FILE - The Apple logo is shown on a screen during an announcement on the Apple campus Sept. 12, 2023, in Cupertino, Calif. The Justice Department announced a sweeping antitrust lawsuit Thursday, March 21, 2024 against Apple, accusing the tech giant of having an illegal monopoly over smartphones in the U.S. FILE - iPhone 15 phones are shown during an announcement of new products on the Apple campus in Cupertino, Calif., Sept. 12, 2023.
Fears about an antitrust crackdown on Apple’s business model have contributed to the drop in the company’s stock price, along with concerns that it is lagging Microsoft and Google in the push to develop products powered by artificial intelligence technology. “Consumers should not have to pay higher prices because companies violate the antitrust laws,” Attorney General Merrick Garland said in a statement. “We allege that Apple has maintained monopoly power in the smartphone market, not simply by staying ahead of the competition on the merits, but by violating federal antitrust law. If left unchallenged, Apple will only continue to strengthen its smartphone monopoly.
Now that the Justice Department is mounting a direct attack across its business, Apple stands to lose even more.
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