Apple And Other Tech Giants Face Serious Shipment Issues Due To Covid Curbs In China

Apple and other tech giants face serious shipment issues due to Covid curbs in China

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Analysts predict that if China’s COVID-19 lockdowns continue, shipments of some Apple goods, as well as Dell and Lenovo laptops, may be delayed, as assemblers are forced to shut down, and shuttered arrangements become more difficult to maintain.

China’s race to contain COVID-19 has clogged highways and ports, stranded workers, and left countless enterprises waiting for government authorization to reopen, causing worldwide supply chain delays.

Pegatron Corp, an Apple Inc. (AAPL) supplier, said this week that its Shanghai operations would be shut down. The long-term impact on Apple’s supply chain is unknown, and it depends on a variety of circumstances, including how long the lockdowns last.

Quanta Computer Inc, which manufactures around three-quarters of Apple’s Macbooks worldwide, has also ceased operations, potentially affecting deliveries even more severely.

The corporation may also contemplate relocating production from Shanghai and Kunshan to other plants, such as those in Shenzhen, which are not now under lockdown.

If factories in Shanghai are unable to restart operations, Huawei Technologies Co Ltd’s top executive has warned of severe economic repercussions. Shanghai is in its third week under lockdown and shows no signs of reopening to the public.

After Friday’s close, Japanese stocks were weaker. The Nikkei 225 lost 0.29 percent of its value.

Producer of natural gas On Friday, Gazprom maintained the supply of natural gas to Europe via Ukraine, as requested by European consumers.

Elon Musk launched a $43 billion cash buyout bid for Twitter Inc (TWTR) with the Tesla Motors (TSLA). Musk believes that in order for the social media firm to develop and become a forum for free speech, it must be turned private.

Following the failure of multiple tests, Nektar Therapeutics (NKTR) halted all trials involving its primary cancer medicine, driving the pharma company’s shares down 23% in after-market trade.

Trials utilizing a combination of Nektar’s drugs were among those that were halted. Two late-stage studies assessing Nektar and Bristol Myers’ combined therapy in melanoma patients were halted last month after one of the trials failed to reach its primary objectives.

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