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(This story is for CNBC Pro subscribers only.) The Trump administration's ban on TikTok is worrying Wall Street about a possible retaliation from China, with some of the high-flying

technology darlings as the targets. Analysts caution investors about U.S. stocks with revenue exposure to China like Apple and Tesla , among others. "We caution that the Chinese

government has historically exercised wide discretion in pressuring foreign companies, particularly in periods of geopolitical tension," AB Bernstein analyst Toni Sacconaghi told

clients. Last week, President Donald Trump issued executive orders banning U.S. transactions with Chinese tech firms Tencent and ByteDance due to privacy concerns and disinformation

campaigns from China. Tencent owns Chinese messaging app WeChat , and ByteDance is the Beijing-based parent company of the widely popular short video-sharing app TikTok. The ban will take

effect in 45 days. Sacconaghi told clients that retaliation from China is possible and a historic precedent. The world's second largest economy has taken "informal" measures

such as state-backed customer boycotts and government disruption of foreign companies' sales, exports, or manufacturing in the past. Another firm, Baird, also raised the possibility of

Apple getting caught in the cross-hairs for a potential retaliation. "Apple generated 16% of FQ3 revenue from Greater China, and of course assembles a majority of iPhones in

China," Baird analyst William Power told clients. Tesla is another American treasure that could be at risk, according to Sacconaghi. "Tesla traditionally generated 15%+ of its

revenues in China, but is now targeting a 30%+ mix amid the recent construction of its Shanghai Gigafactory," Sacconaghi added. Plus, Apple — which has rallied nearly 55% this year —

and Tesla — which has soared nearly 240% since January — are trading at lofty valuations and investors bet on their growth prospects during this uncertain time for financial markets.

"The all time-high multiples of both Apple and Tesla would suggest investors are not discounting much China risk," said Sacconaghi. Power also said Fastly and Akamai Technologies

could bear the brunt of retaliation from China. Fastly, which provides technology helps consumers more rapidly view and retrieve digital content, reported better-than-expected quarterly

results last week, but the stock fell 18% on concerns the company is overly reliant on China's TikTok. Joshua Bixby, Fastly's CEO, said on his company's earnings call that

TikTok is its biggest customer, accounting for about 12% of revenue in the first six months of the year. "Any ban of the TikTok app by the U.S. would create uncertainty around our

ability to support this customer," Bixby said on the earnings calls. Akamai Technologies "recently indicated that Q3 revenue could be negatively impacted by roughly $15 million due

to the ban of Chinese apps," said Power. — With reporting from CNBC's Michael Bloom.