USChina Tech Race: Huawei's 5G New Chip Presents Challenge To Apple's Dominance
Huawei Technologies Co. It has taken the smartphone world by storm with its Kirin 9000s processor, showcasing its ability to support ultra-fast 5G wireless speeds.
Bloomberg reported on Friday that the flagship Mate 60, a smartphone equipped with China's Kirin chip, has been launched. More than 300,000 units were sold in the first two weeks in China, according to data from Counterpoint Research.
A stunning debut of the Mate 60 series
In fact, the iPhone reached second place on China's sales charts, a week before Apple Inc. (NASDAQ:AAPL) launched the much-anticipated iPhone 14.
The Chinese processor built into the Mate 60 series has sparked great pride and excitement among Chinese smartphone buyers.
One of the most closely guarded secrets is the key specifications, especially the 5G capabilities of Huawei's latest devices.
Recent tests by Bloomberg News have dispelled these doubts and confirmed the existence of 5G speed. This achievement is especially significant as Huawei has been fighting US sanctions for the past three years.
Skyworks Solutions Inc. It is widely trusted by global mobile phone manufacturers. (NASDAQ: SWKS ) and Qualcomm Inc. (NASDAQ:QCOM) for their wireless communications chip needs.
The Huawei Mate 60 series has not only caught the attention of consumers, but also emerged as a strong competitor in the Chinese market for flagship iPhones, especially in the price segment above $600.
Also read: If you invested in Apple stock instead of buying an iPhone every year, this is what you have now
Chinese tech stocks have weakened
Invesco China Technology ETF (NYSE:CQQQ) is on track for its fourth consecutive week of losses, falling to its first recent lows since the end of October 2022.
Tencent Music Entertainment Group (NYSE:TME), PDD Holdings Inc. (NASDAQ: PDD ) and Baidu Inc. Funds that invest in Chinese technology companies such as (NASDAQ: BIDU ) are down more than 20% this year. The performance is much lower than the Nasdaq. Focused Invesco QQQ (NASDAQ:QQQ) rose 36%.
Chart: US tech stocks will outperform their Chinese counterparts by 2023
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