Chinese smartphone exports (including Apple!) fell 72% in April to their lowest level since 2011

-72%

5/20/25

In April, the month that President Trump first announced reciprocal tariffs on China that peaked at 145%, Chinese smartphone exports to the US, including Apple’s, dropped 72% to under $700 million, down from $2.5 billion a month earlier, Bloomberg reports. That’s the lowest it’s been since 2011. Smartphones saw the biggest month-on-month change in export value of any product China exports. It remains to be seen how much a temporary tariff truce between the two nations revives trade.

In Apple’s second quarter, which covers the three months ending March 29, sales of iPhones and other hardware were the key source of better-than-expected revenues, causing some to fret that this strength was a one-off driven by front-running of potential tariffs.

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President Trump hosts tech executives and their guests to a dinner at the White House in the Oval Office.

Here are the Trump ties among the tech leaders who had dinner at the White House

Many of the attendees have donated to, vocally supported, or even worked for the president.

Jon Keegan3h

Rani Molla

Tesla’s EV market share declined to 38% in August

In August, Tesla’s share of the US EV market fell to 38%, according to new data from Cox Automotive reported by Reuters. Tesla’s market share fell below 50% for the first time last year, as competitors’ EVs began hitting the market. Now, as Tesla’s own sales slip more drastically than they had last year, it’s giving up even more ground. Tesla’s market share fell from 48.7% in June to 42% in July to 38% in August, according to Reuters. That slide has come even as buyers rushing to take advantage of the federal tax credit that ends this month provide a near-term boon for sales at Tesla and other EV makers.

$115B

Rani Molla

OpenAI now expects to burn around $115 billion through 2029 — a full $80 billion higher than the company had previously estimated, The Information reports.

Just how much is that? It’s roughly equivalent to:

Fortunately for OpenAI, which is raising money at a $500 billion valuation, its revenue is also growing faster than expected. The ChatGPT maker now expects to make $13 billion in revenue this year and $200 billion in 2030.

An annotated photo of who attended the tech dinner at the White House.

An interactive who's-who of the tech execs at Trump's White House dinner

The White House invited a gaggle of top founders and tech executives for an intimate dinner at the White House.

Jon Keegan9/5/25

Rani Molla

Apple of my Eye

9/5/25

Apple’s latest phone is betting on looks, while Google looks inward

Apple gets a hardware upgrade. Google gets a software overhaul.

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