Bad news is piling up for Apple, and even a convincing release is no longer enough to turn around the world’s largest company by market capitalization.
My colleague Adrien Chavanne had already set the tone in his assessment of Apple, headlining “Apple: A fragile Achilles heal.” Once again, despite solid Q2 2025 results, the Cupertino-based company is struggling to reassure investors. Tim Cook may be trying to sound reassuring, but he has announced more than $900m in upcoming costs related to customs duties. And as if that weren’t enough, the US courts have just handed down a harsh ruling against Apple, saying that the company “knowingly ignored” an injunction concerning external purchases on its App Store.
Supply chain review
Trade tensions between the US and China are seriously complicating matters for Apple. During his conference call, Tim Cook emphasized the group’s efforts to reorganize its supply chain and limit the impact of tariffs. As a result, a large proportion of iPhones destined for the US market will now be manufactured in India, while iPads, Macs, and Apple Watches will come from Vietnam.
But that’s not enough. “Assuming that current international tariff rates, policies, and enforcement remain unchanged during the quarter and no new tariffs are added, we estimate that these tariffs will add $900m to our costs,” Cook said. This is an emergency solution that will not last forever. Especially since the Trump administration is already considering extending its taxes to the entire semiconductor, mobile phone, and computer sectors. In short, Apple’s Trump troubles are far from over.
A court case that has been ignored
To top it all off, the California judge presiding over the case between Apple and Epic Games has raised the stakes. She has now ordered Apple to stop charging commissions on purchases made outside its system. Developers can therefore finally redirect their users to their own websites to avoid Apple’s tax. Spotify jumped at the opportunity and announced an update to its US app shortly afterwards.
As a reminder, the court had already authorized external payment links, but left it up to Apple to define the conditions. The result? A policy so restrictive that it was described as a pure and simple obstacle, with “scare screens” to discourage users. In her latest report, the judge ruled that Apple had simply ignored the verdict.
And it’s not over yet. Apple is now facing criminal charges after its vice president of finance, Alex Roman, lied under oath about the date when the 27% rate for purchases outside the App Store was introduced. The judge ruled: “A lie.” And no one, neither Apple nor its lawyers, bothered to correct it.
Even greater risks
Things aren’t looking too bright for AI either. Tim Cook announced that Apple Intelligence will take “a little more time.” The much-hyped integration of AI into the iPhone has been disappointing. And in Europe, it only arrived very recently, to an equally lukewarm reception.
As for the Chinese market, which was already in decline in the first quarter, it continues to sink. Chinese consumers now prefer local alternatives, and ChatGPT’s AI is not even available there.
Since the beginning of 2025, Apple’s stock has already lost nearly 15%. Between increasingly aggressive regulators, a global trade policy in free fall, and an obvious lag in AI, the giant is faltering a little more each quarter.
