Photo: Hitoshi Yamada/NurPhoto via Getty Images

Frustrated Apple executives are getting even more categorical in their denial of a Bloomberg Businessweek story saying that Apple was among nearly 30 U.S. companies that had computer equipment compromised by China, which inserted malicious chips during the manufacturing process.

Why it matters: This fight is going to get bigger. Apple yesterday wrote to the House and Senate commerce committees to say that its internal investigations "directly contradict every consequential assertion made in the article — some of which ... were based on a single anonymous source."

  • "Apple has never found malicious chips, 'hardware manipulations' or vulnerabilities purposely planted in any server. We never alerted the FBI to any security concerns like those described in the article, nor has the FBI ever contacted us about such an investigation."
  • "[W]hile the story was being reported, we spoke with Bloomberg’s reporters and editors and ... methodically dispelled the often-shifting nature of their claims. ... [T]he gravity and magnitude of the claims seemed to be undermined by their uncertainty around key details."

George Stathakopoulos, Apple's vice president of information security, wrote to the committees: "I will be available to brief your staff this week to further address the information we’ve offered."

  • Apple has some high-profile backing: The U.S. Department of Homeland Security said Saturday that it has "no reason to doubt" the companies' denials. Britain’s national cyber security agency said the same on Friday.

Bloomberg reissued its earlier response: "Bloomberg Businessweek's investigation is the result of more than a year of reporting, during which we conducted more than 100 interviews.

  • "Seventeen individual sources, including government officials and insiders at the companies, confirmed the manipulation of hardware and other elements of the attacks. ... We stand by our story and are confident in our reporting and sources."

The takeaway: Ben Thompson writes in his Stratechery today: "[A]t this point it is very difficult to assume the story was correct. I suspect there is something there, but that Bloomberg got some very important details wrong."

Go deeper

BodyArmor takes aim at Gatorade's sports drink dominance

Illustration: Eniola Odetunde/Axios

BodyArmor is making noise in the sports drink market, announcing seven new athlete partnerships last week, including Christian McCaffrey, Sabrina Ionescu and Ronald Acuña Jr.

Why it matters: It wants to market itself as a worthy challenger to the throne that Gatorade has occupied for nearly six decades.

S&P 500's historic rebound leaves investors divided on future

Data: Money.net; Chart: Axios Visuals

The S&P 500 nearly closed at an all-time high on Wednesday and remains poised to go from peak to trough to peak in less than half a year.

By the numbers: Since hitting its low on March 23, the S&P has risen about 50%, with more than 40 of its members doubling, according to Bloomberg. The $12 trillion dollars of share value that vanished in late March has almost completely returned.

Newsrooms abandoned as pandemic drags on

Illustration: Sarah Grillo/Axios

Facing enormous financial pressure and uncertainty around reopenings, media companies are giving up on their years-long building leases for more permanent work-from-home structures. Others are letting employees work remotely for the foreseeable future.

Why it matters: Real estate is often the most expensive asset that media companies own. And for companies that don't own their space, it's often the biggest expense.