China has banned the use of Apple's iPhones and other foreign-branded devices by government officials, which could extend to sensitive departments, government-affiliated entities, and state-owned enterprises. This could result in a substantial headwind of 5 to 10 million units for Apple, significantly impacting the tech giant. Bank of America analysts estimate that for every 1 million iPhones sold, there’s a potential $0.01-per-share impact on Apple’s earnings. If Huawei claws back 10 million units from Apple in China, it could translate into an $0.11 headwind to Apple’s 2024 earnings per share.