U.S./China trade: Beyond the first order impact, the market is also likely to think about the possible retaliation from China on US companies. From a tech perspective, Apple could be the primary target, although we believe that Apple’s supply chain presence (employing 1-1.5M people in China) may preclude such an action. Given the current environment, a very adverse action on Apple could trigger an accelerated supply chain exodus to other low-cost countries, in our view. Hence we believe that the Apple supply chain could be relatively unscathed, especially since iPhone units are already weak in 2H20.