People walk past the advertisement lightbox of Huawei P20, a new listed smart phone. Photo: Zhang Peng/LightRocket via Getty Images

After years of growth, Huawei has now surpassed Apple to become the second largest provider of smartphones, according to market research firm IDC.

Why it matters: Though largely blocked from becoming a serious player in the U.S., the Chinese company has grown to be a major competitor in the markets for both cell phones and the network gear that allows them to communicate with one another.

"The continued growth of Huawei is impressive, to say the least, as is its ability to move into markets where, until recently, the brand was largely unknown," IDC analyst Ryan Reith said in a statement.

Yes, but: Apple could retake the No. 2 spot later this year, when the new iPhone models come out. "It is worth noting that Apple moved into the top position each of the last two holiday quarters following its product refresh, so it's likely we'll see continued movement among the top ranked companies in 2018 and beyond," Reith said.

The bottom line: Apple still accounts for the bulk of the industry's profits and dominates the most lucrative segment of the market. Samsung remains the market leader, but Huawei has emerged as a serious global rival while names like HTC and Sony have faded.

Go deeper

What China's uneven recovery means for the U.S.

China and much of Southeast Asia look to be bouncing back strongly from the coronavirus pandemic as stock markets and much of the country's economic data are returning to pre-pandemic levels.

What's happening: "Our tracking points to a clear V-shaped recovery in China," economists at the Institute of International Finance said in a note to clients Tuesday, predicting the country's second-quarter growth will rise above 2% after its worst quarter on record in Q1.

Chief Justice John Roberts was hospitalized in June after fall

Chief Justice John Roberts overseeing the Senate impeachment trial of President Trump. Photo: Senate Television via Getty Images

Chief Justice John Roberts was hospitalized overnight after a fall on June 21, a Supreme Court spokesperson confirmed to the Washington Post on Tuesday.

Why it matters: Speculation regarding justices' health — given their lifetime appointments — always runs rampant, and this incident may have not been made public if the Post hadn't "received a tip."

Congress vs. tech's gang of four

Illustration: Sarah Grillo/Axios

The CEOs of tech's four leading giants will defend their industry's growing concentration of power from critics on both right and left who view them as monopolists when they testify, most likely virtually, before Congress on July 27.

Why it matters: The joint appearance by Facebook's Mark Zuckerberg, Apple's Tim Cook, Amazon's Jeff Bezos and Google's Sundar Pichai will mark a historic collision between the leaders of an industry that has changed the world and political leaders who believe those changes have harmed democracy and individual rights.