Apple celebrates 49 years with $3.3 trillion valuation
Apple marked its 49th anniversary by reaching a market capitalization of $3.3 trillion. Despite recent tech stock volatility, Apple's shares surged 28% in 2024.
Apple lost its position as China’s top smartphone seller in 2024, with Vivo and Huawei surpassing it after a 17% drop in shipments, marking its largest-ever annual decline. Rising competition, Huawei’s comeback, and shifting consumer trends challenge Apple’s market position.
Apple has lost its position as China's top smartphone seller in 2024, with local rivals Vivo and Huawei surpassing the company after its shipments in the country fell by 17%, according to data released by research firm Canalys on Thursday.
This marks Apple’s largest-ever annual sales decline in China, with a drop seen in all four quarters of the year, including a significant 25% dip in the final quarter. For the year, Vivo, known for its budget smartphones, captured 17% of the market share, followed by Huawei at 16%, and Apple at 15%. The shift highlights the increasing competition Apple faces from domestic brands in one of its most important global markets.
The decline also underscores how factors such as the lack of artificial intelligence features in the latest iPhones—especially in a China where ChatGPT is not accessible—are impacting Apple’s competitive edge. Canalys analyst Toby Zhu remarked, "This is Apple's worst performance in China to date."
He further pointed out the challenges facing Apple's premium market position, noting the strong presence of Huawei’s flagship releases, the rise of foldable Android phones in the high-end market, and growing consumer loyalty to brands like Xiaomi and Vivo, which continue to innovate with new technologies.
Apple had experienced four years of consistent growth following U.S. sanctions on Huawei in 2019, which limited its access to American tech. However, since launching new phones with domestically-produced chipsets in August 2023, Huawei has made a strong return to the premium segment, posting a 24% increase in shipments in the fourth quarter.
Apple has responded to the market pressure by offering rare discounts, including a four-day promotion in China from January 4-7, where it offered price cuts of up to 500 yuan ($68.50) on its iPhone 16 models through its official channels. E-commerce giants, such as Alibaba’s Tmall, followed suit with their own price cuts, offering discounts up to 1,000 yuan ($137) on the latest iPhone 16 series.
Among the top five vendors, Xiaomi showed the strongest growth, with a 29% increase in shipments in the fourth quarter, while Oppo and Vivo saw increases of 18% and 14%, respectively, according to Canalys data. Overall, smartphone shipments in China grew by 4% year-on-year in 2024, reaching 285 million units.
Aid groups in Myanmar’s worst-hit areas urgently need shelter, food, and water after a devastating 7.7 magnitude earthquake killed over 2,700 people. Rescue efforts face challenges due to ongoing civil war, damaged infrastructure, and restricted aid access, with the toll expected to rise.
French far-right leader Marine Le Pen was banned from running for public office for five years after being convicted of embezzlement, ruling her out of the 2027 presidential race. She received a four-year prison sentence, with two years suspended, and a €100,000 fine. Le Pen plans to appeal.
The Armenian armed forces attempted three reconnaissance drone flights over Azerbaijan Army positions near Gerenzur, but all were successfully intercepted. Meanwhile, Armenian units repeatedly fired on Azerbaijani positions from multiple regions, escalating tensions in the area.
Apple marked its 49th anniversary by reaching a market capitalization of $3.3 trillion. Despite recent tech stock volatility, Apple's shares surged 28% in 2024.
Wall Street’s major indexes tumbled sharply after U.S. President Donald Trump’s sweeping tariffs on key trade partners triggered fears of a trade war and global recession. Investors reacted with panic, sending markets into a steep decline.
Danish jeweler Pandora estimates that U.S. tariffs could cost the company around 1.2 billion crowns ($178 million) annually. While some mitigation is possible, Pandora is exploring further measures, including price adjustments and supply chain changes, to reduce the financial burden.
The European Bank for Reconstruction and Development (EBRD) and the Food and Agriculture Organization of the United Nations (FAO) have joined forces to improve farmland management and strengthen food security in the Kyrgyz Republic.
Asian stock markets experienced a significant decline on Thursday following the announcement by US President Donald Trump of new reciprocal tariffs on several US trade partners. The tariffs, which range from 10% to 50%, were announced by Trump on April 2, a day he referred to as “Liberation Day.”
Eight OPEC+ countries meeting on Thursday will focus debates on how to convince Kazakhstan to stop exceeding its output quota and its plans to compensate for overproduction as the group steps up gradual production hikes.
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