A dramatic shift has taken place at the top of the tech world. After a sharp slide in its stock value, Apple is no longer the world’s most valuable company — a title it’s now lost to Microsoft. A turbulent four-day market downturn pushed Apple’s valuation down to $2.59 trillion, while Microsoft edged ahead at $2.64 trillion, according to a recent report.
The shakeup follows the announcement of sweeping new “discounted” tariffs on imports from over 100 nations, setting off tremors in global stock markets. Technology giants bore the brunt, but Apple, with its heavy manufacturing roots in China, felt the impact most acutely. The Nasdaq has dropped 13% over the past few sessions, driven by growing fears of inflation and an economic slowdown.
The new tariffs are threatening to inflate the price of Apple’s upcoming iPhone 16 Pro Max by as much as $350 in the U.S., should the added costs trickle down to the consumer, according to analysts from a major investment bank.
In response, Apple is looking east. A report from a financial daily reveals the tech titan is actively preparing to increase iPhone production in India, hoping to balance out the pressure caused by the new import duties. Though U.S. leaders are encouraging companies to bring manufacturing back home, insiders say producing iPhones domestically would be far too costly — even more expensive than paying the tariffs themselves.
One insider shared, “The company sees the current situation as too uncertain to upend long-term investments in its supply chain, which is centered around China,” suggesting that any shifts in manufacturing are temporary solutions, not permanent moves.
Meanwhile, a different kind of frenzy is playing out in U.S. Apple Stores. Customers, fearing upcoming price hikes, are rushing to upgrade their devices. The sense of urgency has sparked a spike in iPhone sales, as buyers hope to dodge the anticipated cost increase.
As Microsoft quietly ascends to the top, Apple faces a moment of recalibration — a reminder that even giants must adapt in a world where politics, production, and perception intersect.
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