⚡️ China's iPhone ban bites Apple

PLUS: EU's Big Tech crackdown

Welcome, Tech enthusiasts.

Apple has lost nearly $200B in market value this week on reports of expanding iPhone bans in the East.

Is China maneuvering to take a bite out of the U.S. tech giants? Let’s dive in…

In today’s tech rundown:

  • 🍏 Apple’s shares stumble as China eyes iPhone ban

  • 🕹️ Nintendo Switch 2 demoed at Gamescom 2023

  • 🔨 EU’s Digital Markets Act cracks down on Big Tech 

  • 🛠️ 8 New products and 5 quick stories

Read time: 3 minutes

TODAY’S HEADLINES

APPLE

Image source: Midjourney

The Rundown: Apple stock ($AAPL) tumbled nearly 6% over two days on reports that China may ban state agencies from buying iPhones, wiping out nearly $200 billion in market value.

The details:

  • The potential expansion of China's iPhone ban and an ongoing crisis in the country's real estate market could hinder Apple's largest overseas market and global production hub.

  • The news comes on the heels of China-based rival Huawei revealing a new high-end 5G phone ‘Mate 60 Pro’, hailed as a breakthrough for the country’s tech industry.

  • Apple has recently gained a share of the Chinese smartphone market, and some analysts believe the ban impact is overblown.

Why it matters: The Chinese market has long been Apple's golden goose, but this ban could provide complications for the tech giant — and potentially signal the start of tougher business landscapes for U.S. tech companies in the East.

NINTENDO

Image source: Nintendo

The Rundown: Recent reports claim that Nintendo quietly demoed its next-gen Switch 2 console at Gamescom 2023, running tech demos with visuals comparable to PS5 and Xbox.

Key points:

  • The demos reportedly featured Zelda: Breath of the Wild and The Matrix Awakens at Gamescom, utilizing Nvidia DLSS and ray tracing for enhanced graphics performance.

  • Nintendo is targeting a 2024 launch for the new console, with dev kits already out to partner studios.

  • The company is also rumored to develop a standalone VR headset with Google with mixed-reality capabilities.

Why it matters: The arrival of the Nintendo Switch 2 (which has been rumored for years) could be a shake-up in the gaming console realm — and perhaps reverse the trend of declining demand for the current Switch.

Our notes: A potential VR headset could also pave new ground for the company as tech capabilities continue to expand.

TECH REGULATION

Image source: Midjourney

The Rundown: The EU is stepping up its antitrust game — reportedly gearing up for what could be the biggest-ever crackdown on Big Tech's monopolistic tendencies in the digital economy.

The details:

  • The Digital Markets Act (DMA) will take effect early next year.

  • The act will impose stringent rules on big players like Google, Apple, Amazon, and Meta to encourage fair competition and transparency.

  • Platforms will be prohibited from favoring their own services, using data collected from third parties against them, and will be required to enable users the ability to access apps from rival platforms.

  • Challenges are expected, with Apple and Amazon already voicing concerns about conflicting regulations from different EU nations.

The relevance: It might be time for the tech titans to buckle up — because the EU is showing no mercy in its new rules to prevent monopolies within the industry.

However, getting giant companies to play nice isn't simple. A flurry of lawsuits and debates is likely on the horizon.

NEW PRODUCTS

💯 M1-Project- Understand your target audience without weeks of research (link)

👨‍💻 HTML to Framer- Copy and paste your website over to Framer quickly and easily (link)

Streamlined- B2B payments built for global commerce (link)

🎥 Descript- A powerful all-in-one video and podcast editing tool using AI (link)

🐦 TweetHunter- All-in-one Twitter growth tool to create content using AI, build an audience, and schedule posts (link)

✍️ Rytr- An AI writing assistant that helps you create high-quality content, in just a few seconds (link)

🎵 Mubert- Soundtrack for your content made by AI (link)

🧠 Taskade- Five AI-powered tools in one to supercharge your team productivity (link)

Browse the most popular tools ever featured with our tool database.

SNIPPETS

The Pentagon plans a vast network of AI drones/robots in 2 years to counter China, per Deputy Sec Hicks. "Small, smart, cheap" systems will provide ISR, logistics, and missile defense - urgency akin to the wartime pace needed.

A Mozilla report finds cars collect sensitive user data on par with tech firms, with few limits on storage and sale. Opting out of sharing is nearly impossible, so Mozilla calls for regulators to curb unchecked data collection by automakers.

The CFPB's Chopra says Apple and Google act like "mini-governments" in payments, imposing rules that squeeze out small firms, though tech disruption of Wall Street is needed.

Google's controversial Privacy Sandbox ad tracking replacement is now on nearly all Chrome browsers, a big step towards ending third-party cookies in 2024. Privacy Sandbox implements new tools like Topics API that sort users into ad interest categories on-device, and Site Suggested Ads.

YouTube is testing "Playables", a new section with casual games you can play on desktop and mobile. It starts with a small number of users and titles like Stack Bounce. Adding games gives YouTube another entertainment option alongside videos, music, movies, and more.

THAT’S A WRAP

If you have anything interesting to share, please reach out to us by sending us a DM on Twitter: @rowancheung & @therundowntech

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