In the stock market's worst day of 2019, the biggest tech companies got hammered, losing more than $160 billion in combined market cap.
"Assuming smartphones, tablets, smart watches, and computer systems are not categorically excluded from the final $300B tranche, we expect there will be material impact to Apple hardware product earnings," wrote analysts from Cowen, in a note to clients.
Apple has more exposure to China than its Big Tech counterparts because it's so reliant on the country's manufacturing plants for its top products, most notably the iPhone. Facebook, Google and Amazon have almost no presence in China. The other companies didn't drop as much but still fell more than the S&P 500, a reflection of technology's role in the economy — the industry typically outperforms in boom times and is disproportionately hurt during a slowdown.
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