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Apple is encountering a series of challenges in 2024. One major hurdle is its struggle to attract iPhone customers in China, following the success of Huawei's Mate 60 Pro smartphone. Apple recently offered temporary discounts on its products in China, indicating potential issues with iPhone sales. Additionally, Apple is dealing with patent lawsuits in the US, which could impact its business and reputation. Furthermore, the company is behind in the field of generative artificial intelligence, a area where Microsoft has taken the lead.
Being Apple, which is still the largest company in the world by market cap, I'm sure it will do all it can to minimize the impact of these problem areas, said David McQueen, an analyst at ABI Research.
Apple's challenges in China are a significant concern for the company, as the market is the world's second-largest economy. The release of Huawei's Mate 60 Pro smartphone has put pressure on Apple to attract customers. The company recently offered discounts on its products in China, which raised questions about the performance of the iPhone in this critical market. Additionally, Apple is facing patent lawsuits in the US, which could have an impact on its business operations and reputation. Furthermore, Apple is lagging behind in generative artificial intelligence, an area of focus for Microsoft.
One of Apple's biggest hurdles this year will be addressing the market in China... The move raised eyebrows about how well the iPhone is performing in one of Apple's most critical markets, which drove about 20% of the company's sales last year.