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Apple Inc. (NASDAQ:AAPL) shares are trading lower Wednesday. The National Commission for Markets and Competition (CNMC) is investigating Apple for possible violations of Spanish and EU competition laws.
Apple is under investigation for potentially imposing unfair trading conditions on developers using its App Store.
The investigation, which was initiated due to the growing significance of app store activities in Spain, has a maximum duration of 24 months.
Read: Apple iPhone Settlement Deadline Extended: Users Get Extra Time To File Claims To Get Up To $349
If confirmed, Apple’s conduct could breach Article 2 of the Defense of Competition (LDC) and Article 102 of the Treaty on the Functioning of the European Union (TFEU), potentially resulting in fines of up to 10% of the companies’ global turnover from the previous year.
In March this year, a case filed in the Northern District of California claimed that Apple is imposing “surgical” restrictions that prevent customers from effectively using any service except its iCloud storage system.
On Tuesday, Apple said that it is planning to integrate its A18 chip into its upcoming entry-level iPhones and iPads in order to make them capable of running Apple Intelligence, the company’s suite of AI features.
AAPL stock gained over 15% in the last twelve months. Investors can gain exposure to the stock via ETF Opportunities Trust T-Rex 2X Long Apple Daily Target ETF (BATS:AAPX) and Fidelity MSCI Information Technology Index ETF (NYSE:FTEC).
Read: Apple Hit With Class-Action Lawsuit Over Alleged Unequal Pay For Women
Price Action: AAPL shares are down 2.96% at $218.36 at the last check Wednesday.
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Image via Apple
