Apple is pushing back against the Department of Justice's antitrust lawsuit, arguing that the government's complaint relies on speculative claims and fails to demonstrate the company's monopoly power in the smartphone market.

In a hearing on Wednesday, Apple's lawyers countered the DOJ's allegations of anticompetitive conduct, including degrading message quality between iPhones and Android phones and limiting third-party smartwatch functionality. The company characterized the third-party developers who claim harm as "well-capitalized social media companies, big banks, and global gaming developers."

The DOJ and over a dozen states sued Apple earlier this year, accusing the tech giant of maintaining an illegal monopoly that drives up prices and locks consumers into its ecosystem. The outcome of the case could have significant implications for the tech industry, particularly as a new administration takes over and potentially shifts the landscape of antitrust enforcement.