International companies with ties to China are closely monitoring the sudden surge of protests in the country over the government's "zero COVID" stance — particularly if the unrest leads to any policy changes, Nathan writes.

Why it matters: The restrictions have kept the pandemic in check in China for a long time — but they've also had sweeping implications for businesses, undermining domestic consumer demand and triggering production shortfalls in international supply chains.

Zoom out: Analysts say Chinese authorities are stuck in an uncomfortable spot, not wanting to back down from their position while also needing to ensure that the unrest doesn't spread.

• The latest: Chinese state media continued to praise zero-COVID measures on Monday, signaling no change in official policy, Axios' Bethany Allen-Ebrahimian writes.

The impact: If China were to respond to the protests by easing restrictions, Apple would be among the first to benefit, Nathan writes.

• The tech giant is reportedly facing significant supply shortages in its iPhone line due to ongoing lockdowns and labor unrest at a key manufacturing facility.
• Wedbush Securities analyst Dan Ives said Monday in a research note that "many Apple stores" have only 35% to 40% of typical inventory of the iPhone 14 Pro.

The bottom line: International companies with the biggest investments in China face the most risk if the country refuses to budge, Niagara University economist Tenpao Lee tells Axios.

• "Economically, there are incentives for companies to move production out of China in order to save production costs," Lee says. Apple, for example, has already taken steps to shift some production to India.
• "But this is a long-term situation," Lee says. "It’s not going to happen in one year."

Cyber Monday might sound like a relic, but think again, Nathan writes.

• Adobe Analytics estimates that U.S. consumers could spend $11.2 billion to $11.6 billion online, the most ever in a single day. (Last year's retailer haul was $10.7 billion).

Between the lines: Inflation is a factor, but with consumers shifting more spending toward services, retailers have unleashed "record discounts" this year to jolt sales, Adobe says.

• "If online inflation were factored in, there would still be growth in underlying consumer demand," Adobe reported.

💰 JPMorgan, Bank of America are among the banks formulating a plan to reimburse customers scammed on their Zelle payment network. (WSJ)

📢 Elon Musk alleges Apple “threatened to withhold Twitter from its App Store.” (Axios)

Another day, another crypto bankruptcy, Axios' Pete Gannon writes.

• The latest chip to fall is BlockFi, which offers cash loans backed by crypto assets as well as interest on crypto deposits.

Catch up fast: The company is the latest so-called "crypto lender" to fall into Chapter 11, following Celsius Network and Voyager Digital in July.

• The company had been struggling since the summer after crypto prices began to plummet.
• It managed to avoid bankruptcy at the time by securing a credit facility from what was then an industry savior — Sam Bankman-Fried's FTX.
• That move didn't age well.

The big picture: Since FTX collapsed, the writing has been on the wall for BlockFi.

• The day FTX filed for its own bankruptcy, on Nov. 11, BlockFi halted customer withdrawals.

Context: At one point last year, the company said it had more than 450,000 retail clients.

Go deeper.

Good news for vegans with a taste for chocolate-chip cookies.

• Nestlé plans to introduce plant-based Toll House morsels, expected to hit shelves "potentially as early as 2023," Melissa Cash, chief strategy officer for the U.S., tells Axios' Jennifer A. Kingson.

Why it matters: It's part of a broader effort by the company to introduce more plant-based products, Cash says.

• Despite tough times for plant-based meat, major food companies are still bullish on the plant-based category, which has particular appeal among younger consumers.

“When you’re in a job like mine, you need to have a sense of what’s right.”