With Alphabet losing against the U.S. Department of Justice in multiple antitrust cases, the writing may be on the wall for Apple's lucrative deal with the search giant. Apple receives around $20 billion annually from Google to make Google the default search engine on its devices.

Trump's proposed 25% tariffs on Apple products made outside the US could erode gross margins by up to 490bps, invalidating my earlier margin expansion thesis. iPhone 16 Plus adoption rates are underperforming vs prior series,

President Trump fired new salvos in the global trade war, threatening a 50% tariff on imported goods from the European Union and new duties on iPhones and other smartphones made overseas.

The president said he would issue a 50% tariff on the EU and a 25% tax on Apple in a pair of Truth Social posts.

The storied sports car maker, which was facing challenges from China and slumping demand for electric cars, now has to grapple with tariffs from the Trump administration.

Apple rises after tumbling Friday when President Donald Trump threatened a 25% tariff on iPhones sold in the U.S. that are made overseas, while Tesla trades higher even as the electric-vehicle maker’s sales in Europe decline for a fourth straight month.