Tech Tumbles: Apple Extends Stock Slump on Reports of a China Government iPhone Ban 9/7/23

Squawk on the Street

CNBC

Investing, Business, News

4.1 • 567 Ratings

🗓️ 7 September 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber led off the show with Apple extending this week's losses: Shares hurt by published reports stating China plans to broaden its ban of iPhone usage by government officials. The anchors explored whether now is the time to buy mega-tech names, as the Nasdaq entered Thursday's session in the midst of a three-day losing streak. At the Goldman Sachs "Communacopia" conference in San Francisco, David highlighted comments made at the event by Warner Bros. Discovery CEODavid Zaslav. Also in focus: Crude oil's nine-session win streak, the streaming wars as the NFL season kicks off, auto industry labor strife, Boeing's 737 MAX delivery guidance, CNBC's "Fast Money" rings the Nasdaq opening bell. Squawk on the Street Disclaimer

Transcript

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0:00.0	It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street.
0:04.7	Don't miss a minute of the action. Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Kinteneer with Jim Kramer at Post 9 of the New York Stock Exchange. David Faber is at Goldman's Communicopia Conference in San Francisco, where later today, he'll have an exclusive with Goldman's David Solomon, 4.15 p.m. Eastern time. In the meantime,
0:23.2	futures red as some of the labor data today runs a bit warm, jobless claims lightest since February.
0:28.6	Our roadmap begins with Apple's China Challenge. Shares moving lower on news of a broader iPhone
0:33.7	crackdown. That decline also dragging down the broader markets, NASDAQ on pace for its
0:38.2	fourth straight day of losses as stocks continue to shake September here. And media at a crossroads,
0:44.5	why WBD CEO is still betting on the future of the cable bundle. David, maybe a little scene
0:51.7	setter. Actually, you know, we're going to start with Apple this morning, extending yesterday's losses.
0:55.0	And Jim, you did discuss this on Twitter today as it looks like this is going beyond just government agencies.
0:59.7	Well, I think that we've got to go back to when Obama was president, it was 2015, he meets with Xi, and she says he has no designs on the Straits of China.
1:10.4	And then as soon as he leaves, he begins to have designs from Straits of China militarily.
1:14.5	This is unfortunately a pattern.
1:16.8	It's not something new.
1:18.7	President Xi meets with Jim, well, Gina Romando meets with number two.
1:22.2	She reiterates again, you're not going to get the chips that are artificial intelligence.
1:25.8	That's really what's at the cross here. But she says, listen, well, you know, go to Disney World, really going to get the chips that are artificial intelligence. That's really what's at the cross here.
1:28.3	But she says, listen, you know, go to Disney World, really try to get things going.
1:32.3	Shanghai, Disney.
1:33.3	And right in her face, didn't wait, didn't even wait 48 hours, basically, and says,
1:38.3	listen, we're going to ban the company that is made in China for China.
1:43.3	Perhaps the best combination we have in terms of what you'd like to have as a relationship
1:48.7	with China.
	...

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