Foxconn has temporarily closed its manufacturing facilities in Shenzhen for a week
Apple isn’t the only tech firm to be impacted by the lockdown in Shenzhen. The latter happens to be where Huawei’s headquarters are located, and analysts at securities firms are getting concerned. Nomura Securities’ chief China economist Ting Lu told clients, “The COVID situation in China has deteriorated at an alarming pace over the past week, but abandoning zero-COVID now could be perceived as conceding that the strategy did not work in the first place.”
We could see shortages impact the supply chain once again