China Strikes Back: Tech War With U.S. Set to Escalate?
China is striking back in the ongoing technology war with the United States, raising concerns in the metals industry about potential new export restrictions on 'rare earths'. These rare earth elements, which consist of 17 chemical elements found in nature, have gained immense significance in the past decade due to their vital role in the manufacturing of various technologies such as cell phones, hard disks, electric vehicles, monitors, and military equipment.
The problem lies in China's overwhelming monopoly on rare earth production, accounting for a staggering 98% of global output. It seems like a mere fantasy to imagine any other country dethroning the Asian giant from its dominant position.
However, the economic warfare between the United States and China is intensifying, particularly with regard to the pivotal competitive advantage of artificial intelligence. In response to the U.S. ban on selling new Nvidia (NASDAQ:NVDA) chips to China, the Chinese government has launched a counterattack by imposing its own restrictions on the United States.
China recently announced its plans to implement stricter controls on the export of gallium and germanium, two critical metals used in the production of semiconductors and other components essential for the global energy transition. This move marks another escalation in the technology war between the world's two largest economies.
Mutual funds are facing a predicament as shares of Apple (NASDAQ:AAPL) continue to rise, setting new all-time highs. Many of these funds find themselves lacking the necessary number of shares they should hold in the company.
After a stellar performance in 2023, Apple's presence in the indexes has reached unprecedented levels, accompanied by a
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