TheStreet’s Conway Gittens brings you the biggest news of the day, including why Apple might have a problem on its hands in China.
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00:00Apple might be getting caught up in the tit-for-tat trade war between China and the U.S.
00:04China's regulators are considering a probe into the Apple App Store
00:08And how much the tech giant is charging for developers to sell their wares via the platform
00:14according to Bloomberg China's antitrust watchdog is in the
00:18Early stages of taking a look at the cut Apple takes from developers
00:23Which could be as high as 30% other App Store rules such as prohibiting other payment services
00:29Are also under review the App Store has opened many global doors for Chinese developers like Tencent and ByteDance
00:36But it also faces numerous complaints within China and in other parts of the world that Apple
00:43Controls it with a heavy hand and exacts a heavy toll on the revenues app makers get
00:49Complaints about the App Store's policies were around before Trump trade war 2.0
00:53But China could use Apple as a pawn in its retaliation against this new round of tariffs
01:00China after all is a major market for Apple and its products
01:04Not only is the country a big manufacturing hub for the iPhone, which is Apple's top-selling product
01:10Apple also gets about 20% of its global revenues from there as well while the probe is said to be in the
01:18Pre-consideration phase sources tell Bloomberg an official full-blown antitrust investigation
01:25May not materialize
01:27While sticking with technology for our market check this Wednesday tech stocks are leading the way lower
01:32Cloud revenue at Google parent alphabet came in weaker than anticipated
01:37Sparking concerns alphabet may not be getting what it paid for when it comes to investments in AI
01:44AMD added to the gloom though the chip maker beat forecast
01:48Investors worry that may not be good enough to catch up with Nvidia in the AI chip race
01:53And that'll do it for your daily briefing from New York City. I'm Conway Gittins with the street