Shares of technology companies declined amid signs that trade tensions are taking their toll on Silicon Valley giants' business.

Shares of Apple tumbled after one survey indicated it had lost its crown as the leading smart-phone provider in China.

Apple lost its No. 1 spot in China as domestic rivals took advantage of the iPhone maker's lack of artificial intelligence features available on phones purchased in the country, according to data from research firm Canalys.

European Union regulator Teresa Ribera said the European Commission would not weaken its efforts to curb Big Tech companies in the bloc, despite growing tensions over trade relations.

With a Sunday deadline near, both President Biden and President-elect Donald Trump are considering ways to prevent a TikTok shutdown, according to reports.

Trump is considering an executive order that would delay enforcement of the TikTok ban-or-sale law by 60 to 90 days, the Washington Post reported.

Chip fabricator Taiwan Semiconductor Manufacturing reported another record quarter on AI-driven demand for chips and said it expects continued growth even as it navigates the U.S.-China technology rivalry.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

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