With the September Back To School season, the technological Cold War between China and the United States has resurfaced. China has banned Apple phones for its state employees, just days before the launch of the new iPhone 15.

The response from US authorities was swift. They launched an investigation into the Pro-60, Huawei’s latest smartphone, alleging that it uses a state-of-the-art microprocessor that could only have been designed with American technology.

Now, as Huawei is regaining lost ground (with some improper state aid), Apple has lost 10% of its market capitalization and is at risk of losing 10 million Chinese smartphones. A real tug-of-war is beginning between the White House and the Politburo, especially with the upcoming American elections next year.

In this long, grueling tennis match that risks having only losers, what will happen?

Lorenzo Fuscà, Head of Wealth Management, and Francesco Menini, Head of Investment Advisory at Banca Profilo, explain in the video.