Apple poised to shed $194 billion as China widens iPhone curbs amid tensions between Beijing and Washington

Apple Inc. shares tumbled in premarket trading Thursday, on track to wipe out $194 billion of market value in just two days, as China plans to expand a ban on the use of iPhones to government-backed agencies and state companies.

Shares of the Cupertino, California-based company fell as much as 3.2 per cent premarket, after slumping 3.6 per cent Wednesday. It would mark the second time in roughly a month that its shares have seen such a sharp decline.

China, which is the technology giant’s biggest foreign market and global production base, has been on a yearslong effort to root out foreign technology used in sensitive environments. The latest development also coincides with Beijing’s effort to reduce its reliance on American software and circuitry.