"American companies don't have a good track record with data privacy," Chew reminded the committee while repeatedly telling Congress members that the questions that they had about TikTok reflected industry-wide problems that go well beyond one app.

Apple's earnings were an even bigger disaster than expected thanks to a combination of a stronger US dollar, global economic malaise, and more strife at its China factories. That analysts were unable to model for each of these known factors could signal that problems will persist even after supply returns to normal.

China is beset by severe economic problems. Growth has stalled, youth unemployment is at a record high, the housing market is collapsing, and companies are struggling with recurring supply chain headaches.