Investors3
8 hours ago
Apple to invest over $250 million to grow its Singapore campus
Thursday, April 18, 2024 9:40 am
2 Comments
Apple on Wednesday announced new expansion in Singapore, with plans to invest over $250 million to grow its campus in Ang Mo Kio. The new expansion is the latest milestone in Apple’s over four decades of work fostering job creation and deep connections with the local community, and will provide space for growth and new roles in AI and other key functions.
Apple opened its first facility in Singapore in 1981 with 72 employees focused on Apple II, and has since grown to include a team of more than 3,600 that contributes to every part of the company. Today, Singapore serves as a central operations centre for Apple in the region, and is a hub for critical roles in software, hardware, services, and support. The country is also home to three vibrant Apple Store locations.
“Singapore is truly a one-of-a-kind place, and we are proud of the connection we’ve built with this dynamic community of creators, learners, and dreamers,” said Tim Cook, Apple’s CEO, in a statement. “With our growing campus, Apple is writing a new chapter in our history here. Our Singapore teams have played an important role in enriching the lives of our customers — and we can’t wait for many more decades of innovation to come.”
Across Singapore, Apple supports more than 60,000 jobs through direct employment, its supply chain, and the iOS app economy. The company also works with educational institutions, businesses, and organizations using technology and innovation to build a brighter world.
Like all Apple facilities, the expanded campus will run on 100 percent renewable energy. Once complete, the office aims to attain LEED Gold certification. Apple has been carbon neutral for its corporate operations since 2020 and has run all of its facilities using 100 percent renewable energy since 2018.
With a commitment to securing a greener future for all, Apple first contracted for clean energy solutions in Singapore in 2015 with solar panels on 800 rooftops, which helped Apple become the first company in the country to be powered by 100 percent renewable energy.
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MacDailyNews Note: According to Apple, construction is slated to begin later this year to expand Apple’s campus in the Ang Mo Kio district. Two buildings acquired in 2022, located adjacent to the company’s existing offices, will undergo a major upgrade, bringing three unique spaces together to improve collaboration for Apple’s growing teams in Singapore. The addition follows Apple’s investment in upgrading facilities and state-of-the-art labs over the last 10 years, including growing space in its hardware technologies center by 50% since 2019.
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https://macdailynews.com/2024/04/18/apple-to-invest-over-250-million-to-grow-its-singapore-campus/
Investors3
8 hours ago
Apple to Invest $250 Million in Singapore Expansion, Oracle Commits $8 Billion to Japan Infrastructure, and More News
April 18 2024 - 7:11AM
IH Market News
Apple (NASDAQ:AAPL) – Apple plans to invest over $250 million to expand its operations in Ang Mo Kio, Singapore, with two buildings acquired in 2022 undergoing a major upgrade. CEO Tim Cook emphasized the importance of connecting with the local community.
Oracle (NYSE:ORCL) – Oracle announced on Wednesday an investment of more than $8 billion over the next 10 years to meet the growing demand for cloud computing and AI infrastructure in Japan. This investment aims to expand Oracle Cloud Infrastructure (OCI) presence across the country and support local engineering teams.
Microsoft (NASDAQ:MSFT) – EU antitrust regulators have concluded that Microsoft’s $13 billion investment in OpenAI does not constitute an acquisition, avoiding a formal investigation. Microsoft still faces scrutiny in other regions, seeking partnerships to avoid investigations.
Alphabet (NASDAQ:GOOGL) – Google is reducing its workforce, without specifying the exact number, as part of its cost containment strategy. Some affected employees may apply for new internal positions.
Meta Platforms (NASDAQ:META) – The European Data Protection Board has suggested that major online platforms, including Meta Platforms, offer users a free option without targeted advertising. This follows requests for analysis of consent or payment models by national privacy regulators.
Walt Disney (NYSE:DIS) – Employees at Walt Disney’s theme parks in California, including those dressed as Goofy and Elsa, have made progress in unionization. Most of the 1,700 workers at the Disneyland Resort seek to join the Actors’ Equity Association, seeking better conditions, including costume replacements and contractual negotiations.
Amazon (NASDAQ:AMZN) – Amazon announced on Wednesday plans to expand its cashier-less shopping technology to more third-party stores this year, reducing its reliance on its own technology. The “Just Walk Out” system is already used by about 140 stores and will more than double.
MercadoLibre (NASDAQ:MELI) – The Latin American e-commerce giant plans to expand its team by 30% in 2024, adding approximately 18,000 new employees. This increase will bring the total number of employees to about 76,000, excluding temporary and outsourced workers.
Morgan Stanley (NYSE:MS) – Morgan Stanley recommends buying eBay (NASDAQ:EBAY) and short selling Etsy (NASDAQ:ETSY) in the US e-commerce market. eBay was upgraded to overweight, with a target price of $62, while Etsy was downgraded to underweight, with a target price of $55. Analysts see eBay benefiting from innovation and artificial intelligence, while they are pessimistic about Etsy’s growth trajectory.
Tapestry (NYSE:TPR), Capri (NYSE:CPRI) – The US FTC is preparing to block Tapestry, owner of Coach, from acquiring Capri, which owns Michael Kors, in a deal worth $8.5 billion. Regulatory approvals were granted by the EU and Japan. The FTC will discuss the case, while investors assess possible cuts in fees.
Micron Technology (NASDAQ:MU) – Micron Technology, a memory chip manufacturer, is expected to receive over $6 billion in grants from the US Department of Commerce to fund domestic chip factory projects. The award, which has yet to be finalized, could be announced as early as next week.
Salesforce (NYSE:CRM), Informatica (NYSE:INFA) – Gaurav Dhillon, co-founder of Informatica, criticizes the potential partnership with Salesforce, calling it a setback for CRM. He predicts difficulties for customers due to overlapping integration products and sees Salesforce losing momentum, only seeking to increase revenues. The merger, according to Dhillon, would be a validation for SnapLogic.
Zuora (NYSE:ZUO) – Zuora is considering options, including a potential sale. The software company for managing subscription-based billing is attracting interest from private equity and software companies.
Cadence Design Systems (NASDAQ:CDNS) – Cadence Design Systems presented on Wednesday the latest version of its custom chip-based supercomputer, designed to accelerate the creation of other chips and corresponding software. Companies like Nvidia (NASDAQ:NVDA) and Apple (NASDAQ:AAPL) use Cadence’s software to design complex chips, speeding up the design process.
Tesla (NASDAQ:TSLA) – Under the leadership of Elon Musk, Tesla seeks to reactivate its controversial $56 billion salary package. The company uses a legal loophole to submit the proposal to shareholders, challenging a previous court decision. Experts debate whether this will open more litigation or if shareholders will retroactively accept the payment. Additionally, Elon Musk provoked uncertainty among investors with cryptic posts following Reuters’ news about the abandonment of the “$25 million Model 2.” Musk’s silence generates unrest, while investors seek clear answers about Tesla’s future. In other news, Tesla dismissed 300 temporary workers in Germany as their contracts expired, part of its global workforce reduction strategy by 10%. The company claims most were transferred to new jobs. Tesla will also lay off 285 employees in Buffalo, New York.
Rivian (NASDAQ:RIVN) – Rivian announced on Wednesday a cut of approximately 1% of its workforce, marking its second round of layoffs this year amid a slowdown in demand for electric vehicles. The company is seeking to reduce costs to achieve a positive gross margin by the end of the year.
Ford Motor (NYSE:F) – Ford is recalling 456,565 compact SUVs and trucks in the US due to weak battery issues, reported by NHTSA on Wednesday. The recall covers Bronco Sport (2022-2024) models and Maverick (2022-2023) trucks. Dealers will recalibrate the control modules free of charge to correct the problem.
Boeing (NYSE:BA) – Two Senate hearings in the US explored Boeing’s safety culture and manufacturing quality after the 737 MAX 9 incident. Concerns arose about the company’s response to whistleblower reports and records related to aircraft issues. Regulators and employees testified about safety concerns. Additionally, the US Department of Transportation is being investigated by the Office of the Inspector General regarding the Federal Aviation Administration’s supervision of Boeing aircraft. Secretary of Transportation Pete Buttigieg highlighted the importance of the audit amid growing concerns.
Mobileye (NASDAQ:MBLY) – Mobileye secured orders to provide 46 million of its EyeQ6 Lite chips in the coming years as automakers seek to make cars safer and easier to drive. The system, sold worldwide, includes features such as reading traffic signs.
EVe Mobility Acquisition (NYSE:EVE) – Eve, a manufacturer of electric aircraft, signed a letter of intent with Japanese AirX to sell up to 50 eVTOLs. The deal includes a firm order for 10 units and an agreement for another 40. Financial terms were not disclosed. Embraer (NYSE:ERJ), the parent company of Eve, plans operations by 2026.
United Airlines (NASDAQ:UAL) – United Airlines will receive financial compensation from Boeing (NYSE:BA) due to the grounding of the 737 MAX 9 aircraft, causing a $200 million impact in the first quarter. Boeing will pay through credits for future purchases, following the incident which also affected other airlines, including Alaska Airlines (NYSE:ALK).
Alaska Airlines (NYSE:ALK) – A problem with Alaska Airlines’ weight and balance calculation system caused the suspension of all flights on Wednesday morning. The FAA lifted the ground stop after the issue was resolved in about an hour, with residual delays throughout the day.
Ryanair (NASDAQ:RYAAY) – Ryanair expects Boeing (NYSE:BA) to deliver 40 new jets by mid-July, announced CEO Michael O’Leary. The plan includes receiving 35 aircraft by the end of June and five more in the first weeks of July, keeping to the revised schedule.
Ibotta – Ibotta, backed by Walmart (NYSE:WMT), is set to raise $577.3 million in its IPO, valued at $2.67 billion. Ibotta will sell 6.6 million shares at $88 each, exceeding the initial price range.
TotalEnergies (NYSE:TTE) – Investors urge TotalEnergies to separate the roles of CEO and chairman to accelerate the transition to renewable energies. The proposal, supported by 19 international investors, seeks an open dialogue on climate issues. The company will decide on the resolution on April 25.
Unilever (NYSE:UL) – Unilever Plc is recalling, as a precaution, some Magnum almond ice cream sticks in the UK and Ireland due to the possibility of containing plastic and metal. The company identified the affected batches and no other country or product is involved.
America Movil (NYSE:AMX) – America Movil announced investments in 5G across all its markets, following its capital expenditure plan of $7.1 billion for this year, after cutting expenses in February. Despite a 55% drop in quarterly profit, results in key markets helped exceed expectations.
Trump Media & Technology Group (NASDAQ:DJT) – Trump Media & Technology Group saw a 1.5% increase before the market opened. On Wednesday, shares of the company owning the Truth Social platform rose 16%, marking its best single-day performance since March 26, following a nearly 30% drop in the previous two sessions.
PowerSchool Holdings (NYSE:PWSC) – PowerSchool shares experienced their biggest drop in eight months, after Spruce Point Capital Management LLC expressed skepticism, predicting a significant fall in share prices. The educational technology company closed Wednesday with a 9.8% loss, extending the year’s cumulative decline to nearly 25%.
Duolingo (NASDAQ:DUOL), Cable One (NYSE:CABO) – Duolingo’s share value increased 6.55% before the market opened, following the announcement of its inclusion in the S&P MidCap 400 on April 22. Duolingo, a language learning provider, will replace Cable One, which is being moved to the S&P SmallCap 600.
UBS Group AG (NYSE:UBS) – Following the acquisition of Credit Suisse, UBS plans another round of job cuts that will affect over a hundred positions in the global investment bank. The cuts are expected to occur in the coming weeks, mainly in wealth management and markets units.
Goldman Sachs (NYSE:GS) – South African investors are delaying major initiatives pending next month’s election, according to Goldman Sachs. The bank expects a recovery in foreign interest, driven by interest rate cuts and energy improvements.
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/93679101/apple-to-invest-250-million-in-singapore-expansio
Investors3
3 days ago
Apple is nearing production of powerful AI-focused M4 chips for Mac
Monday, April 15, 2024 11:29 am
4 Comments
Apple is nearing production of M4 chips and is planning to release its first Macs with the components later this year, Mark Gurman reports for Bloomberg News.
Mark Gurman for Bloomberg News:
The big focus will be supporting on-device artificial intelligence, which requires a hefty amount of processing power.
The company is planning three main variations of the M4: a base chip dubbed Donan; higher-end versions codenamed Brava that will replace the M3 Pro and M3 Max; and an M4 Ultra dubbed Hidra. At the end of last year, Apple released a regular M3, M3 Pro and M3 Max, but an M3 Ultra hasn’t come to market. (Apple could choose to wait until the M4 line for a new Ultra, but it’s worth noting that an M3 variation does exist internally.)
Here are the Mac models Apple is working on and when it expects to introduce them (as always, release plans could shift):
1. A low-end 14-inch MacBook Pro with the M4, coming around the end of 2024.
2. A 24-inch iMac with the M4, also expected around the end of the year.
3. New 14-inch and 16-inch high-end MacBook Pros with M4 Pro/Max chips, due between the end of 2024 and early 2025.
4. A Mac mini in both M4 and M4 Pro configurations, coming between the end of 2024 and early 2025.
5. New 13-inch and 15-inch MacBook Airs, slated for around spring 2025.
6. A Mac Studio with a high-end M4 chip, coming around the middle of 2025.
7. A Mac Pro with an M4 Ultra chip, due in the second half of 2025.
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MacDailyNews Take: Those new MacBook Pros can hopefully debut before this Christmas because they’ll be big sellers!
https://macdailynews.com/2024/04/15/apple-is-nearing-production-of-powerful-ai-focused-m4-chips-for-mac/
Investors3
3 days ago
Samsung Surpasses Apple in Q1 Smartphone Market; Salesforce in Talks to Acquire Informatica, and More News
April 15 2024 - 7:06AM
IH Market News
Apple (NASDAQ:AAPL) – In the first quarter of 2024, Apple’s smartphone shipments fell by 10%, challenged by Android competitors. Samsung led with a 20.8% market share, reversing Apple’s position. Apple sold 50.1 million iPhones, down by 5.3 million from the previous year. Sales in China declined by 2.1%. Recently, the stock market reacted to the lack of vision for future growth from Apple. This year, the stocks have been punished, but a revamp of its Mac computer line focusing on artificial intelligence resulted in a 4.3% increase in its shares and added $112 billion to its market value. Apple’s ability to fulfill its growth promises will be crucial to sustain this recovery. Investors are closely watching the integration of AI into its products, especially in the iPhone. Additionally, on Friday, Apple refuted claims by Epic Games of violating a court order on the App Store. Apple argues that Epic is seeking profit by trying to control Apple’s business operations. Moreover, Apple’s CEO, Tim Cook, will announce an increase in investments in Vietnam during his visit to Hanoi. The company plans to increase spending on suppliers and support local initiatives for drinking water in schools.
Salesforce (NYSE:CRM), Informatica Inc (NYSE:INFA) – Salesforce is negotiating to acquire Informatica, a data management services developer, in a potential deal below Informatica’s market price of $38.48 per share. Informatica is majorly controlled by Permira and CPPIB. The transaction would be Salesforce’s biggest deal since acquiring Slack in 2020.
Microsoft (NASDAQ:MSFT) – Microsoft faces challenges with its own cybersecurity protection. Recent hacks have exposed vulnerabilities in its infrastructure, leading to criticism and a commitment to reform. The company is prioritizing measures such as quick vulnerability patches and multi-factor authentication, but critics question its motivation and effectiveness.
Rubrik – The cloud and data security startup Rubrik, backed by Microsoft, plans to raise up to $713 million in an initial public offering. The company intends to sell 23 million shares priced between $28 and $31 each.
Meta Platforms (NASDAQ:META) – Since Meta blocked news links in Canada last August, Jeff Ballingall, a right-wing meme producer, noted an increase in clicks on his Canada Proud page on Facebook. The block has led to profound changes in how Canadians interact with political information.
Alphabet (NASDAQ:GOOGL) – Alphabet, the parent company of Google, will temporarily remove news links in California for some users while it studies proposed legislation that would require payment for content. The test aims to explore the impact of the legislation, which Google considers uncertain and detrimental to the local news industry.
Amazon (NASDAQ:AMZN) – A former Amazon software engineer was sentenced to three years in prison for hacking decentralized finance platforms and stealing millions in cryptocurrencies. Shakeeb Ahmed, 34, exploited flaws in smart contracts to profit fraudulently before being sentenced by Judge Victor Marrero.
Intel (NASDAQ:INTC) – US Republican lawmakers criticized the Biden administration after sanctioned Chinese company Huawei launched a laptop with an Intel AI chip. Despite the 2019 sanctions for violations related to Iran, Intel provided the chip under a special license expiring this year.
Tesla (NASDAQ:TSLA) – Tesla is exploring locations for showrooms in New Delhi and Mumbai ahead of its sales launch in India later this year. The company plans to start with showrooms and service centers in each city, seeking to expand into new markets while facing challenges in the US and China. In the US and Canada, Tesla reduced the prices of its Full Self-Driving (FSD) subscriptions last Friday to boost adoption, now costing $99 per month in the US and C$99 ($71.88) in Canada.
Nio (NYSE:NIO) – The founder of Nio, a Chinese electric vehicle manufacturer, defended the opening of automotive markets to fair and free competition in a speech in the US, citing Tesla’s success in China. He highlighted competition as a growth driver and criticized protectionist policies. The tension between China and the West over exports of Chinese EVs was also addressed.
CarMax (NYSE:KMX) – CarMax launched a $1.25 billion bond sale shortly after falling short of analysts’ fourth-quarter earnings forecasts. The potential offering, structured by Mitsubishi UFJ Financial Group, could reach $1.6 billion.
Spirit AeroSystems (NYSE:SPR), Boeing (NYSE:BA) – Spirit AeroSystems, a major supplier to Boeing, is reducing overtime and hiring due to a production drop of the 737 MAX jet. The production has been affected by intensified regulatory checks and a slowdown on the assembly line in Seattle, resulting in deliveries halved in March.
US Steel (NYSE:X) – US Steel, an American company, approved with 98% of votes a $14.9 billion acquisition proposal by Japan’s Nippon Steel. The offer of $55 per share faces growing political opposition in the US and regulatory concerns, even after Nippon promised to maintain jobs and honor existing agreements.
BP Plc (NYSE:BP) – The state-owned oil company of the United Arab Emirates considered acquiring BP, but preliminary discussions did not progress. BP, valued at $110.3 billion, faces challenges including reducing fossil fuel production and shifting to renewable energies. The Abu Dhabi National Oil Company (ADNOC) is seeking to expand internationally.
Paramount Global (NASDAQ:PARA) – The hedge fund Barington Capital pressured Paramount Global to end its exclusive talks with Skydance Media. Barington, holding 325,000 shares of Paramount, argued that exploring other bidders would benefit all shareholders, concerned about a deal favoring controlling shareholder Shari Redstone.
Roku (NASDAQ:ROKU) – Roku revealed a second cyberattack affecting 576,000 accounts, adding to the 15,000 previously affected. No sensitive information was compromised. The company identified unauthorized purchases in fewer than 400 cases and implemented two-factor authentication to bolster security.
Kraft Heinz (NASDAQ:KHC) – Kraft Heinz revived the Barbie fever with the launch of “Barbiecue,” a partnership with Mattel (NASDAQ:MAT). The pink condiment, labeled as “Heinz Vegan Mayo with barbecue sauce,” evokes a backyard barbecue. The product will be available in the UK and Spain, with plans for global expansion.
McDonald’s (NYSE:MCD) – The wage increase for fast-food workers in California led McDonald’s to reintroduce bagel sandwiches and invest $15 million in local advertising to boost sales. Franchisees, concerned about costs, received support from the company to face the new wage legislation.
United Natural Foods (NYSE:UNFI) – JPMorgan Chase is exploring refinancing the outstanding debt of United Natural Foods, aiming for a loan of at least $600 million to replace the current maturity in October of the next year.
Grifols (NASDAQ:GRFS) – The Spanish pharmaceutical company Grifols plans to add independent administrators to its audit and compensation committees to strengthen its governance, after a drop in share price. Denying accusations of overstating profits, the company aims to simplify its market communication and meet its debt payments by 2025.
Medical Properties Trust (NYSE:MPW) – Shares of Medical Properties Trust surged over 15% before market opening on Monday, following the sale of hospital properties in Utah for $886 million. MPT will retain a 25% stake in the venture. The transactions generated $1.1 billion, aiming to reduce debts and for corporate purposes.
JPMorgan Chase (NYSE:JPM) – Vedanta Ltd. (NYSE:VEDL) hired JPMorgan Chase & Co. to facilitate raising 300 million dollars (25 billion rupees) through rupee-denominated bonds, targeting global private credit investors. The funds would support its commercial operations, with an estimated maturity of three to five years.
BlackRock (NYSE:BLK) – BlackRock reached a record $10.5 trillion in assets in the first quarter, with a 36% increase in profit, boosted by rising global stock markets. This uplift in the markets improved its advisory and investment management fees, as announced by the world’s largest asset manager.
UBS Group AG (NYSE:UBS) – The stricter capital requirements proposed by the Swiss government will affect UBS’s growth capacity, according to Finance Minister Karin Keller-Sutter. The Swiss bank will need to hold more capital if the regulatory package, aimed at preventing collapses like that of Credit Suisse, is implemented.
New York Community Bancorp (NYSE:NYCB) – NYCB appointed Craig Gifford as the new CFO, succeeding John Pinto, in an attempt to rebuild investor confidence following financial troubles. Other appointments include Bao Nguyen as general counsel. Shares have fallen 72% this year, but the bank raised $1 billion from investors, including Steven Mnuchin.
Coinbase Global (NASDAQ:COIN) – On Friday, Coinbase requested two courts for permission to appeal part of its ongoing case with the US Securities and Exchange Commission (SEC), seeking to accelerate the trial over whether digital assets are considered investment contracts.
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/93656662/samsung-surpasses-apple-in-q1-smartphone-market-s
Investors3
1 week ago
Investors have historically underestimated Apple’s gross margins – BofA
Thursday, April 11, 2024 12:33 pm
1 Comment
“Investors have historically underestimated Apple’s gross margins and it appears that it is happening again,” BofA Securities analyst Wamsi Mohan writes in a note to clients.
Emily Bary for MarketWatch:
Investors have found plenty of reasons to sour on Apple Inc. shares this year, sending them down more than 12% over the course of 2024 to date even as the S&P 500 SPX has advanced 8%.
But what if Wall Street is missing the point on Apple — again? That’s an issue BofA Securities analyst Wamsi Mohan explored in his latest note to clients as he looked at how investors have gotten things wrong on Apple shares in the past.
The company’s long-term margin potential remains compelling, according to Mohan, and if you go back a few years, you can see Wall Street’s tendency to lowball its projections there. For example, in 2018, the consensus view forecast was for 39% gross margins for fiscal 2023, but Apple recorded 44% for that period.
Now, looking forward, he thinks the company could drive about 180 basis points of gross-margin upside on the product side of the business, as well as 150 basis points of upside in services over the coming years.
“Consumers are opting for more higher-end devices (higher price), but we also expect Apple to raise pricing of individual hardware devices over time, which can be accretive to gross margin,” Mohan wrote.
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MacDailyNews Note: Mohan maintains a “Buy” rating and $225 price target on Apple shares.
https://macdailynews.com/2024/04/11/investors-have-historically-underestimated-apples-gross-margins-bofa/#google_vignette
Investors3
1 week ago
Apple Watch chief Kevin Lynch moved into company’s AI group
Monday, April 8, 2024 8:55 am
6 Comments
Apple has recently moved Apple Watch project head Kevin Lynch into, and nearly atop, the company’s AI group.
Mark Gurman for Bloomberg News:
One of the “palace intrigue” stories that got overshadowed by the Apple car cancellation is the shifting role of Kevin Lynch, who oversaw the project during the last few years.
For about a decade, Lynch reported to Apple Chief Operating Officer Jeff Williams. In addition to handling the car duties, he has run software engineering for the Apple Watch under Williams.
In a curious shift, Lynch has now begun to report to John Giannandrea, Apple’s AI chief. Lynch and Williams continue to oversee the Apple Watch, which raises the question: Why was the move necessary?
People close to the matter believe Lynch’s move is meant to bring order to an area that has befuddled Apple: AI.
With AI, it’s no secret Apple has been struggling to create large language models and other tools that can compete with the industry’s best. If Giannandrea ultimately ends up leaving the company, Lynch — who has been due for a promotion to the senior vice president level — could be primed to take his place.
MacDailyNews Take: Is some accountability for Apple’s current deer-in-the-headlights “we’ll have to license it from Google” situation actually incoming?
Apple pays and has been paying John Giannandrea, Senior Vice President of Machine Learning and AI Strategy, millions upon millions of dollars for years. WTF of any import does he really do? WTF of any import has he really delivered? Have you used Siri lately? Yup, it’s still a steaming pile of dogshit.
Where’s Apple’s generative AI, John? “Too hard; too late; look for partners; gimme my paycheck and stock options.” AAPL shareholders need to start asking real questions of these executives, especially those who are supposed in charge of Apple’s “AI Strategy,” when the company clearly has none. How about some accountability for once? – MacDailyNews, March 18, 2024
The consequences of Apple leaderships’ lack of vision will affect the company for years.
Generative AI chatbots require large, dedicated data centers which will take Apple time (years) to build out, if they are planning on owning this technology instead of just farming it out. – MacDailyNews, March 26, 2024
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Wednesday, May 9, 2018
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https://macdailynews.com/2024/04/08/apple-watch-chief-kevin-lynch-moved-into-companys-ai-group/
Investors3
1 week ago
Tesla enlists Apple to prove driver in deadly crash was playing a game on his iPhone
Friday, April 5, 2024 10:58 am
4 Comments
Tesla is relying on technical support from Apple as it seeks to prove that a Model X driver who worked for Apple was playing a video game on his iPhone when he crashed and subsequently died.
Rachel Graf for Bloomberg News:
Lawyers for the family of Walter Huang, an engineer who was killed on his commute to work, say his former employer is “secretly” maneuvering to support Tesla’s attempt to blame distracted driving for the wreck. A National Transportation Safety Board investigation had failed to reach a definitive conclusion about what Huang was doing in the final seconds before impact.
Based on forensic examinations of Huang’s iPhone, Tesla has said he was playing Sega’s Total War: Three Kingdoms at the time of the crash, though the Huang family’s attorneys say Tesla can’t prove that just because the app was open on his screen.
The two sides are sparring over whether Tesla can call an Apple engineering manager as a witness for a two-month trial set to start next week in state court in San Jose.
Tesla obtained a sworn statement from an Apple engineering manager, James Harding, who analyzed unencrypted telemetry data on Huang’s phone and said it “suggests possible user interaction, which might be a screen touch or button press.”
The Huang family’s lawyers have countered in a court filing that Tesla purposefully hid its questioning of Harding from them until after pretrial fact-finding deadlines. They are now trying to force Apple to provide more information, and the iPhone maker is pushing back, saying that it shouldn’t have to hand over confidential material.
MacDailyNews Take: As per Tesla support:
The currently enabled Autopilot, Enhanced Autopilot and Full Self-Driving features require active driver supervision and do not make the vehicle autonomous… While using Autopilot, it is your responsibility to stay alert, keep your hands on the steering wheel at all times and maintain control of your vehicle… Before enabling Autopilot, the driver first needs to agree to “keep your hands on the steering wheel at all times” and to always “maintain control and responsibility for your vehicle.” Subsequently, every time the driver engages Autopilot, they are shown a visual reminder to “keep your hands on the wheel.”
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Elon Musk counts on full self-driving as next Tesla profit driver
Friday, April 21, 2023
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https://macdailynews.com/2024/04/05/tesla-enlists-apple-to-prove-driver-in-deadly-crash-was-playing-a-game-on-his-iphone/#google_vignette
Investors3
1 week ago
Apple CEO Cook sells 196,410 AAPL shares at $169.33
Thursday, April 4, 2024 4:04 pm
10 Comments
According to a recent SEC filing, Apple CEO Tim Cook sold 196,410 shares of Apple (AAPL) on April 2, 2024 at the share price of $169.33, resulting in a total sale of $33,253,045.30.
GuruFocus Research:
Following this transaction, Timothy Cook’s total sales over the past year amount to 436,979 shares, with no recorded purchases in the same period.
The insider transaction history for Apple Inc indicates a trend of insider sells, with 17 recorded over the past year and no insider buys in the same timeframe. On the valuation front, Apple Inc’s shares were trading at $169.33 on the day of the insider’s recent sell, giving the company a market capitalization of approximately $2,619,869.53 billion. The price-earnings ratio stands at 26.43, which is above both the industry median of 23.7 and the company’s historical median price-earnings ratio.
MacDailyNews Note: Cook’s Form 4 SEC filing is here.
Apple Senior VPs Deirdre O’Brien, Jeff Williams, Katherine Adams, and Luca Maestri each also sold 113,309 shares apiece on April 3rd.
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https://macdailynews.com/2024/04/04/apple-ceo-cook-sells-196410-aapl-shares-at-169-33/
Investors3
2 weeks ago
Taiwan earthquake to hit some chip output, cause Asia supply chain disruptions
Wednesday, April 3, 2024 8:53 am
3 Comments
Taiwan’s biggest earthquake since 1999 is likely to cause some disruption across Asia’s semiconductor supply chain, analysts say, after chipmakers from major Apple supplier TSMC to UMC halted some operations to inspect facilities.
The powerful 7.5-magnitude earthquake struck Taiwan’s eastern coast near Hualien County on Wednesday morning, killing at least nine people and injuring at least 800.
Liam Mo and Brenda Goh for Reuters:
The island plays an outsized role in the global semiconductor supply chain as it is home to the world’s largest chipmaker Taiwan Semiconductor Manufacturing Co (TSMC) which supplies chips to the likes of Apple and Nvidia and smaller chipmakers including UMC, Vanguard International Semiconductor, and Powerchip Semiconductor Manufacturing.
While most of their facilities are not close to the earthquake’s epicenter, many of these firms said they had evacuated some of their manufacturing plants and shut down some facilities for inspections.
TSMC, whose facilities in Hsinchu, Tainan and Taichung have experienced varying degrees of disruptions, may have to delay some shipments and increase wafer input to compensate for this, consultancy Isaiah Research said in a note.
TSMC’s Tainan operations for advanced process nodes, such as 4/5nm and 3nm, were temporarily suspended, they said. In addition, the extreme ultraviolet (EUV) lithography equipment crucial for these advanced nodes was halted at the site for a period of 8-to-15 hours.
Barclays analysts said some highly sophisticated semiconductor fabs need to operate seamlessly 24/7 in a vacuum state for several weeks and the halts would disrupt the process, pushing up pricing pressure in the sector.
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MacDailyNews Take: Sounds like Taiwan’s chip industry will right itself relatively quickly, but, unfortunately, expect the death and injury toll to rise as at least 26 buildings have collapsed.
https://macdailynews.com/2024/04/03/taiwan-earthquake-to-hit-some-chip-output-cause-asia-supply-chain-disruptions/#google_vignette
Investors3
2 weeks ago
Apple’s high-yield savings APY decreases from 4.5% to 4.4% on April 3rd
Monday, April 1, 2024 7:08 pm
1 Comment
Apple Card customers taking advantage of the high-yield Apple Savings account will see their APY decrease for the first time from 4.5% to 4.4% on April 3rd. The savings account originally offered a 4.15% APY and it was raised to 4.5% earlier this year; it features no fees and no minimum balance requirements
Joe Rossignol for MacRumors:
Starting on April 3, the Apple Card savings account’s annual percentage yield (APY) will be lowered to 4.4%, according to data on Apple’s backend discovered by MacRumors contributor Aaron Perris.
4.4% will still be a competitive rate compared to many other popular high-yield savings accounts, which typically offer rates between 4.25% and 5.25%.
When the Apple Card’s savings account first became available, it offered an APY of 4.15%. The rate then increased three times, first to 4.25%, then to 4.35%, and finally to 4.5%. The drop to 4.4% will be the first time the rate has gone down.
The account allows Apple Card holders to earn interest on their Daily Cash cashback balance, and on funds deposited via a linked bank account or an Apple Cash balance. The maximum balance allowed is now $1,000,000, up from a previous limit of $250,000.
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MacDailyNews Nate: To open a high-yield Savings account in Apple’s Wallet app, tap on your Apple Card, tap on the circle with three dots at the upper right of the screen, tap Daily Cash, and select Set Up Savings.
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https://macdailynews.com/2024/04/01/apples-high-yield-savings-apy-decreases-from-4-5-to-4-4-on-april-3rd/#google_vignette
Investors3
2 weeks ago
Stock market’s ‘Magnificent Seven’ is really now the Fab Four as Apple, Alphabet, and Tesla sputter
Monday, April 1, 2024 9:40 am
2 Comments
Even as the stock market is heads higher, the “Magnificent Seven” trade is beginning to fizzle, with Apple, Alphabet, and Tesla sputtering through the first quarter of 2024.
Hardika Singh for The Wall Street Journal:
The S&P 500 climbed 10% in the first quarter, its best start to a year since 2019, even though two of its biggest constituents suffered double-digit declines. Apple shares fell 11% in the first three months of the year, while Tesla dropped almost 30%. Alphabet shares sputtered for much of the period before making a run in the past three weeks and ending up 8%.
The other four big tech stocks in the group known as the Magnificent Seven — Nvidia, Meta Platforms, Microsoft, Amazon.com — continued their meteoric run and outpaced the broader market. Some market strategists have dubbed them the new Fab Four.
Nvidia continues to be a stock-market star. The graphics-chip maker has indicated demand for the computing power that underlies AI remains astronomical. Its shares have jumped more than 80% to start the year, after more than tripling in 2023.
Meta shares, meanwhile, have soared partly thanks to Meta’s investments in artificial intelligence that have made targeted ads smarter. The social-media company recently said it would pay its first shareholder dividend. Microsoft stole the crown of biggest U.S. company from Apple earlier this year, with a valuation that topped $3 trillion, and Amazon has sharply improved its profitability.
[Apple] is facing another weak iPhone demand cycle, and investors are worried that Apple is behind in the current wave of excitement around AI.
Bespoke Investment Group data show Apple shares underperformed the S&P 500 over the 200 days through Tuesday by the widest margin since October 2013.
MacDailyNews Take: As we just wrote:
Apple was caught flat-footed, due to a lack of vision on the part of leadership. They were, uh, focused elsewhere. Apple’s traditional data center network is not fit for generative AI. It will take years and billions of dollars to catch up just to where GenAI leaders (OpenAI, Microsoft, Alphabet, etc.) are today.
So, the only solution is to partner with a Google for the real GenAI stuff while pretending (marketing) really hard that some on-device AI Apple has whipped up in a few months is “insanely great Apple innovation” that’s at the heart of Apple’s 2024’s AI announcements when it’s really just an adjunct. Apple will tout their homegrown on-device AI and act like it’s powering everything when, in reality, it’s Google (or whichever is licensed) that’s powering most of it. Watch Apple make a big show of its on-device AI at WWDC and run many ads touting it from June onwards.
Apple hopes to buy time for the data center buildouts and investments that will be required for them to someday own their own AI technology and not have to license it from the likes of Google.
This is what happens after a decade plus with a caretaker CEO at the helm after he hits the last page of his iteration playbook, yet attempts to stay in the game for too long.
See also:
• Work on Apple Vision Pro began under Steve Jobs – August 23, 2023
• Contrary to popular belief, Steve Jobs knew about Apple Watch – February 13, 2023
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https://macdailynews.com/2024/04/01/stock-markets-magnificent-seven-is-really-now-the-fab-four-as-apple-alphabet-and-tesla-sputter/#google_vignette
Investors3
2 weeks ago
Several senators overseeing anti-Apple regulations controversially hold shares
William Gallagher | Apr 01, 2024
Several members of Congress overseeing Big Tech issues are accused of owning significant quantities of Apple stock, which could present conflicts of interest.
As Big Tech firms, most especially including Apple, come under increasing scrutiny from governments worldwide, Senator John Ossoff (D-Ga) is accused of effectively being in collusion with Apple because he may own stocks in the company. The New York Post makes vague claims that unspecified "watchdogs" are concerned over conflicts of interest, but the publication appears to be the accuser.
It's hard to be certain whether the accusation comes from The New York Post itself, or whether there are any actual "watchdogs" accusing Ossoff and other members of Congress. That's because the publication's article is hyperbolic and so bordering on hysterical that it's difficult to find the facts for all the noise.
Nonetheless, the publication's position is that Senator Ossoff, who has campaigned against congressional stock trading, is among the almost one in five in the Senate "who own or likely own" Apple stock. That phrasing is not entirely as woolly as it sounds, because the publication is counting senators who, like Ossoff, have put their stocks into a blind trust.
"You can't put Apple stock in a blind trust and pretend you don't have Apple stock," Richard Painter, former White House chief ethics lawyer under President George W. Bush, told The New York Post. "This blind trust business, it doesn't work unless you actually sell the underlying assets."
Reportedly, at least 14 other members of Congress have stocks in Apple. Those include Democratic Senators John Hickenlooper, Thomas Carper, Jacky Rosen, Ron Wyden and Sheldon Whitehouse, as well as Senator Ossoff.
They also include Republican senators Kate Britt, Tommy Tuberville, John Boozman, Susan Collins, Markwayne Mullin, Tim Scott, Bill Hagerty and Shelley Moore Capito.
But speaking specifically about Senator Ossoff, Painter said that he had demonstrated "really bad judgement" by not selling his Apple stake upon taking office. It seems like general rule should apply to anybody taking office — which is what the blind trust regulation that Ossoff is championing will at least partially address.
Ossoff is said by the publication to have owned between $1 million and $5 million in Apple stocks before setting up a blind trust in 2021. In this case, the imprecision in the details appears to be down to the publication, with other sources say Apple represented half of Ossoff's net work before taking office.
Senator Ossoff is obviously not part of the Department of Justice's antitrust case against Apple. He is, though, a majority member of the Senate Judiciary Subcommittee On Privacy, Technology, and the Law.
In that capacity, he voted in favor of advancing legislation through the pair of bills, the American Innovation and Choice Online Act (AICOA) and the Open App Markets Act. Neither bill made it through to law, allegedly following lobbying by firms including Apple.
The two bills both concentrated on anti-steering regulations, which would prevent firms from giving preferential promotion to their own services. The AICOA bill would also have at least encouraged Apple to allow sideloading and third-party app stores.
Both of the bills were delayed being put forward, for lack of sufficient support, which ultimately ultimately defeated them, too. Very similar legislation has subsequently been passed into law in the European Union, though.
The New York Post says that while Ossoff publicly backed both bills, in private he raised concerns about them. Specifically, he questioned the bills' impact on user security and data privacy, just as Apple has done.
"Having to deal with a senator who regularly repeated Apple talking points — as if it wasn't obvious they were Apple talking points — was bad enough," a unnamed source told the publication. "But it was even worse that in all likelihood he owned millions of dollars in Apple stock as he was doing it."
A spokesperson for Senator Ossoff told The New York Post that this criticism was "laughable." The spokesperson declined to comment on whether the senator's blind trust still included Apple shares.
https://appleinsider.com/articles/24/04/01/several-senators-overseeing-anti-apple-regulations-controversially-hold-shares?utm_medium=rss
Investors3
3 weeks ago
Apple turns to longtime Steve Jobs disciple Phil Schiller to defend its ‘walled garden’
Wednesday, March 27, 2024 9:33 am
7 Comments
Apple Fellow Phil Schiller, Apple’s former chief marketing officer and longtime Steve Jobs acolyte has emerged as one of the most ardent public defender of the company’s “Walled Garden” ecosystem.
Aaron Tilley for The Wall Street Journal:
[Apple’s ecosystem is] a vision of electronic devices that work seamlessly together and protect user security and privacy.
Once seen as a virtue, Apple’s vision has increasingly come under attack, from regulators in the Justice Department, the European Union and other jurisdictions as well as from rivals…
In legal filings, public announcements and courtrooms, Apple has made it clear that it isn’t going to go down without a fight, and more often than not, Schiller has been the one to deliver the message.
“I have no qualms in saying that our goal is going to always be to make the App Store the safest, best place for users to get apps,” Schiller recently told Fast Company. “I think users — and the whole developer ecosystem — have benefited from that work that we’ve done together with them. And we’re going to keep doing that.”
Although Schiller retired from his role as chief of marketing in 2020, he continues as an “Apple Fellow,” a transition that led some Apple watchers to wonder whether he was close to retirement. Instead, he has become the public face of Apple’s efforts to defend itself…
People close to Schiller describe his three main hobbies as cars, Boston sports teams and Apple, where he is still known to work nearly 80 hours a week, respond to emails almost immediately and answer phone calls at any time.
“Of the people still at Apple, he is one of the few that still carry the torch of Steve Jobs’s vision,” said Tim Bajarin, a longtime Apple analyst who has known Schiller since his return to the company.
MacDailyNews Take: Kudos to those left at Apple who carry the torch of Steve Jobs’ vision!
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https://macdailynews.com/2024/03/27/apple-turns-to-longtime-steve-jobs-disciple-phil-schiller-to-defend-its-walled-garden/
Investors3
3 weeks ago
Apple CEO Cook to dine with Xi Jinping in China this week
Monday, March 25, 2024 3:50 pm
2 Comments
CEOs of 100 or so multinational giants such as Apple CEO Tim Cook, who has plans to dine with Chinese Communist Party leader Xi Jinping this week, gathered for the two-day China Development Forum.
Chan Ka Sing for Reuters:
Apple CEO Tim Cook said last week that no supply chain is as critical to the $2.7 trillion company as China’s. Sure, the iPhone maker is shifting some of its manufacturing contracts elsewhere, but more than 75% of its 200 major suppliers still maintain production in the country.
Chinese leaders, meanwhile, seem keen to engage directly with the West’s business elite. The Wall Street Journal reported that Cook, HSBC’s Noel Quinn and others are due to dine with Xi Jinping this week, months after China’s leader broke bread with corporate titans on a visit to San Francisco.
More hazards are appearing on the dance floor, though. Washington has for several years been spearheading a campaign to exclude Chinese technology firms like Huawei and SMIC from global networks, and to prevent the country getting hold of the most advanced semiconductors. Beijing wants to delete U.S. products from its turf, too; the Financial Times reported on Sunday, for instance, that AMD and Intel microprocessors are now being phased out from government computers and servers.
The procurement guidance also seeks to sideline Microsoft’s Windows operating system and foreign-made database software in favour of domestic options, according to the article.
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MacDailyNews Take: The tension in the Chinese tightrope Cook walks continually ratchets up.
https://macdailynews.com/2024/03/25/apple-ceo-cook-to-dine-with-xi-jinping-in-china-this-week/
Investors3
3 weeks ago
Apple’s Worldwide Developers Conference returns June 10, 2024
March 26 2024 - 01:00PM
Business Wire
Entire conference available online for all developers, with a special event at Apple Park on June 10
Apple® today announced it will host its annual Worldwide Developers Conference (WWDC) online from June 10 through 14, 2024. Developers and students will have the opportunity to celebrate in person at a special event at Apple Park on opening day.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240326289414/en/
Free for all developers, WWDC24 will spotlight the latest iOS, iPadOS®, macOS®, watchOS®, tvOS®, and visionOS™ advancements. As part of Apple’s ongoing commitment to helping developers elevate their apps and games, the event will also provide them with unique access to Apple experts, as well as insight into new tools, frameworks, and features.
“We’re so excited to connect with developers from around the world for an extraordinary week of technology and community at WWDC24,” said Susan Prescott, Apple’s vice president of Worldwide Developer Relations. “WWDC is all about sharing new ideas and providing our amazing developers with innovative tools and resources to help them make something even more wonderful.”
Developers and students will be able to discover the latest Apple software and technologies by tuning into the keynote, and they can experience WWDC24 throughout the week on the Apple Developer app, website, and YouTube. This year’s conference will include video sessions and opportunities to engage with Apple designers and engineers and connect with the worldwide developer community.
WWDC24 will include an in-person experience on June 10 that will provide developers the opportunity to watch the keynote at Apple Park, meet with Apple team members, and take part in special activities. Space will be limited, and details on how to apply to attend can be found on the Apple Developer site and app.
Apple is proud to support the next generation of developers through the Swift Student Challenge, one of many Apple programs that seek to uplift the next generation of developers, creators, and entrepreneurs. On March 28, this year’s applicants will be notified of their status, and winners will be eligible to apply for the in-person experience at Apple Park. Fifty Distinguished Winners, who are recognized for outstanding submissions, will be invited to Cupertino for a three-day experience.
Apple will share additional conference information in advance of WWDC24 through the Apple Developer app and on the Apple Developer website.
Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.
NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at media.help@apple.com.
© 2024 Apple Inc. All rights reserved. Apple, the Apple logo, iPadOS, macOS, watchOS, tvOS, and visionOS are trademarks of Apple. Other company and product names may be trademarks of their respective owners.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240326289414/en/
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https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/93552743/apple-s-worldwide-developers-conference-returns-j
eastunder
4 weeks ago
Apple, Google and Meta at risk of ‘heavy’ fines as Europe launches new probes
CNN Business· Yves Herman/Reuters
Olesya Dmitracova, CNN
Mon, Mar 25, 2024, 7:54 AM MDT3 min read
https://finance.yahoo.com/news/apple-google-meta-risk-heavy-114530507.html
The European Union has launched investigations into Apple, Google and Facebook parent Meta on suspicion that they are failing to comply with a new landmark European law designed to promote competition in digital services.
The European Commission said it “suspects” that various practices by all three companies “fall short of effective compliance” with the Digital Markets Act (DMA), which went into effect earlier this month. If the probes find a “lack of full compliance,” they could face “heavy fines,” said European Commissioner Thierry Breton.
The DMA requires dominant online platforms to give users more choices and rivals more opportunities to compete. It currently applies to the three tech giants under investigation, as well as Amazon (AMZN), Microsoft (MSFT) and ByteDance, the Chinese parent company of TikTok.
By mid-May, the list could also include Elon Musk’s X and Booking.com, the EU has said.
Violations of the new law can lead to stiff penalties, including fines of up to 10% of a company’s global revenue and up to 20% for repeat offenses. For most of the regulated companies, that would translate to tens of billions of dollars.
The practices the European Commission is investigating include what it calls Meta’s “pay or consent” approach. Last October, Meta (META) launched a subscription service, called “Subscription for no ads,” allowing European users of Facebook and Instagram to pay up to €12.99 ($14) a month for ad-free versions.
“The Commission is concerned that the binary choice imposed by Meta’s ‘pay or consent’ model may not provide a real alternative in case users do not consent, thereby not achieving the objective of preventing the accumulation of personal data by (large companies),” the body said in a statement.
A Meta spokesperson responded: “Subscriptions as an alternative to advertising are a well-established business model across many industries, and we designed ‘Subscription for no ads’ to address several overlapping regulatory obligations, including the DMA. We will continue to engage constructively with the Commission.”
The EU is also looking into app stores operated by Apple (AAPL) and Google. The DMA states that large digital platforms — so-called gatekeepers — must allow app developers to “steer” consumers to offers outside the two dominant stores, free of charge.
Among other concerns, the EU suspects that Apple and Google’s parent Alphabet (GOOGL) constrain developers’ ability “to freely communicate (with end-users) and promote offers and directly conclude contracts, including by imposing various charges,” the Commission said.
“We are concerned Alphabet, Apple & Meta & are not meeting their obligations, e.g.: Apple & Alphabet still charge recurring fees to app developers,” European Commissioner Margrethe Vestager wrote on X Monday.
Apple’s “choice screen” for Safari is also under scrutiny, the European Commission said. Under the DMA, Apple must prompt users with “choice screens which must effectively and easily allow them to select an alternative default service, such as a browser or search engine on their iPhones,” it noted.
Apple told CNN in a statement: “We’re confident our plan complies with the DMA, and we’ll continue to constructively engage with the European Commission as they conduct their investigations.”
Another of the Commission’s concerns pertains to Google Search. Alphabet may not have done enough to ensure that third-party services appearing in search results are treated in “a fair and non-discriminatory manner” compared with Alphabet’s own services, such as Google Shopping and Google Flights.
Oliver Bethell, a competition executive at Google, said in a statement: “To comply with the Digital Markets Act, we have made significant changes to the way our services operate in Europe.
“We have engaged with the European Commission, stakeholders and third parties in dozens of events over the past year to receive and respond to feedback, and to balance conflicting needs within the ecosystem. We will continue to defend our approach in the coming months.”
This story has been updated with additional information.
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