In his second visit to China this year, Apple CEO Tim Cook met with Beijing officials and local partners as the company faces challenges with its launch of Apple intelligence and increased competition in the market.
China’s Minister of Industry and Information Technology met with the CEO in Beijing on Wednesday to discuss Apple’s development in China, network data security and cloud services, according to a ministry statement.
During the conversation, the ministry said Cook signaled Apple’s commitment to the country, promising to increase investment in the market and to grow alongside Chinese companies. He also met with the leaders of several local Chinese firms in the same day, including China Mobile Chairman Yang Jie, to discuss digital content and 5G product cooperation, according to local reports.
Ivan Lam, senior research analyst for Counterpoint Research, said the timing of the trip is significant, coming as local competitors are introducing updated operating systems that integrate AI and new flagship products.
“This trip seems notable now as the company could be looking to shore up collaboration with local players to launch Apple Intelligence in China,” Lam said.
Le Xuan Chiew, Canalys’ analyst focusing on Apple strategy research, said the roll out of Apple Intelligence in China was likely the main motivation for Cook’s trip, as well as to “bolster the importance of China to Apple’s global strategy.”
The timeline for the introduction of Apple Intelligence in China remains “uncertain” and will depend largely on regulatory approvals, which could explain some of the messaging focus of his China trip, Chiew said.
This could be a problem for the company as the lack of Apple Intelligence on Chinese devices is expected to weaken the motivation for users to upgrade to the iPhone 16, he added.
Apple Intelligence is the company’s artificial intelligence play, which aims to bring AI across its devices, with features such as an improved voice assistant and tools that automatically organize emails and transcribe and summarize audio recordings.
Cook often travels to China — Apple’s largest overseas market — to launch products and factories, visit suppliers and meet with local officials. During his visit in March, he had been in Shanghai for the opening of a new retail store. He also visited Chengdu this time last year as Apple faced lackluster demand in the world’s second largest economy.
During his current trip, Cook was photographed visiting the offices of the Chinese social media giant Weibo and meeting with its CEO in a post on his personal Weibo account. Weibo is one of the local app developers that has launched applications for Apple’s Vision Pro mixed reality headset, which was released in the Chinese market in June.
Apple successfully launched the iPhone 16, its latest model in the series, in China this September, and the new phones got off to a strong start. Sales were up 20% in the first three weeks since launch, compared to the 2023 model, according to data from research firm Counterpoint.
But despite the successful product launch, overall iPhone unit sales, including older models, were down 2% year-over-year in China during the three-week period.
Apple has faced dwindling market share in China amid increased competition with local players and an increasing preference among Chinese consumers to pick domestically made goods.
The company saw its market share in the second quarter fall 5.7% year-over-year, according to Counterpoint.
After it made a splash with a surprise 5G model last year, Huawei, one of Apple’s main competitors in China, launched competing handsets the same day the iPhone 16 went on sale.
“Huawei’s recent resurgence in the high-end market, driven by its in-house chips and HarmonyOS ecosystem, has intensified the competitive landscape, making it harder for Apple to maintain its leadership position,” said Canalys’s Chiew.
Apple’s Vision Pro could also face more competition in the market as Huawei is reportedly gearing up to launch its own competing headset as soon as next week.
U.S. President Donald Trump gestures during an announcement regarding his administration’s policies against cartels and human trafficking, from the State Dining Room at the White House in Washington, D.C., U.S., Oct. 23, 2025.
Jonathan Ernst | Reuters
China on Thursday concluded its “Fourth Plenum,” a meeting aimed at setting out the country’s development agenda for the next five years. Beijing will focus on domestic consumption, self-reliance in technology as well as the agricultural and manufacturing sectors.
In the U.S. economy and markets — generally considered the exemplar of free-market capitalism — the government’s handprints have started becoming visible, if you squint a little.
Trump, who terminated trade negotiations with Canada over an ad, pardoned Binance founder Changpeng Zhao, the White House said Thursday. Zhao was convicted in April 2024 for enabling money laundering at Binance.
The Wall Street Journal reported in August that the Trump family’s crypto venture has been helped by “a partnership with an under-the-radar trading platform quietly administered by Binance.”
Even corporate earnings had the mark of the White House.
But it’s hard to ignore the elephant in the room, that is, the U.S. government’s 10% stake in the company, acquired in August. The company’s stock has seen a massive surge since that acquisition, with President Donald Trump saying the government has made $30 billion to $40 billion on its stake. The transaction, however, complicates Intel’s accounting practices for its income, the company suggested in a press release.
Trump’s proclivity for acquiring stakes in U.S. companies and his other dealings that seem to blur the personal with the professional raise the question: are we seeing a four-year U.S. economic plan — with a twist — unfold?
What you need to know today
Trump terminates trade talks with Canada. The U.S. president appeared to take umbrage with an ad, aired by Ontario provincial government, featuring Ronald Reagan criticizing tariffs. Trump also accused Canada of attempting to influence the U.S. Supreme Court’s case regarding tariffs.
[PRO] Time to consider dividend stocks, CIO says. As interest rates come down, in accordance with market expectations, such stocks should get a boost, according to Kevin Simpson, founder and chief investment officer at Capital Wealth Planning.
And finally…
A shopper looks at produce at a grocery store in West Milton, Ohio, US, on Tuesday, Oct. 21, 2025.
U.S. President Donald Trump gestures during an announcement regarding his administration’s policies against cartels and human trafficking, from the State Dining Room at the White House in Washington, D.C., U.S., Oct. 23, 2025.
Jonathan Ernst | Reuters
China on Thursday concluded its “Fourth Plenum,” a meeting aimed at setting out the country’s development agenda for the next five years. Beijing will focus on domestic consumption, self-reliance in technology as well as the agricultural and manufacturing sectors.
In the U.S. economy and markets — generally considered the exemplar of free-market capitalism — the government’s fingerprints have started becoming visible, if you squint a little.
For instance, Intel reported third-quarter revenue that surpassed analysts’ expectations, helping the stock jump 7.7% in extended trading. Intel said demand for its processors appears to be recovering.
But it’s hard to ignore the elephant in the room, that is, the U.S. government’s 10% stake in the company, acquired in August. The company’s stock has seen a massive surge since that acquisition, with President Donald Trump saying the government has made $30 billion to $40 billion on its stake. The transaction, however, complicates Intel’s accounting practices for its income, the company suggested in a press release.
Trump, meanwhile, pardoned Binance founder Changpeng Zhao, the White House said Thursday. Zhao was convicted in April 2024 for enabling money laundering at Binance.
When asked why Trump pardoned Zhao, the president said, “A lot of people say that he wasn’t guilty of anything. And so I gave him a pardon at the request of a lot of very good people.”
The Wall Street Journal reported in August that the Trump family’s crypto venture has been helped by “a partnership with an under-the-radar trading platform quietly administered by Binance.”
Trump’s proclivity for acquiring stakes in U.S. companies and his other dealings raise the question: are we seeing a four-year U.S. economic plan — with a twist — unfold?
What you need to know today
Intel beats revenue expectations. Third-quarter sales came in at $13.65 billion, higher than the $13.14 billion from an LSEG consensus estimate. Intel added that demand for its chips outstripped supply.
China to encourage consumption over the next five years. Top government leaders emphasized the need to “vigorously boost consumption” in the domestic economy, a readout of China’s “Fourth Plenum” meeting said, according to a CNBC translation.
[PRO] Time to consider dividend stocks, CIO says. As interest rates come down, in accordance with market expectations, such stocks should get a boost, according to Kevin Simpson, founder and chief investment officer at Capital Wealth Planning.
And finally…
Russian President Vladimir Putin observes the Russia-Belarus joint military exercises, codenamed Zapad-2025 (West-2025), at the Mulino training ground in the Nizhny Novgorod region, Russia September 16, 2025.
Just days after a “very productive” phone call between U.S. President Donald Trump and his Russian counterpart Vladimir Putin, Trump changed tack on Wednesday, voicing his frustration with Moscow. “We canceled the meeting with President Putin. It just, it didn’t feel right to meet,” he said Wednesday.
Trump’s comments on Putin were not highlighted by pro-Kremlin state media outlets such as TASS, Radio Sputnik and RIA Novosti on Thursday, with barely a mention of the criticism or the canceled meeting.
Signage outside Applied Materials headquarters in Santa Clara, California, U.S., on Thursday, May 13, 2021.
David Paul Morris | Bloomberg | Getty Images
Chip equipment manufacturer Applied Materials is laying off 4% of its workforce.
The company on Thursday began notifying impacted employees around the world “across all levels and groups,” it said in a filing. Applied Materials provides equipment, services and software to industries, including the semiconductor industry.
Applied Materials had approximately 36,100 full-time employees, according to an August 2025 filing. A layoff of 4% would represent about 1,444 employees.
“Automation, digitalization and geographic shifts are redefining our workforce needs and skill requirements,” the company wrote in the filing. “With this in mind, we have been focused for some time on building high-velocity, high-productivity teams, adopting new technologies and simplifying organizational structures.”
The move comes at the end of the company’s fiscal year. Earlier this month, the Applied Materials forecasted a $600 million hit to fiscal 2026 revenue after the U.S. expanded its restricted export list. That resulted in company shares to dipping 3% in extended trading.
As a result of the workforce reduction, Applied Materials expects to incur charges of approximately $160 million to $180 million, consisting primarily of severance and other one-time employment termination benefits to be paid in cash, the filing states.
The company said the cuts are a way to position itself “as a more competitive and productive organization.”
