEO Tim Cook
Apple plans a major shift in its supply chain. Most iPhones sold in the US will come from India by June 2025. Vietnam will be the origin for most iPads, Macs, Apple Watches, and AirPods. This move aims to reduce costs from US tariffs. China will remain the main source for sales outside the US.
Apple surpasses Q2 expectations, says majority of US iPhones sold will come from India
Apple posted strong quarterly results with $24.78 billion in profit, aided by a new low-cost iPhone and app sales. Despite tariff threats, CEO Tim Cook secured exemptions. iPhone sales rose globally but declined in China. Services revenue grew, though antitrust rulings threaten future income from app commissions and Google partnerships.
Why the AI race could be upended by a judge's decision on Google
A US federal judge's ruling against Google's search monopoly has shifted focus to AI, with concerns that Google could use its dominance to control the AI market. Rival companies like OpenAI argue Google's practices hinder competition, while Google insists the AI sector remains competitive. The case could reshape the AI landscape.
Apple girds for more trade war pain, trims buyback
Apple trimmed its share buyback by $10 billion and warned tariffs could add $900 million in costs this quarter. CEO Tim Cook outlined supply chain shifts and increased US investment. While quarterly results beat expectations, shares fell as margins face pressure and Apple braces for uncertainty in a volatile global market.
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US stock market today: Dow Jones, S&P, Nasdaq up - Here's top gainers, top losers, major stocks, data to consider
US Stock market today rallied as Microsoft and Meta earnings beat expectations, pushing the Nasdaq up over 2.2% and lifting Wall Street spirits. Investors were reassured by both companies’ continued AI spending, even as President Trump’s tariff policy stirred fears across industries. While Apple and Amazon gear up to report next, rising unemployment claims, a dip in manufacturing activity, and Qualcomm’s cautious forecast highlight broader market uncertainty. Still, upbeat Big Tech results and possible progress in US-China trade talks are giving Wall Street hope. Dive into this full story to see what’s really driving the markets right now.
Big Tech's fortunes diverge as AI powers cloud, tariffs hit consumer electronics
The fortunes of Big Tech are diverging in a rapidly changing business landscape, as demand for artificial intelligence fuels growth in cloud and digital ads while consumer electronics take a battering from President Donald Trump's global trade war.
Big Tech's fortunes diverge as AI powers cloud, tariffs hit consumer electronics
AI came to the rescue of earnings at Microsoft and Google-parent Alphabet in their March quarter, offering investors hope that their billion-dollar bets on the technology would help them ride out the fallout from sweeping US tariffs. The Trump administration has so far spared electronics from tariffs, but Washington has signaled that some levies could be imposed in the coming weeks.
India’s AI job boom; Hackers fuel Indo-Pak fire
Happy Thursday! Hiring in artificial intelligence (AI) roles is set to grow this fiscal, bucking tech industry trends. This and more in today’s ETtech Morning Dispatch.
Apple reshuffles government affairs and music divisions in latest changes
The organisational changes are just the latest moves for Apple this year. The company reshuffled its retail division, elevating Vanessa Trigub to global head of retail stores. Daniel DiCicco, head of retail real estate, recently left to become the chief of Louis Vuitton in China. On the product side, Apple has also reorganised its Siri and robotics divisions.
US stock market today: Dow jumps 230 as Nasdaq slides and S&P stumbles; UPS cuts, Trump tariffs rattle Wall Street in worst 100-day start for markets in 50 years
US stock market today: Dow Jones today surged 230 points even as the S&P 500 slipped and the Nasdaq fell, wrapping up a wild day on Wall Street. Big headlines like UPS job cuts and Trump’s new China tariffs shook investors. With fears rising and major indexes moving in different directions, the U.S. stock market is now facing its worst 100-day start under any president in over 50 years. From tech stocks tumbling to new trade tensions, this market is giving investors plenty to worry about.
How much do DOGE staffers really earn? Reports suggest their salaries far exceed Elon Musk’s 'zero compensation' claim
Despite Elon Musk's claims of working for free, his Department of Government Efficiency (DOGE) staff is reportedly earning six-figure salaries, funded by taxpayers. While Musk’s team boasts $160 billion in savings, a nonpartisan analysis reveals that his reforms have cost taxpayers $135 billion due to staff layoffs, rehires, and lost productivity. The controversy continues to grow.
Zepto founders’ debt; Rapido’s food delivery ride
Happy Monday! Zepto founders are raising funds through structured debt ahead of the company’s IPO. This and more in today’s ETtech Morning Dispatch.
Apple plans to ramp up iPhone production in India to accelerate manufacturing shift from China
Apple intends to significantly increase iPhone production in India. This move aims to shift manufacturing away from China. The goal is to mitigate business risks from the Sino-US trade situation. India's iPhone output could rise to 70-80 million by 2026. India may become a key iPhone supplier to the US. Government support will be crucial for this expansion.
Apple’s India pivot; Cloud, AI fuel Alphabet's gain
Apple is seeking to assemble all iPhones sold in the US in India by next year, the Financial Times reported. This and more in today’s ETtech Top 5.
Apple aims to source all US iPhones from India in shift away from China: FT report
In a pivot away from China amid Trump's trade war, Apple is looking to move assembly of all US-sold phones to India. China, where Apple manufactures most of its iPhones, has been hit the heaviest with tariffs by Trump administration. The tech major has been steadily building capacity in India with contract manufacturers Tata Electronics and Foxconn.
Samsung may shift production from Vietnam to India, seeks one more year of PLI sops in lieu of FY22
Samsung has requested an additional year for production-linked incentive (PLI) benefits after missing targets in the second year of the scheme. The company seeks to complete its full five-year tenure and potentially receive around ₹3,200 crore in incentives. Amidst trade tensions, Samsung is also exploring diversifying its production from Vietnam to India, aiming to reduce reliance on a single location.
ETMarkets NRI talk: US-China trade tensions could reshape global portfolios—NRIs must rethink strategy, says Quest CEO
The combined effect of these forces—higher costs, slower consumption, and uncertain supply—raises the risk of a global economic slowdown or even recession.
Pixel moves to India; A91's largest fund
In the wake of US tariffs, Google is shifting Pixel manufacturing from Vietnam to India. This and more in today’s ETtech Top 5.
Vietnam stole a march on India. It's India's time now
Alphabet is planning to shift some Google Pixel production from Vietnam to India, aiming to de-risk amid US tariff threats. This marks a significant turn, as Vietnam had been the biggest winner of the “China Plus One” strategy after Covid disrupted Chinese supply chains. The move signals India’s growing role in global electronics manufacturing, especially for US-bound devices.
Alphabet Inc shifts Google Pixel production from Vietnam to India amid US tariff concerns
Alphabet is in discussions with Dixon Technologies and Foxconn to shift Google Pixel smartphone production to India, particularly for US-bound devices, due to potential tariffs on Vietnam. The company aims to mitigate sourcing risks and is exploring localizing components within India.
China sees trade signals while JD Vance keeps it personal in India
U.S. Vice President JD Vance began a four-day visit to India amid efforts to finalize a trade deal before a 90-day tariff pause ends. Vance will meet PM Modi to discuss trade and geopolitical ties. China is closely watching the visit, which comes as India balances U.S. tariff pressures with its economic priorities and Make in India strategy.
Tech-for-stake: 10% cap likely for Chinese firms in electronics JVs
India is likely to cap Chinese equity investment in electronics joint ventures at 10%, contingent on technology transfer, prioritizing local manufacturing development. This decision comes as Chinese firms show increased willingness to meet investment conditions, driven by the US tariff war.
India’s electronics sector eyes $500 bn mark by 2030; Kaynes Technology, Dixon Technologies top buys
India’s electronics manufacturing sector is poised to capitalize on a transformative phase, driven by shifting global trade dynamics and strategic policy interventions.
Apple CEO Tim Cook spoke to Commerce Secretary Lutnick over tariffs threatening $2,000 iPhones: Washington Post report
Apple CEO Tim Cook quietly convinced the Trump administration to exempt key electronics from punitive tariffs—shielding iPhones from a price surge. As Trump’s trade war escalated, Cook’s discreet diplomacy with U.S. officials, including Commerce Secretary Howard Lutnick, helped Apple win a rare reprieve. While other companies scrambled and failed, Cook’s measured relationship-building with Trump paid off—again. But the relief may be short-lived. The White House insists the exemptions are temporary. For now, Apple has dodged the blow. But the storm isn’t over.
Apple reportedly manufactured iPhones worth $22 billion in India in just 12 months
Reportedly India now produces 20% of Apple’s global iPhone output; Apple assembled $22 billion worth of iPhones in India in FY25.
Apple was on brink of crisis before tariff concession from Trump
Apple dodged a major crisis as US president Trump exempted popular consumer electronics like iPhones and Macs from tariffs, a significant relief after fears of cost inflation. The company had considered shifting iPhone production to India to avoid tariffs, but the exemption allows Apple to maintain its China-reliant manufacturing for now.
‘Those jobs aren’t coming back’: When Steve Jobs explained why Apple won't make iPhones in the US
Amidst Trump's tariffs on Chinese goods and pressure on Apple to manufacture in the U.S., a resurfaced video reveals Steve Jobs's 2011 stance that iPhone production wouldn't return to America. He cited China's unmatched manufacturing ecosystem, developed over decades, as the primary reason. Analysts estimate U.S.-made iPhones could cost over $3,000, with full production shift unlikely before 2028.
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