Home Brand Talk <strong>Apple’s iPhone Maker has a $100m ‘Indirect Exposure’ to SVB Fallout</strong>
Brand Talk

Apple’s iPhone Maker has a $100m ‘Indirect Exposure’ to SVB Fallout

With the fall of Silicon Valley Bank last week, numerous companies and company owners have been progressively transferring to a safer location. There has been widespread fear over the situation in every industry.

Economists are still debating the ramifications and potential systemic concerns that the experience highlighted as SVB collapsed over several frenetic days, causing chaos and panic among startups and lenders worldwide.

According to sources, Silicon Valley Bank’s bankruptcy has affected Apple Inc.’s primary iPhone manufacturer in a $100 million indirect way, adding to the list of financial and technological institutions that have been adversely affected by the startup’s demise.

According to Chairman Young Liu, Hon Hai Precision Industries Co. of Taiwan parked money with investment firms, which later distributed it to companies that had accounts with the California lender.

He told reporters after the results were announced on Wednesday that while it is currently carefully scrutinizing its books, it anticipates little impact because the Fed has guaranteed SVB’s deposits.

The response from the Asian company demonstrated how the dramatic collapse of a bank that was previously unknown outside of Silicon Valley is having a significant global impact.

The leading producer of iPhones and other electronics for companies like HP and Sony is Hon Hai, often known as Foxconn, which keeps the majority of its operations in China.

“The good news is that the US government has guaranteed the full return of all deposits and I believe the damage will be minimized,” he said. “We don’t see systemic risks to our investments.”

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Brand TalkBusiness

Google to Empower Nigerian Small Businesses with ₦75 Million Hustle Academy Fund

Google has called for applications for its Hustle Academy SMB Fund, a...

Brand TalkEducation

Airtel and UNICEF Collaborate to Expand CSR Initiative to 600 Additional Schools

Airtel and the United Nations Children’s Fund (UNICEF) have announced their ongoing...

Brand TalkBusiness

Beebee Jump Unveils Solar Battery Solutions

Beebee Jump Technology, a cutting-edge research and development company, has introduced two...

Brand TalkPromotions

Globacom Unveils Business-Oriented Products

Globacom has launched Glo Prime, a novel set of call and data...