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Prosecutors on Thursday accused Apple of operating a “smartphone monopoly” with the iPhone, arguing that the company makes it difficult and costly for users and developers to leave the Apple ecosystem. The complaint alleges that the tech giant’s anti-competitive conduct extends beyond its smartphone and Apple Watch businesses to its advertising, browser, FaceTime and news businesses.
“As outlined in the complaint, we allege that Apple has strengthened its monopoly power not by making its products better, but by making other products worse,” U.S. Attorney General Merrick Garland said at a press conference. Stated.
But for Cramer, the Justice Department hasn’t found any “conclusive evidence” to suggest Apple is guilty. He said this case is different from, for example, the antitrust case the government brought against Microsoft more than 20 years ago. Cramer acknowledged that PC makers did indeed control a large portion of global market share at one time, but argued that the same is not true for Apple.
Mr. Kramer argued that the lawsuit creates an opportunity to buy stock. By the close, Apple shares had fallen more than 4%.
“There’s a new reason to buy Apple. Don’t trade it,” he said. “When you watch the game, you know the loser. The US vs. Apple is a loser.”
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Disclaimer CNBC Investing Club Charitable Trust owns stock in Apple and Microsoft.
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