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Morgan Stanley sees accelerated growth for Apple in September quarter
Tuesday, July 25, 2023 11:51 am
Investment bank Morgan Stanley expects Apple’s June quarter earnings to be in line with expectations, but predicts much higher growth in the September quarter.
William Gallagher for AppleInsider:
“We expect a largely in-line June Q but see 4-9% upside to Sept Q rev/EPS, driven by relative strength in iPhone, Mac, Services & Gross Margins,” the analysts tell investors in a note seen by AppleInsider. “History shows Apple outperforms by 5-10 pts after guiding the Sept Q higher, creating a positive setup into earnings next [week].”
The investment bank is maintaining its growth outlook, and says the August 3 earnings are a “positive stock catalyst that can help Apple shares re-rate towards our unchanged $220 price target.
Apple does of course launch new iPhones in September, but sales of those will mostly [a]ffect the following quarter. Nonetheless, Morgan Stanley says it remains “5-10% above Consensus in the September quarter, with upside to iPhone, Mac, Services and Gross Margins.”
The analysts say that Street estimates for the company are “conservative given secular and cyclical tailwinds.”
“Importantly, we believe this means Apple will guide to Y/Y revenue growth for the first time in 4 quarter[s],” says the report, “with the growth acceleration coming from the “right” segments — iPhone and Services.”
MacDailyNews Take: Currently, for Apple’s fiscal Q323 (June), the analysts’ consensus calls for the company to report EPS of $1.07 (vs. $1.20 YoY) on revenue of $73.33 billion (vs. $82.96 billion YoY) on Thursday, August 3, 2023 after the bell.
As always, we’ll have Apple’s results on August 3rd right around 1:30 p.m. PT / 4:30 p.m. ET. followed by live notes from Apple’s conference call beginning at 2:00 p.m. PT / 5:00 p.m. ET.
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https://macdailynews.com/2023/07/25/morgan-stanley-sees-accelerated-growth-for-apple-in-september-quarter/
‘Apple GPT’ is already being used by employees; may be used for AppleCare
Monday, July 24, 2023 4:40 pm
Apple is reportedly still developing its generative AI technology, but it is already being used by employees behind the scenes.
Bloomberg News‘ Mark Gurman has revealed that Apple employees are using a ChatGPT-esque AI chatbot called “Apple GPT” to prototype future features, summarize text, and answer questions based on the data it has been trained on.
Gurman also said that Apple is exploring ways to integrate its LLM into other areas of operations, such as using it to assist customers with AppleCare.
Here are some possible use cases for Apple’s generative AI technology:
• Providing customer support: Apple could use its LLM to create a chatbot that could answer customer questions and provide support. This could free up human customer service representatives to handle more complex issues.
• Generating creative content: Apple could use its LLM to generate creative content, such as poems, stories, or scripts. This could be used in a variety of applications, such as marketing campaigns or product development.
• Improving product recommendations: Apple could use its LLM to improve its product recommendations. This could be done by providing personalized recommendations based on a user’s past purchases and interests.
• Creating new features: Apple could use its LLM to create new features for its products. This could be done by using the LLM to generate ideas for new features or to test out new features before they are released to the public.
Mark Gurman for Bloomberg News:
[Apple is] now all-in on large language models (LLMs) and is working on creating a generative AI product for as early as next year. Moreover, the company has already built an internal ChatGPT-like service for employees. It helps them prototype future features, summarize text and answer questions based on data it has been trained with.
The core of this LLM work is a new framework known as Ajax. It was used to create the ChatGPT-style app, dubbed “Apple GPT” by some inside the company, and it’s likely to have many more offshoots. The LLM project is a cross-company effort spanning the software engineering, machine learning and cloud engineering organizations.
Apple hasn’t yet determined what its eventual generative AI product will be for consumers, but there a few areas where you can bet the company is looking. For one, it’s easy to imagine a major Siri upgrade to make the assistant more conversational and add the ability to handle more tasks on behalf of the user. Imagine asking Siri to write an email about an upcoming meeting rather than having to actually dictate the message.
Beyond consumer products and the internal “Apple GPT” tool, the company is already looking to push generative AI to more parts of its operations. That includes using the technology to help its AppleCare support staff assist customers. And I’m sure that’s only the beginning.
MacDailyNews Note: In May, Apple posted a number of job listings seeking generative AI talent.
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https://macdailynews.com/2023/07/24/apple-gpt-is-already-being-used-by-employees-may-be-used-for-applecare/
Apple touts tax-free Mac, iPads, and more in several U.S. states
Monday, July 24, 2023 9:50 am
Apple has announced a list of tax-free products that qualify for sales tax exemption in U.S. states with summer sales tax holidays. Some states hold annual sales tax free weekends in late summer to help parents save money on school supplies.
Eligible products include:
(check your state for exact products and price limitations)
• Mac computers
• iPad models
• Accessories (purchased with computer)
– Keyboards
– Mice
– Apple Pencil
– Speakers
– Monitors
• Printers
• Computer storage media, compact disks
• Apple and third-party software
• AppleCare (when sold with and for eligible items)
• And more
Here are the U.S. states offering sales tax holidays and their dates:
• Alabama: July 21–23
• Arkansas: August 5–6
• Florida: July 24–August 6
• Massachusetts: August 12–13
• Missouri: August 4–6
• New Jersey: August 26–September 4
• New Mexico: August 4–6
• South Carolina: August 4–6
• Tennessee: July 28–30
• West Virginia: August 4–7
MacDailyNews Note: See which products qualify in your state here.
Note that your tax savings may not appear at checkout, but will appear on your final receipt.
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Apple lays groundwork for first ever debt sale; one of the year’s most anticipated bond sales
Monday, April 29, 2013
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https://macdailynews.com/2023/07/24/apple-touts-tax-free-mac-ipads-and-more-in-several-u-s-states/
Morgan Stanley’s bull case puts Apple market cap over $4 trillion
Monday, July 24, 2023 11:13 am
In a new research report this past week, Morgan Stanley analyst Erik Woodring argues that India is, and will continue to be, a key growth driver for Apple. Woodring thinks that over the next five years, India will account for 15% of Apple’s revenue growth, eventually reaching 20% of its installed base of device users.
Eric J. Savitz for Barron’s:
The analyst notes that India, which recently passed China to become the most populous country on Earth, accounted for just 2% of Apple’s revenue over the past five years, with a run rate of about $6 billion. Compare that with China, which has been about 18% of Apple’s revenue over the past five years, now generating $75 billion a year in revenue.
Woodring thinks the gap is going to start to close, given both a booming Indian economy and Apple’s investments in the country. The company has opened its first stores there, added local manufacturing, and created financing options to make iPhones more affordable. The stage is set, he says, “for India to become Apple’s next growth frontier.”
According to Woodring, Apple’s revenue from India should reach $40 billion over the next decade — and by 2032, he thinks India will account for 10% of the world’s Apple users…
Based on his increasingly bullish view of Apple’s position in India, Woodring recently lifted his Apple target price to $220 from $190, with a “bull case” of $270. If that happens, Apple would blow past $4 trillion, on the way to $5 trillion.
MacDailyNews Take: Also in the Morgan Stanley note, “All-in, this means that India will be just as important to Apple’s growth algorithm over the next 5+ years as China was in the last 5 years, something we believe the market under-appreciates today.”
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https://macdailynews.com/2023/07/24/morgan-stanleys-bull-case-puts-apple-market-cap-over-4-trillion/
Thanks Callme RICK.
$SHIB: Shibburn Team Debunks Misconceptions About Token Burns and Shiba Inu (SHIB) Price Movement
The team behind Shibburn, the $SHIB burn tracker, recently addressed a common misconception about token burns and price movement. They explained that despite “massive” burns, the price of $SHIB may not see significant movement without continuous and substantial token purchases to match the current purchase rate.
The team clarified that the price of a token is not solely determined by burns. Even if a token burns 90% of its supply, if there’s no demand for that token, it holds no value. The key factors for price movement are supply and demand, a principle that has held true for centuries. If the demand for the token surges, and more people start buying it, the available supply reduces due to the burning process, creating scarcity. This increased demand and decreased supply can positively influence the token’s price.
The team also pointed out that the top 100 accounts (excluding the burn address) for $SHIB hold near 400T of the token’s supply, mostly by centralized exchanges. Price can still go up based on demand. If everyone holds the entire supply, and more people continue to buy, increasing the demand for the token, centralized exchanges will start looking to buy more, and the price goes higher.
The team emphasized that a token’s success doesn’t always mean reaching a specific price, like “$0.01.” Many have their own price goals and have already taken profits because today’s price was their price goal. They encouraged the community to actively participate or initiate something that contributes to the token, rather than waiting for others to take action.
The Shibburn team disagreed with those who claim that burning has no effect without understanding how it works. They likened burning to a whale buying a massive amount of the token’s supply, except this whale will never sell. Those tokens remain locked forever, which they believe will have an impact.
The team concluded by encouraging the community to not blindly believe claims like “it will take thousands of years to burn the supply and therefore it’s going nowhere” or that it needs to “burn the entire supply” for it to be successful. They reminded the community that $SHIB stands tall in the top 20 out of over 23,000 cryptocurrencies and that it’s still early days for SHIB. They believe that as long as SHIB remains active, retains community interest, and continues to be adopted, the potential for growth is limitless.
https://www.cryptoglobe.com/latest/2023/07/shib-shibburn-team-debunks-misconceptions-about-token-burns-and-shiba-inu-shib-price-movement/
interesting. Thank you Callme RICK.
Shiba Inu Secures Listing on Coinone: Potential Rise in Price
Deborah Taylor 23 July 2023
Shiba Inu (SHIB) has recently been listed on Coinone, one of South Korea’s largest crypto exchanges. The price of SHIB saw a 5% increase after Ripple (XRP) secured a partial victory in its legal battle with the US Securities and Exchange Commission (SEC). However, its value quickly dropped afterward.
As the demand for SHIB, the second-largest memecoin after Dogecoin (DOGE), continues to gain momentum, there is a possibility of a price hike in the coming days.
As for the SHIB token, it has multiple use cases within the Shibaverse ecosystem, including payment, governance, staking, and community involvement. At the time of writing, SHIB is trading at $0.00000788, with indicators suggesting potential bullish dominance in the short term.
While AI predictions should be taken with caution, it is speculated that SHIB’s value could rise to $0.00001182 within a week. However, predicting the long-term future price of SHIB, such as reaching $1 by December 2023, remains highly speculative.
In conclusion, Shiba Inu’s listing on Coinone and its exploration of the Metaverse present new opportunities for growth. The potential rise in SHIB’s price and the role of AI in the Metaverse offer interesting developments for the Shiba Inu community.
https://fagenwasanni.com/news/shiba-inu-secures-listing-on-coinone-potential-rise-in-price/73219/
Rare Apple Computer sneakers hit auction block with $50,000 minimum
Thursday, July 20, 2023 4:31 pm
Available for bid on Sotheby’s auction website, the rare custom-made Omega Sports Apple Computer sneakers in a men’s size 10.5 are on the block at a minimum price of $50,000.
Custom-made for Apple employees, these ultra-rare sneakers were a one-time giveaway at a National Sales Conference in the mid-’90s. More than 22,000 Apple consumers purchased clothing and accessories from the brand in 1985, a testament to the public’s dedication across categories. For the products outside of Apple’s zone of expertise, they would partner with leading brands such as Lamy, Honda and Braun to apply their iconic Apple branding to various white label products.
Featuring a predominately white upper, the old school rainbow Apple logo — on both the tongue and lateral quarter — is a standout detail. Having never reached the general public, this particular pair of sneakers is one of the most obscure in existence and highly coveted on the resale market.
• Omega Sports Apple Computer Sneakers
• Alternative pair of red laces included
• Style number: 8106
• New in box
Footwear News:
Available on Sotheby’s website, the rare custom-made Omega Sports Apple Computer sneakers in a men’s size 10.5 are being sold at a minimum price of $50,000.
In 1986, Apple launched a clothing line called “The Apple Collection” which was later discontinued. The exclusive line featured sweatshirts, shirts, T-shirts, tracksuits, trucker hats and accessories, including belts for men, women and kids.
MacDailyNews Take: Place your bids via Sotheby’s here.
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https://macdailynews.com/2023/07/20/rare-apple-computer-sneakers-hit-auction-block-with-50000-minimum/
I agree with you, that if Sony is involved, it would be a major vote of confidence for SHIB! Sony Corporation appears to be very highly respected in Japan. Previously, i had invested in what was called the Japanese Bitcoin, which if i remember correctly had 5 former executives from SONY...https://www.jasmy.co.jp/en_company.html
Apple supplier TSMC delays start of Arizona chip factory to 2025 due to shortage of skilled labor
Thursday, July 20, 2023 10:13 am
Taiwan Semiconductor Manufacturing Company (TSMC) will delay production at its new chip plant in Arizona to 2025 due to a shortage of skilled labor, the company’s chairman said on its second quarter earnings call Thursday. The company is working to send trained technicians from Taiwan to train local workers to help accelerate equipment installation.
Lauren Feiner for CNBC:
TSMC Chairman Mark Liu told analysts on an earnings call Thursday that the company does not have enough skilled workers to install advanced equipment at the facility on its initial timeline. The company previously anticipated that it would begin making 5-nanometer chips in 2024.
Liu said the company is working to send trained technicians from Taiwan to train local workers to help accelerate installation.
The U.S. has embarked on a major push to bring semiconductor manufacturing back stateside, including through funding the multi-billion dollar Chips and Science Act to turbocharge development. The pandemic highlighted the significant dependence the U.S. has on countries like Taiwan to develop computer chips, creating a national security risk and giving the U.S. less control over the supply chain.
MacDailyNews Take: Last December, TSMC said it would more than triple its planned investment at its new Arizona plant to $40 billion, among the largest foreign investments in U.S. history. It’s obviously going to take more than just money to get things up and running.
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Apple’s new ‘StandBy’ feature for iPhone will be used by hundreds of millions
Tuesday, July 18, 2023 2:10 pm
Apple’s iOS 17 introduces StandBy, giving users a full-screen experience with glanceable information designed to be viewed from a distance when iPhone is on its side and charging. It’s a feature that will be used by hundreds of millions of users on a daily basis...
https://macdailynews.com/2023/07/18/apples-new-standby-feature-for-iphone-will-be-used-by-hundreds-of-millions/
Apple Pay Launches in Morocco
Tuesday July 18, 2023 5:00 am PDT by Tim Hardwick
Apple Pay is launching in Morocco today, based on backend code discovered by Apple researcher Aaron613 and subsequent confirmation by one of the country's banks.
CIH Bank is launching ??Apple Pay?? in the country as of Tuesday, according to the bank's Twitter account. It's not clear if other banks in Morocco will be coming on board with support for Apple's digital payment method, but it's likely.
The support means that CIH Bank's customers will be able to add their Mastercard credit cards and bank cards to the Wallet app by tapping the plus button in the top-right corner. Apple has yet to update its regional website to officially confirm the launch.
Ever since its launch in the United States in 2014, ??Apple Pay?? has slowly expanded to more countries worldwide while at the same time expanding the list of financial institutions that support the feature. ??Apple Pay??? can be used anywhere contactless payments are accepted with a compatible iPhone or Apple Watch. It is also accepted by select apps and websites.
https://www.macrumors.com/2023/07/18/apple-pay-launches-in-morocco/
Original 4GB iPhone sells at auction for nearly $200,000
Monday, July 17, 2023 3:22 pm
An original factory-sealed 4G iPhone has sold at auction for $190,372.80. The sale, held by auctioneers LCG Auctions, began on June 30 with a starting price of $10,000, and attracted a total of 28 bids by the time it closed on Sunday.
Chloe Taylor for Fortune:
The unidentified buyer purchased the brand new, sealed and never activated 1st generation device – which comes complete with 4GB of storage and a 2-megapixel camera – for almost 400 times its original $499 retail price.
“The original 4GB model is considered a ‘Holy Grail’ amongst iPhone collectors,” LCG said on the listing page – revealing that this specific phone was being sold by a true Apple insider: someone who was part of the tech giant’s original engineering team when the iPhone first launched.
“Collectors and investors would be hard pressed to find a superior example,” the auctioneer insisted, labeling the device an “extraordinary collectible.”
With the 8GB model priced just $100 higher than its 4GB counterpart upon the smartphone’s release 16 years ago, consumers largely favored the 8GB model – which hampered sales of the 4GB phone and ultimately saw it discontinued by Apple just two months after its release.
Today, that means the 1st generation model with less storage is rarer – and more sought after by collectors.
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https://macdailynews.com/2023/07/17/original-4gb-iphone-sells-at-auction-for-nearly-200000/
Interesting article; Thank you!
Shibarium Beta Testing: Can It Deliver $40 Million Shiba Inu (SHIB) Token Burn?
By Ibrahim Ajibade
18 July 2023, 14:00 GMT+0000
Updated by Ryan James
Shibarium Beta Testing Gets Off on Positive Note
According to on-chain data from Shiba Inu’s native Puppyscan testnet, the total transaction count on Shibarium’s “Puppyscan” has crossed the crucial milestone of 30 million transactions. Notably, it has consistently maintained an average of 260,000 daily transactions.
Leading Shiba Inu developer Shytoshi Kusama has lauded the positive start declaring the “summer of Shibarium” via their official Twitter bio. The chart above shows that the project has been well-received within the SHIB community.
More than 17 million Shibarium wallet addresses have already been created in terms of adoption. If this acceptance rate evolves to the mainnet, the SHIB price and network activity could enter a new gear.
Analyst Predicts Monthly SHIB Token Burn Will Rise to 5 Trillion
In further confirmation of the bullish sentiment surrounding Shiba Inu’s recent product development moves, a popular SHIB analyst has predicted that Shibarium could spur adoption and raise the SHIB burn rate to 5 trillion tokens monthly.
The current market price of $0.0000077 would see $40 million worth of SHIB tokens destroyed monthly. And importantly, at that burn rate, the current SHIB in circulating supply will be cut in half within 5 years.
If strategic investors buy into this audacious SHIB token burn prediction, the demand for SHIB could gradually skyrocket in the coming weeks.
Demand Is Fast-Outpacing Supply Across Various Exchanges
According to the aggregate order books of exchanges, SHIB demand currently outweighs the supply.
The chart below shows that potential investors have placed active orders to buy 1.4 trillion SHIB tokens. But only 1.06 trillion tokens have been put up for sale around the current prices.
The Exchange On-chain Market Depth shows the price distribution of active buy and sell orders from traders across various exchanges. When the “Bid” side is significantly higher than the “Ask” side, as seen above, it indicates that more traders are currently looking to buy than sell.
Currently, there is a market shortage of nearly 3 trillion SHIB. Excess demand typically puts upward pressure on the price of an asset. And if the Shibarium adoption and network traction growth continues, this could be a sign of things to come.
SHIB Price Prediction: $0.00001 in Focus
Considering the media hype and visible on-chain traction building up around the Shibarium launch, $0.00001 seems a realistic price target for SHIB.
But currently, the bulls could face significant resistance around the 0.0000085 mark. 11,500 investors that bought a total of 6.55 trillion SHIB tokens at the minimum price of $0.000008 could trigger a pullback.
If that critical resistance level folds as expected, then the Shiba Inu token burn expectation could power the SHIB price above $0.000010.
Still, the Shiba Inu bears can overturn the bullish narrative if SHIB breaks below $0.000007. But as seen above, some of the 129,390 addresses that bought 52 trillion SHIB tokens at the maximum price of $0.000008 could offer some support.
But if the bears pull that support level apart, the Shiba Inu could drop toward 0.000006.
https://beincrypto.com/shibarium-beta-testing-shib-token-burn/
US SEC accepts second Bitcoin ETF application for review
The US SEC has accepted the second Bitcoin ETF application for review in a week. Valkyrie’s application, in partnership with Coinbase (NASDAQ:COIN), for a spot BTC ETF has been accepted and the public comment period has begun. This acceptance is a significant milestone for the industry, as a Bitcoin ETF would offer a regulated way for investors to gain exposure to the crypto market.
Berenberg suggests Coinbase Earn Program can be classified as security; Brian Armstrong seeks dialogue with Democrats
According to a research note from investment bank Berenberg, the Coinbase Earn program can be classified as securities, based on the recent court decision regarding the status of Ripple’s XRP (COIN:XRPUSD). Analyst Mark Palmer argues that Coinbase Earn, which offers staking rewards to retail customers, could be considered a security. Coinbase’s pause in staking services in four US states highlights the regulatory risks associated with the product. Coinbase claims that staking is not a security and warns of the risk of pushing staking to offshore entities. In other news, the CEO of Coinbase (NASDAQ:COIN), Brian Armstrong, will hold a private meeting with House Democrats to discuss digital asset legislation and related issues such as tax regulations, national security, privacy and environmental impact. Armstrong has been advocating for clearer regulations in Washington and has called for consideration for two bills in the pipeline.
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/91596349/crypto-this-tuesday-btc-under-30k-sec-to-review
Ripple Labs ruling implies a 'good outcome' for Coinbase, other exchanges: Analyst
Jared Blikre
Mon, July 17, 2023 at 12:39 PM EDT
A judge has ruled that Ripple Labs' XRP token can, in some cases, be treated as a security. JMP Securities Director of Financial Technology Research Devin Ryan tells Yahoo Finance Live why the ruling could "help accelerate" the push to get crypto legislation ad what it means for Coinbase and other exchanges.
7 minute, 12 second interview video at below link:
https://finance.yahoo.com/video/ripple-labs-ruling-implies-good-163946194.html
Crypto This Monday: Binance Integrates Lightning Network, Crypto Investing in Q2, and More
July 17 2023 - 01:13PM
Binance integrates Lightning Network for fast and cheap Bitcoin deposits
Cryptocurrency exchange Binance has announced the integration of the Lightning Network, allowing Bitcoin holders to deposit their assets faster and cheaper. Lightning Network’s base fee is $0.04, while regular deposits reached $30 in May. Furthermore, transactions settle in less than a minute, compared to approximately 10 minutes for regular transactions on the main blockchain. Binance follows in the footsteps of other companies such as Bitfinex and Kraken in supporting the Lightning Network. Coinbase (NASDAQ:COIN) also plans to integrate this scaling solution in the future.
Uniswap unveils UniswapX to improve decentralized trading
Uniswap, the largest decentralized cryptocurrency exchange, has unveiled a new blockchain protocol called UniswapX, which aims to address challenges faced in on-chain trading and asset custody. UniswapX will aggregate sources of liquidity to offer better prices to users and will allow for exchanges without the need to pay gas fees. Additionally, the protocol aims to mitigate the risk of malicious activity, such as maximum extractable value (MEV) attacks, by encouraging private transactions. UniswapX will launch in beta on the Ethereum network and plans to expand to other networks in the future.
SEC begins review of Bitcoin ETF orders
The United States Securities and Exchange Commission (SEC) has begun reviewing the latest applications for Bitcoin exchange-traded funds (ETFs). Although the regulator requested public consultations last week, the formal review process begins after records are published in the Federal Register. The SEC is seeking comment on Cboe’s five ETF applications: Wise Origin, WisdomTree, VanEck, Invesco Galaxy and ARK 21Shares. Additionally, it is seeking commentary on BlackRock’s iShares Bitcoin Trust (NYSE:BLK), filed on Nasdaq.
CertiK becomes first Web3 audit firm to achieve SOC II certification
CertiK, a provider of blockchain and smart contract security solutions, has become the first Web3 security audit firm to achieve SOC II certification. This demonstrates CertiK’s commitment to ensuring the safety and trust of its customers and partners in the ever-evolving ecosystem. SOC II compliance is a rigorous standard that ensures the protection of customer data.
BITA Standards Council merges with GBBC to establish Web3 standards
The BITA Standards Council (BITA), a not-for-profit open source standards organization for blockchain/Web3-enabled global commerce, is merging with the Global Blockchain Business Council (GBBC), the largest industry-leading association for blockchain technology. and digital assets. BITA will become a GBBC initiative, combining its institutional members and ambassadors into a joint association. The focus will be on establishing open source data standards for the global supply chain, including shipping and inventory tracking. The merger seeks to drive global collaboration and standards adoption in the web3 and blockchain space.
Mantle Network launches Mainnet and $200M EcoFund
The Mantle Network, an Ethereum Layer-2 (L2) modular blockchain, announced the launch of its mainnet during the Ethereum Community Conference (EthCC) in Paris. After a merger with BitDAO, the ecosystem was unified under the name of Mantle Ecosystem. With substantial treasure, the mainnet comes after six months of testing and marks the start of a $200 million EcoFund. Mantle Network’s modular architecture offers innovative data availability and high performance solutions at reduced costs. Tokenized governance is a highlight, allowing token holders to govern the use of the treasury through Mantle Governance.
Aave announces Lens Protocol V2 and launch of GHO on the Ethereum network
During the EthCC conference in Paris, Stani Kulechov, founder of Aave and Lens Protocol, announced the launch of Lens Protocol V2, emphasizing the importance of open standards and portability in social media. Kulechov discussed how centralized social platforms constrain users, while decentralized protocols such as Lens allow for the creation of an open social graph where identity and content can be easily transferred between applications. Lens Protocol V2 offers advanced features such as “open actions” and “collective value sharing” aimed at integrating Web3 activities into the social experience. Additionally, Aave launched the GHO (Governance Hoard) on the Ethereum mainnet, an overcollateralized stablecoin governed by the Aave DAO, which allows users to conduct decentralized transactions.
Unstoppable Domains adds support for ENS .eth domain names
Unstoppable Domains announced support for .eth domain names from the Ethereum Name Service (ENS), bringing together two of the largest decentralized domain platforms on the Web3. Users can now purchase .eth names through Unstoppable Domains, taking advantage of additional payment methods and simplified management features. .eth domains registered with Unstoppable will be protected by the ENS smart contract and will have similar functionality to domains registered directly by ENS. In addition, Unstoppable Domains supports many other Web3 domains such as .nft, .crypto, .wallet and many others.
zkSync launches new STARK-based Boojum proofing system
zkSync Era, a layer 2 scaling solution for Ethereum, has released a new proof system called Boojum, based on Scalable Transparent Argument of Knowledge (STARK). Boojum allows proofs to be run on consumer-grade GPUs, making zkSync more accessible for regular users. Previously, zkSync relied on zk-SNARKs, which were less transparent. The new system promises to offer greater capacity and faster processing, with lower transaction costs. Boojum is currently in the testing phase before a full zkSync Era mainnet deployment.
cLabs plans to migrate Celo network to Layer 2 solution on Ethereum
cLabs, the lead developer of the Celo blockchain, has announced a plan to migrate its Tier 1 network to a Tier 2 solution built on Ethereum. The proposal aims to increase security by inheriting the security guarantees of the Ethereum mainnet. cLabs plans to use Optimism’s OP Stack to ease the transition and develop a decentralized sequencing and data availability layer for the network. Migrating to Tier 2 will not affect the existing application ecosystem on Celo.
Celsius Network deposits $59.4 million worth of cryptocurrency in FalconX
Celsius Network deposited approximately $59.4 million worth of cryptocurrency on institutional exchange FalconX on Monday. This movement could result in the sale of these cryptocurrencies for Bitcoin (COIN:BTCUSD) and Ethereum (COIN:ETHUSD), which could exert selling pressure on token prices. The transfer included several cryptocurrencies such as MATIC (COIN:MATICUSD), LINK (COIN:LINKUSD), AAVE (COIN:AAVEUSD), SNX (COIN:SNXUSD), BNB (COIN:BNBUSD), ZRX (COIN:ZNXUSD), 1INCH (COIN:1INCHUSD) and the stablecoin XAUT (COIN:XAUTUSD). The decision to convert the smaller tokens into Bitcoin and Ethereum comes after Celsius filed for bankruptcy protection and fraud allegations against its former chief executive.
Ripple hopes to resume talks with financial institutions after court ruling
Ripple predicts that US banks and other financial institutions will revert to using its On-Demand Liquidity (ODL) product following a partial ruling in its legal battle with the SEC. Stu Alderoty, chief legal officer of Ripple, stated that the company plans to resume negotiations with financial companies this quarter. He believes that the court decision will give financial institutions’ clients confidence to discuss issues related to the movement of cross-border securities. Ripple’s partial victory in the case boosted the price of the XRP token (COIN:XRPUSD), which has nearly doubled and is currently the fourth largest cryptocurrency by market cap.
FSB calls for improved global regulation for digital assets
The Financial Stability Board (FSB) is calling for improved global regulation for digital assets, with a focus on the security of users’ assets. The board has launched plans to offer recommendations aimed at curbing crypto market turmoil. The proposals include rules for virtual assets and stablecoins, highlighting the separation of user funds from platform assets. The FSB has also warned of the need for stricter regulation for global stablecoins, requiring permits, responsible governance and ensuring adequate reserves. Crypto companies’ compliance with regulatory disclosure and oversight is also emphasized.
NAB blocks payments to high-risk cryptocurrency exchanges
The National Australia Bank (NAB) has announced that it will block payments to cryptocurrency exchanges deemed “high risk” due to the prevalence of scams in the industry. NAB identified cryptocurrency-related scams as a growing security threat, with losses of $151 million in 2022 alone. In addition to blocking payments, the bank implemented measures to protect customers, such as payment warnings and stopping the use of links in suspicious text messages. NAB did not specify which exchanges would be affected by the block. Other Australian banks such as Westpac (USOTC:WEBNF), Commonwealth Bank (USOTC:CBAUF) and ANZ (ASX:ANZ) have also restricted access to cryptocurrency platforms due to high risks of scams.
Gnosis launches Gnosis Pay and Gnosis Card for stablecoin payments
Gnosis is launching Gnosis Pay and Gnosis Card, allowing users to pay for online purchases using stablecoins and the Visa (NYSE:V) payment system. The Gnosis Card will be a debit card connected directly to the user’s on-chain account, while the Gnosis Pay will function as a layer 2 of the Gnosis network, enabling faster and cheaper transactions. Gnosis has partnered with payment processor SaltPay to create these integrated payment solutions. Gnosis and Safe, its digital wallet, maintain a symbiotic relationship, with Safe providing development support for Gnosis Pay and Gnosis Card.
Hack harms Ethscriptions, Ethereum-based signature protocol
A new protocol called Ethscriptions, created by Tom Lehman, suffered a major setback due to a hack in its main market. About 202 Ethscriptions were lost in an exploit that allowed for unauthorized withdrawal of assets. While the protocol itself remains intact, many listings have been reported stolen. Lehman has claimed responsibility for the failure and is working to relaunch the market after making necessary adjustments. He has been communicating with affected users and is looking to make the ecosystem healthier in the long term.
Satoshi Nakamoto’s identity remains a mystery
Since the emergence of Bitcoin (COIN:BTCUSD), the identity of Satoshi Nakamoto, its enigmatic creator, has been the subject of speculation and curiosity. Evidence is mounting to suggest that Nakamoto may be a collective entity rather than an individual. The use of plural and singular pronouns in the white paper, linguistic analysis of its messages and the breadth of knowledge demonstrated lead to this possibility. However, there is no concrete evidence to confirm this theory, making Nakamoto’s identity one of the biggest mysteries in the world of cryptocurrencies.
Crypto investments fall in Q2
Venture capital firms are investing less money in the crypto sector, according to a report by Galaxy Digital. In the second quarter of this year, $2.3 billion was invested in crypto and blockchain companies, a significant drop from the same quarter of the previous year, when $8 billion was invested. This value represents the low of the current cycle and is the lowest since the fourth quarter of 2020. While business activity in the sector has increased slightly, the environment for fundraising remains challenging, due to several factors, such as low prices of crypto assets and higher interest rates.
ConsenSys denies capital injection talks, says it has enough capital
ConsenSys reportedly met with investors to discuss a possible capital injection. However, the company has stated that it does not need the cash and is not actively seeking funding. ConsenSys raised $450 million in its latest funding round and says it has plenty of capital on hand. The trading rumors come after shares of several crypto startups traded at significant discounts on the secondary market. ConsenSys has denied any intention to accept a lower valuation than its previous round.
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/91586012/crypto-this-monday-binance-integrates-lightning-n
Apple reportedly in talks with Germany’s Bundesliga over media rights
Friday, July 14, 2023 10:44 am
Apple has reportedly held talks with Germany’s Bundesliga about streaming the league’s matches on Apple TV+, taking over streaming rights from ESPN from the start of the 2026/27 football season, sources familiar with the matter have told World Soccer Talk.
Christopher Harris for World Soccer Talk:
Currently, ESPN has an exclusive rights deal with the Bundesliga through until the end of the 2025/26 season. ESPN’s partnership with the Bundesliga, which began in 2020 as a streaming-only rights deal in the United States, paved the way for Apple to sign its 10-year streaming-only deal with MLS. Reportedly, the ESPN deal with the Bundesliga is worth $30 million per year.
Bundesliga’s ability to prove that a streaming-only model works recently paid dividends again. In Canada, streaming service DAZN acquired the Bundesliga rights through 2026.
The expiration dates for both the US and Canadian media rights deals line up to end at the close of the 2025/26 season. But so do several other major Bundesliga media deals worldwide. Quite possibly, the Bundesliga and Apple may be interested in a deal that includes more than just the US and Canada.
MacDailyNews Take: We love the Bundesliga (specifically, FC Bayern Munich) and think inking a deal with Apple would be a genius idea (despite its age and provenance).
Cook should consider bidding for and winning NFL Sunday Ticket away from DirecTV, buying rights to Premiere League and La Liga games, etc. and making them Apple TV exclusives. Go directly to the sports leagues with boatloads of cash. — MacDailyNews, May 6, 2014
https://macdailynews.com/2023/07/14/apple-reportedly-in-talks-with-germanys-bundesliga-over-media-rights/
Investors brace for earnings from Apple, rest of ‘Magnificent Seven’ American companies
Monday, July 17, 2023 8:39 am
Led by Apple, a handful of massive growth and technology names that have dominated the U.S. stock market in 2023 are set to report earnings in coming weeks, potentially determining the path for this year’s equity rally.
Lately dubbed the “Magnificent Seven” by investors, shares of the U.S. companies with the biggest market values soared between 40% and over 200% so far this year. Those moves have accounted for a lion’s share of the S&P 500’s 17% year-to-date rise and propelled the index to its highest level since April 2022.
Lewis Krauskopf for Reuters:
The outsized gains have come with big earnings expectations for the seven companies: Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla and Meta Platforms. BofA Global Research projects they will increase earnings by an average of 19% over the next 12 months, more than double the an 8% estimated rise for the rest of the S&P 500.
They will need strong results to justify premium valuations. Those companies trade at an overall trailing price-to-earnings ratio of about 40 times, versus 15 times for the S&P 500 excluding those companies, according to BofA.
Their results may be crucial to the market as a whole. Fueled by their recent gains, megacap stocks have climbed to dominate benchmark indexes, causing headaches for some managers of active funds. In the S&P 500, the seven stocks comprise 27.9% of the index’s weight.
Overall, the seven companies account for 14.3% of overall S&P 500 estimated earnings for the second quarter, and 9.3% of estimated revenue, according to Tajinder Dhillon, senior research analyst at Refinitiv…
Yung-Yu Ma, chief investment officer at BMO Wealth Management said that while “there is a lot priced in” to megacaps’ valuations, that did not mean they are overvalued.
MacDailyNews Take: As we wrote last week, “As fund managers buy and sell after the rebalance, forced by their own rules and limits, there may be a decent entry for our favorite fruit company. As always, we’ll have to see how the market digests… the fund managers’ subsequent forced selling (during which, importantly, Apple’s huge potentially counterbalancing buyback program remain in effect), and, of course, Apple’s fiscal Q323 results coming on August 3rd.”
https://macdailynews.com/2023/07/17/investors-brace-for-earnings-from-apple-rest-of-magnificent-seven-american-companies/
Morgan Stanley ups Apple price target to $220 on strong India growth prospects
Monday, July 17, 2023 1:19 pm
Morgan Stanley has raised its price target on Apple stock from $190 to $220, citing India as a major growth driver for the company. The investment bank said that India is the world’s most populous country and has a growing middle class, which is creating new opportunities for Apple.
Patrick Seitz for Investor’s Business Daily:
“We are bullish on India as an emerging growth driver for Apple, and forecast the country accounting for 15% of Apple’s revenue growth and 20% of installed base growth over the next 5 years,” Morgan Stanley analyst Erik Woodring said in a note to clients.
India represents $6 billion in annual revenue today for Apple, but could reach $40 billion in the next decade, he said.
“Recent investments in brand awareness, local manufacturing, and affordability programs, combined with India’s economic boom and growing digitization, set the stage for India to become Apple’s next growth frontier,” Woodring said.
He estimates that India will be the source of more than 170 million new Apple product users in the next decade. In fact, India could account for about 10% of Apple users by 2032, he said.
Woodring reiterated his overweight, or buy, rating on Apple stock and raised his price target to $220 from $190. In addition, he rates Apple stock as a “top pick.”
MacDailyNews Take: Morgan Stanley’s Erik Woodring gets it.
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https://macdailynews.com/2023/07/17/morgan-stanley-ups-apple-price-target-to-220-on-strong-india-growth-prospects/
Apple’s UK sales hit record £1.5 billion on strong iPhone sales
Thursday, July 13, 2023 10:45 am
Apple’s UK sales have rebounded after COVID response distruptions to a record £1.5 billion, driven by strong demand for its top-of-the-line iPhones. Apple’s UK retail arm, which includes its British brick-and-mortar Apple Stores, saw revenues surge 61% in the 12 months ending in September 2022.
Matthew Field for The Telegraph:
The Californian company saw strong demand for its most expensive iPhone models, the “Pro” range, driving up the company’s revenues and profits despite the cost of living crisis. Apple customers tend to have higher than average incomes, leaving them more protected from the impact of rising prices.
The iPhone-maker recently expanded its physical footprint in the UK, opening a new store on Brompton Road in London.
The jump in UK sales does not account for sales of the latest iPhone 14 model, which was only launched in September last year.
The US technology company ramped up the price of its UK handset amid soaring inflation. Its flagship iPhone 14 Pro handset starts at £1,099 in Britain, £150 more than the iPhone 13 Pro device from the previous year.
MacDailyNews Take: no comments
https://macdailynews.com/2023/07/13/apples-uk-sales-hit-record-1-5-billion-on-strong-iphone-sales/
Apple increases size of its ‘Apple Car’ autonomous vehicle test-driving team
Wednesday, July 12, 2023 4:03 pm
Apple has once again increased the size of its autonomous vehicle (AV) “Project Titan” test-driving team. In May, macReports reported that the team had been reduced to 145 drivers, down from 201 in March. This was the first time in two years that Apple had decreased the size of its testing team, and it was a significant cut. However, according to the California DMV, the team now numbers 152 drivers, meaning that Apple has added seven new drivers in recent months.
Stacey Butler for macReports:
Meanwhile, Apple’s fleet size has remained steady since March at 66 test vehicles.
Other notable changes in California’s AV scene include the addition of another manufacturer licensed to deploy driverless vehicles, Mercedes. In June, Mercedes became only the fourth manufacturer licensed to have a driverless vehicle on the road. The other three, Nuro, Cruise and Waymo, have been licensed since 2021. Apple has still not applied for a driverless permit.
Since April, Apple has had one more collision: On May 11, 2023, One of Apple’s Lexus test vehicles was rear-ended while stopped at a stop sign.
MacDailyNews Take: Project Titan lives!
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https://macdailynews.com/2023/07/12/apple-increases-size-of-its-apple-car-autonomous-vehicle-test-driving-team/
Why Apple and the rest of big tech are getting hit by the Nasdaq 100 ‘special rebalance’
Monday, July 10, 2023 3:44 pm
Apple, Microsoft, and the rest of big tech have gotten too big for the Nasdaq 100 index. Unfortunately, the Nasdaq 100’s solution, a “special rebalance,” is a problem for the market’s “Magnificent Seven.”
Eric J. Savitz for Barron’s:
Nasdaq has announced plans for a “special rebalance” of the weightings on the Nasdaq 100 later this month to address “overconcentration” in the index. That’s no minor development: According to Nasdaq, there was more than $300 billion in exchange-traded funds tracking the index as of the end of 2021, and the total now is no doubt considerably higher. The Invesco QQQ ETF (QQQ), which tracks the Nasdaq 100, alone has over $200 billion in assets. In effect, indexers will need to sell some of their holdings in the largest constituents of the index, and add to their positions in other stocks.
The Nasdaq 100 is up 37% this year, aided by huge gains in the stocks which dominate the index. The largest stocks by current weighting include Microsoft (12.9% of the index), Apple (12.5%), Alphabet (7.4%), Nvidia (7.0%), Amazon (6.9%) and Tesla (4.5%.)
Nasdaq has conducted a special rebalance only twice before—in December 1998 and May 2011. Nasdaq’s rules state that if all stocks with a weighting of more than 4.5% in the index exceed 48%, then Nasdaq rebalances the indicator. Under Nasdaq rules, the rebalancing process sets the aggregate weight of stocks with a weighting of 4.5% or more at 40%.
MacDailyNews Note: The Nasdaq 100’s special rebalance will be based on index and stock prices as of July 3rd. Details will be announced on July 14th, and will go effective on July 24th.
Following that, Apple is set to report fiscal Q323 results on Thursday, August 3rd.
https://macdailynews.com/2023/07/10/why-apple-and-the-rest-of-big-tech-are-getting-hit-by-the-nasdaq-100-special-rebalance/
I wonder if they ran out of coffee at the corporate office, as it has been over a month, since they communicated this below:
$NAFS Working on our Q1 filing and corporate update keeping fueled with our Espresso Supreme Cafecitos. http://havanaroasters.com
Have a great Thursday. Gracias
Apple’s App Store removes predatory lending apps in India
Friday, July 7, 2023 11:33 am
Apple has removed several predatory lending apps from its App Store in India this week, days after media and app store shoppers questioned the legitimacy of those services.
Manish Singh for TechCrunch:
Pocket Kash, White Kash, Golden Kash, and OK Rupee are among the apps that Apple pulled from the store this week. The apps offered fast-track lending to consumers in India, climbing to the top 20 of the finance list on the App Store in recent weeks. But they also levied outrageously superfluous charges, according to hundreds of user reviews.
The lenders also employed downright unethical tactics to get the borrowers to pay back.
“I borrowed an amount in a helpless situation and […] a day before repayment due date I got some messages with my pic and my contacts in my phone saying that repay your loan otherwise they will inform our contacts that your not paying loan,” a user review from last month said.
The apps — whose developers had strange names and suspicious websites — were littered with hundreds of similar reviews, some sharing even more alarming threats that they allegedly received from the lenders.
MacDailyNews Take: Obviously, these apps do not adhere to Apple’s App Store rules and, thankfully, Apple has quickly removed them. How responsive would some third-party app store be?
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https://macdailynews.com/2023/07/07/apples-app-store-removes-predatory-lending-apps-in-india/
Apple’s Irish tax escrow account has lost almost a billion dollars in the last year
Friday, July 7, 2023 10:25 am
The amount available at the end of the day for either Apple or the Irish government from lengthy legal proceedings over the company’s Irish tax affairs lost almost a billion dollars in the last year ahead of the final ruling. If the EU wins, the sum will be handed over to the Irish government; if the EU loses, it will be returned to Apple.
The Irish Times:
A quick recap: the State set up the escrow account in 2018 to hold €14.3 billion of alleged back taxes and interest that the European Commission ordered it to collect from Apple, even as the State and the iPhone maker appealed the matter before the courts in Luxembourg.
Apple and the Government won their case in 2020, with the General Court in Luxembourg deciding that the commission failed to show to “the requisite legal standard” that the US tech giant secured an unfair tax advantage in the decade to 2014.
A hearing on the commission’s appeal against that decision was heard by the European Court of Justice last month, with the court’s advocate general set to deliver his influential opinion on November 9th – ahead of a final ruling.
The escrow account is mainly made up of investments in euro-zone government bonds, rather than cash. The Department of Finance said on Wednesday that a further €259 million was knocked off the fund’s value last year, to bring it down to less than €13.4 billion.
MacDailyNews Take: When Apple wins, it should be compensated for the lost value of their money as it languished in escrow while mired in poorly performing euro-zone government bonds.
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https://macdailynews.com/2023/07/07/apples-irish-tax-escrow-account-has-lost-almost-a-billion-dollars-in-the-last-year/
China plays a trump card in the chip war, but Apple chip production unaffected so far
Thursday, July 6, 2023 5:05 pm
Taiwan Semiconductor Manufacturing Company (TSMC), Apple’s contract chipmaker, said it doesn’t expect any immediate impact on its production from China’s decision to restrict the export of two metals widely used in semiconductors and electric vehicles.
Ben Blanchard and Roger Tung for Reuters:
In a move that a top Chinese trade adviser warned was “just a start,” Beijing said on Monday it would limit exports of products made from the minor metals of gallium and germanium to protect national security. That followed the U.S. decision to impose export restrictions to curb China’s access to key technologies used for artificial intelligence.
Taiwan is a major producer of chips used in everything from smartphones and cars to fighter jets, supplying companies like Apple and Nvidia.
“After evaluation, we do not expect the export restrictions on raw materials gallium and germanium will have any direct impact on TSMC’s production,” Taiwan Semiconductor Manufacturing Co said in an emailed statement. “We will continue to monitor the situation closely,” it added, without elaborating.
MacDailyNews Take: We’ll see if China does anything more with its rare earths export quota, but when they cut rare earths exports in 2010 amid tensions with the United States, it resulted in greater efforts by companies outside of China to produce the metals and China’s global market share dropped precipitously from 97% in 2010 to about 60% in 2019.
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https://macdailynews.com/2023/07/06/china-plays-a-trump-card-in-the-chip-war-but-apple-chip-production-unaffected-so-far/
Among many successes this year, Apple’s security and privacy engineers thwarted Pegasus
Thursday, July 6, 2023 9:04 am
Apple security and privacy engineers thwarted Pegasus. It was just one of their successes this year. Fast Company’s Harry McCracken speaks with Apple engineers who are creating innovative ways to protect users from a wide array of threats.
Harry McCracken for Fast Company:
For years, Apple has made privacy and security one of the iPhone’s principal selling points. But a fraction of users—including dissidents, activists, and journalists—have reason to obsess over it. Governments and others with ill intent have targeted these groups with sophisticated spyware to gain access to messages, location data, and other information that can compromise not just privacy but their physical safety. “These are attackers who are willing to spend untold millions and millions and millions of dollars going after extremely small numbers of people,” says Apple’s head of security engineering and architecture Ivan Krstic.
To combat this threat, Apple asked itself a new question, explains security engineering and architecture engineering manager Lucia Ballard: “If we design for just [this] incredibly narrow subset of people, what can we do?” Rather than introducing additional security settings addressing all the potential threats—which would leave users having to fine-tune their own level of self-defense—Ballard advocated for a single option that was more classically Apple-esque in its simplicity.
Called Lockdown Mode and released in 2022, the feature hardens iPhones — and Macs and iPads — by restricting functionality across the operating system that might let targeted spyware wriggle in. For instance, other users can’t initiate FaceTime calls with you unless you’ve called them in the past, and most kinds of message attachments are blocked.
MacDailyNews Take: With Lockdown Mode, Apple has dealt a devastating blow to mercenary spyware!
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https://macdailynews.com/2023/07/06/among-many-successes-this-year-apples-security-and-privacy-engineers-thwarted-pegasus/
Valkyrie Is Latest ETF Issuer to Refile Bitcoin Fund Application With SEC
Vildana Hajric
Wed, July 5, 2023 at 1:42 PM EDT·2 min read
(Bloomberg) -- Valkyrie is the latest issuer to refile an application for an exchange-traded fund that invests directly in Bitcoin after the US Securities and Exchange Commission had indicated initial documents were insufficient.
The Nashville, Tennessee-based firm said in filing that Coinbase Global Inc. will provide market surveillance in support of its proposed Bitcoin fund. The SEC had pushed back against previous filings for lacking clarity.
The new documents filed on Wednesday state that Nasdaq, which Valkyrie would list on if approved, had on June 30 “executed a term sheet with Coinbase” to “enter into a surveillance-sharing agreement.”
“This is something I’ve been looking for. Valkyrie is one of the only Bitcoin ETF filers from the recent past that hadn’t submitted a new 19b-4 in this wave,” said Bloomberg Intelligence ETF analyst James Seyffart.
Valkyrie was one of the early issuers to launch a Bitcoin-futures ETF in 2021. That fund, the Valkyrie Bitcoin Strategy ETF, trades under the ticker BTF.
Crypto market surveillance may be key to gaining SEC approval for a spot Bitcoin ETF. The surveillance can dramatically reduce fraud and market manipulation, which were top reasons the agency rejected around 30 spot Bitcoin ETF applications to date.
Surveillance—sharing agreements can be thought of as standard market practice, said Ophelia Snyder, co-founder and president of 21Shares, which also has an application out for a spot-Bitcoin ETF.
“In this case, it’s actually which exchange it is that changes the conversation,” Snyder said on Bloomberg TV’s ETF IQ show. While there have been surveillance-sharing agreements in the past, “Coinbase represents such a large proportion of the US market for these products and is so well-established in this market that that’s actually the major difference.”
Following BlackRock’s mid-June filing for such an ETF, a slew of other firms filed or refiled for spot products amid market optimism that the SEC could reverse its long-standing view that such a fund shouldn’t be allowed. In evidence of a partial thaw, the agency did allow ETFs tied to Bitcoin futures in 2021 and recently also green-lit a leveraged Bitcoin-futures fund.
BlackRock’s initial filing has not only set off a race among other issuers for similar filings, but also sparked a rally for cryptocurrencies broadly. Bitcoin has added more than 10% over the past month alone and is up more than 80% since the start of the year. The idea of a potential spot ETF is exciting for many fans of digital assets because it could mean greater accessibility for everyday investors.
--With assistance from Katie Greifeld.
https://finance.yahoo.com/news/valkyrie-latest-etf-issuer-refile-134740014.html
Apple, Amazon, Google, Meta, Microsoft say they meet EU gatekeeper threshold
Wednesday, July 5, 2023 9:27 am
Seven tech giants, including Apple, Amazon, Google, Meta, and Microsoft, have said they meet the European Union’s new criteria for “gatekeepers,” which means they will be subject to stricter regulations.
Reuters:
Samsung and TikTok owner ByteDance also unexpectedly said they would meet the criteria, although TikTok disputed whether it should be included on the list. Booking.com said it expected to fall into the gatekeeper category next year.
Under the European Union’s Digital Markets Act (DMA) which came into force in November, companies with more than 45 million monthly active users and a 75-billion-euro ($82 billion) market capitalisation are considered gatekeepers providing a core platform service.
Companies labelled as such will be required to make their messaging apps interoperate with rivals and let users to decide which apps to pre-install on their devices.
The European Commission did not provide details of the companies’ core online services subject to DMA rules.
It will confirm the gatekeeper designation by Sept. 6 after checking the data provided by the companies, which will then have six months to comply with the DMA rules.
MacDailyNews Take: It will be interesting to see how Apple handles its Messages app and its iMessage instant messaging service under the DMA especially how much “interoperability” the DMA will ultimately demand and how much Apple will ultimately provide. Expect Apple to fight to preserve iMessage’s end-to-end encryption and Messages features that are unique to Apple products.
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https://macdailynews.com/2023/07/05/apple-amazon-google-meta-microsoft-say-they-meet-eu-gatekeeper-threshold/
Apple assembler Foxconn Q2 sales slip 14%, forecasts strong Q3
Wednesday, July 5, 2023 8:30 am
Foxconn, a major assembler for Apple, reported a 13.8% year-on-year drop in second-quarter revenue on Wednesday, but said it expects third-quarter revenue to be brighter ahead of the peak shopping season.
Reuters:
Foxconn, formally called Hon Hai Precision Industry Co Ltd and the world’s largest contract electronics maker, said revenue in the April-June period reached T$1.3 trillion ($41.76 billion), in line with its expectations.
For smart consumer electronics products, which include smartphones and are the company’s main business driver, revenue in the second quarter dropped, coming off a higher base in the year ago period, it said in a statement without giving details.
For the month of June, sales fell 19.7% year-on-year, though at T$422.8 billion it was still the second highest figure on record for the same period.
“With the second half of the year peak season currently underway, operations will gradually ramp up,” the company said. “The outlook for the third quarter, which will be better than the second quarter, is expected to increase at an on quarter pace higher than seen in the previous two years. When compared to the pre-pandemic period, the growth rate is expected to be approximately on par.”
MacDailyNews Take: Foxconn, which assembles products for myriad companies beyond Apple, reports its second quarter earnings on August 14th.
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https://macdailynews.com/2023/07/05/apple-assembler-foxconn-q2-sales-slip-14-forecasts-strong-q3/
Coinbase Will Be Surveillance Partner for Fidelity, Other Bitcoin ETFs, Refiled Applications Say
The SEC told Cboe it needed to name its partner earlier Friday.
By Nikhilesh De
AccessTimeIconJun 30, 2023 at 4:39 p.m. EDT
Updated Jul 3, 2023 at 11:36 a.m. EDT
Cboe's BZX Exchange named crypto exchange Coinbase as the market for its surveillance-sharing agreement when it refiled its spot bitcoin exchange-traded (ETF) fund applications for several would-be bitcoin ETF issuers on Friday.
Fidelity, WisdomTree, VanEck, ARK Invest, Galaxy/Invesco and BlackRock all filed for spot bitcoin ETFs over the past few weeks, hoping to succeed at launching a product the U.S. Securities and Exchange Commission (SEC) has rejected for years. While BlackRock filed with Nasdaq, the other companies are working with Cboe.
On Friday, the SEC told some both Nasdaq and Cboe that their applications were "inadequate" because they didn't name the market that the fund sponsors are working with on their surveillance-sharing agreements, according to the Wall Street Journal.
In its refiled applications, Cboe said Coinbase's platform "represents a substantial portion of U.S.-based and USD denominated Bitcoin trading" as it named the U.S. crypto exchange as its partner for these surveillance-sharing agreements.
"The Spot BTC SSA [surveillance-sharing agreement] is expected to have the hallmarks of a surveillance-sharing agreement between two members of the ISG, which would give the Exchange supplemental access to data regarding spot Bitcoin trades occurring on Coinbase if the Exchange determines it is necessary as part of its surveillance program for the Commodity-Based Trust Shares in a manner similar to the way that exchanges share information as part of ISG," the filing said.
The SEC has called for surveillance-sharing agreements with markets of "significant size" in the past, arguing that this is necessary to prevent market manipulation or other unwanted behaviors and protect consumers. The lack of these agreements figured heavily into many of the SEC's prior rejections of bitcoin ETF applications.
The regulator still has to formally acknowledge it is reviewing the applications. The SEC will kick off an initial 45-day review period when it publishes the filings in the Federal Register – the national logbook – but can extend this to a total of 240 days.
Complicating the SEC's calculus may be the fact that it sued Coinbase earlier this month on allegations of operating an unregistered securities exchange, broker and clearinghouse – though the SEC is not alleging that Bitcoin itself is a security, and SEC Chair Gary Gensler has often referred to it as an example of a digital asset that is not a security.
It also remains to be seen whether the SEC will agree that Coinbase is a significant, regulated market for bitcoin.
https://www.coindesk.com/policy/2023/06/30/coinbase-will-be-fidelitys-surveillance-partner-for-bitcoin-etf-refiled-application-says/
BlackRock spot Bitcoin ETF filing names Coinbase as ‘surveillance-sharing’ partner
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The application included a Nasdaq-Coinbase agreement “intended to supplement the exchange’s market surveillance program” following the SEC reportedly saying the filing was unclear.
The most recent filing involving asset manager BlackRock’s attempt to launch a spot Bitcoin exchange-traded fund (ETF) included a “surveillance-sharing agreement” with cryptocurrency exchange Coinbase.
According to a June 29 filing with the United States Securities and Exchange Commission (SEC), the Nasdaq stock exchange refiled for a proposed rule change allowing the listing of BlackRock’s Bitcoin
BTC ETF. The filing included details of a June 8 agreement between the Nasdaq and Coinbase “intended to supplement the exchange’s market surveillance program” and provide access to data on spot BTC trades.
The release of the SEC filing followed ARK Investment Management amending its spot BTC ETF application to include a surveillance-sharing agreement with the Chicago Board Options Exchange (Cboe) and an unnamed U.S.-based crypto exchange. Some speculated at the time the agreement was with Coinbase, which would seemingly put it in conflict with BlackRock’s ETF application.
The SEC reportedly said on June 30 that crypto ETF filings with the Nasdaq and the Cboe were not “sufficiently clear and comprehensive,” suggesting that the applicants include additional information on surveillance arrangements. BlackRock first applied for the spot BTC ETF on June 15.
At the time of publication, the U.S. securities regulator had not approved any spot ETF linked to crypto investments despite numerous applications from market participants. Following the denial of its spot Bitcoin ETF in June 2022, Grayscale Investments filed a lawsuit against the SEC, alleging the regulator had failed “to apply consistent treatment to similar investment vehicles.”
https://cointelegraph.com/news/blackrock-spot-bitcoin-etf-filing-coinbase-surveillance-partner
Apple’s weighting in the S&P 500 has swelled to 7.6%, the biggest of any one stock in index’s history
Monday, July 3, 2023 9:34 am
The share price of Apple, by far the world’s most valuable company, with a market capitalization over $3 trillion, has surged 49% so far this year, increasing its weight in stock indexes to record levels. The company’s weighting in the S&P 500 has swelled to 7.6%, the biggest of any one stock in the history of the benchmark index, according to S&P Dow Jones Indices.
Lewis Krauskopf for Reuters:
That hefty weighting means moves in Apple’s shares have an outsized influence on index performance.
If shares of Apple keep rallying, that could hurt the results of active fund managers, who strive to beat indexes such as the S&P 500 or Russell 1000.
The issue has taken on additional urgency this year, as the market’s gains are being led primarily by a handful of megacap companies such as Apple, Microsoft and Nvidia, whose shares have outperformed.
“If you’re an active manager, one of the issues is it’s hard to own that much of one name. You are taking on more and more risk,” said Todd Sohn, technical strategist at Strategas. “Because they are such heavy weights within the benchmarks, it becomes really challenging to outperform.”
Apple’s weighting in the S&P 500, for example, is bigger than the entire 37-stock consumer staples sector (.SPLRCS), which was last at a weight of 6.7%.
In the MSCI All-Country index, a widely used benchmark for stocks globally, Apple’s 4.7% weight is greater than that of all United Kingdom stocks combined, which account for 3.6%, according to DataTrek Research.
MacDailyNews Take: Let the fomenting begin! In fact, the fomenting against Apple has already begun (see Financial Times‘ Apple forced to make ‘drastic’ cuts to Vision Pro production forecasts).
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https://macdailynews.com/2023/07/03/apples-weighting-in-the-sp-500-has-swelled-to-7-6-the-biggest-of-any-one-stock-in-indexs-history/
Apple forced to make ‘drastic’ cuts to Vision Pro production forecasts
Monday, July 3, 2023 9:08 am
Apple has been forced to make “drastic” cuts to production forecasts for its Apple Vision Pro spatial computer, Financial Times reports. The complexity of the headset design and difficulties in production are reportedly behind the scaling back of targets.
Qianer Liu, Patrick McGee, and Kana Inagaki for Financial Times:
[P]lans for a more affordable version of the device have had to be pushed back, according to multiple people with direct knowledge of the manufacturing process.
Two people close to Apple and Luxshare, the Chinese contract manufacturer that will initially assemble the device, said it was preparing to make fewer than 400,000 units in 2024. Multiple industry sources said Luxshare was currently Apple’s only assembler of the device. Separately, two China-based sole suppliers of certain components for the Vision Pro said Apple was only asking them for enough for 130,000 to 150,000 units in the first year.
Both projections imply a significant cut to production from an earlier, internal sales target of 1mn units in the first 12 months. The forecasts for low volumes reflect Apple’s lack of confidence in being able to scale production, according to analysts and industry experts…
“A lot of this is normal growing pains,” said Jay Goldberg, founder of tech consultancy D/D Advisors. “This is the most complex consumer device anyone has ever made.”
MacDailyNews Take: Issues are to be expected this far ahead of mass production. Things could look much differently in a few months. Regardless, the song remains the same: get your Apple Vision Pro pre-orders in as soon as pre-orders begin!
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https://macdailynews.com/2023/07/03/apple-forced-to-make-drastic-cuts-to-vision-pro-production-forecasts/
Citi initiates Apple coverage with ‘Buy’ rating and $240 price target
Friday, June 30, 2023 8:56 am
Citi Research analyst Atif Malik late Thursday initiated coverage of Apple stock with a “Buy” rating and a $240 price target.
Emily Bary for MarketWatch:
“We believe the Street is underestimating continued gross margin expansion,” he wrote in his note to clients, which was titled: “A Hardware Company That Thinks Like a Software Company.”
Malik is upbeat about Apple’s AAPL ability to expand margins by continuing to drive consumers toward more expensive devices and configurations. Plus, Apple boasts “resilient market share,” with gains against Android devices, and it’s poised to lower its own costs thanks to a move to design its own custom chips.
“Moreover, growing higher-margin services sales mix should help expand the overall corporate gross margins,” Malik continued, as he set a $240 price target on Apple shares, which closed Thursday at $189.59.
MacDailyNews Take: From Atif’s lips to Mr. Market’s ears!
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https://macdailynews.com/2023/06/30/citi-initiates-apple-coverage-with-buy-rating-and-240-price-target/
Apple on the losing side as Supreme Court strikes down affirmative action in college admissions
Thursday, June 29, 2023 4:00 pm 21 Comments
Last August, Apple was among a group of nearly 80 companies filing a brief with the U.S. Supreme Court in support of affirmative action programs being challenged at Harvard and the University of North Carolina. The court on Thursday specifically ruled against race-conscious affirmative action in college admissions programs.
Yahoo Finance:
Those programs “violate the Equal Protection Clause of the Fourteenth Amendment,” Chief Justice John Roberts wrote for the 6-3 majority ruling in both cases, Students for Fair Admissions v. President and Fellows of Harvard, and Students for Fair Admissions v. University of North Carolina.
Dozens of major corporations across various industries took interest in the case, including Apple, Google, General Motors, General Dynamics, Dell, and Starbucks.
Those companies and nearly 40 others joined in an amicus brief contending that diversity in higher education ultimately helps their businesses by providing a diverse pool from which they can recruit.
In concurring with the majority, Justice Clarence Thomas wrote that under the 14th Amendment, “the color of a person’s skin is irrelevant to that individual’s equal status as a citizen of this nation.”
MacDailyNews Take: Regarding affirmative action, as we wrote back on December 31, 2015:
Getting the absolute best people should remain Apple’s ultimate goal. Forced diversity carries its own set of problems. Would the group be comprised of the best-qualifed people possible or would it be designed to hit pre-defined quotas? Would some employees, consciously or unconsciously, consider certain employees, or even themselves, to be tokens meant to fill a quota? That would be a suboptimal result for Apple and everyone involved.
The best and desired outcome is for the quest for diversity to work in Apple’s favor. Truly looking at qualified people from a larger pool would likely result in delivering different viewpoints and new ways of looking at things and tackling problems than a more homogenized workforce would likely be capable of delivering.
Regardless and of course, someday it sure would be nice for everyone to just be able to evaluate a person’s potential, not measuring and tabulating superficial, meaningless things like skin color and gender.
How do we ever get to the point where people “will not be judged by the color of their skin, but by the content of their character,” when we insist on judging people by the color of their skin?
See also: Apple backs affirmative action in U.S. Supreme Court case – August 1, 2022
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https://macdailynews.com/2023/06/29/apple-on-the-losing-side-as-supreme-court-strikes-down-affirmative-action-in-college-admissions/
Apple plans 900,000-square-foot first phase for North Carolina campus
Friday, June 30, 2023 12:55 pm
In April 2021, Apple announced plans to open a new campus in the Raleigh, North Carolina area. The company will spend over $1 billion on the campus, eventually employing 3,000 software engineers and machine learning employees.
Lauren Ohnesorge for Triangle Business Journal:
Site plans obtained by the Triangle Business Journal show the first phase of the huge project includes a 41-acre development with six buildings and a parking garage. The plans, filed with Wake County, show there will be more than 700,000 square feet of office space, 190,000 square feet of accessory space and close to 3,000 parking spaces.
What’s not clear from some of the highly-redacted documents is when those buildings could go vertical at the site along Louis Stephens Drive and Little Drive just north of Highway 540.
The new documents show the largest of the six buildings will be for office use and total 241,899 square feet. The plans do not appear to include a construction timeline but mention that a permit will be required for grading work to begin…
The other two office buildings will total just over 230,000 square feet. The plans list three accessory buildings with sizes of 142,500 square feet, 12,300 square feet and just under 36,000 square feet.
The three office buildings and the largest accessory buildings have listed heights of 73 feet each – about 6-7 stories. The other accessory buildings have listed heights of 43 and 24 feet.
The plans list the max building height as 120 feet.
MacDailyNews Note: Earlier this month, Apple filed plans to build 2.7 million square-foot office building project in Wake County, North Carolina
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https://macdailynews.com/2023/06/30/apple-plans-900000-square-foot-first-phase-for-north-carolina-campus/
Apple AirTag tracks down gravesite thieves who stole $62,000 worth of bronze vases
Thursday, June 29, 2023 9:56 am
Hundreds of gravesites in Texas were robbed of tens of thousands of dollars worth of bronze vases, but an Apple AirTag helped police track down the thieves.
Deven Clarke for Click2Houston:
Investigators say the suspects intended to sell the sentimental items as scrap metal.
Before that could happen, officials say some of the loved ones affected took matters into their own hands and helped police find three of the suspected culprits.
“It is very frustrating having to do this over and over again,” said Tony Velazquez, who recently found out his uncle’s grave at the Restwood Memorial Park in Clute had been robbed… Velazquez says this time, the thieves were nice enough to take the flowers out of the vase and put them in the empty hole.
What the thieves didn’t know is that an Apple AirTag was attached to that vase and would help investigators track it and dozens more some 45 minutes away.
“They gave us the login information and allowed us to then track it. We tracked it to a residence right outside of the town of Brazoria,” said Clute Police Chief James Fitch. Fitch says they were able to arrest the suspects believed to be responsible for stealing 102 vases over the past two months. “These things run about 600 bucks a piece, so we’re talking $62,000 worth.”
Dillon Bryan Pollock, Cody Eben, and Daniel Lewis Hale are charged with third-degree felony theft… Police say a fourth suspect is still on the loose.
MacDailyNews Take: If guilty, sentence each of them to the max.
There are not sacred and profane things, places, and moments. There are only sacred and desecrated things, places, and moments – and it is we alone who desecrate them by our blindness and lack of reverence. It is one sacred universe, and we are all a part of it.
— Richard Rohr
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https://macdailynews.com/2023/06/29/apple-airtag-tracks-down-gravesite-thieves-who-stole-62000-worth-of-bronze-vases/
Apple assembler Foxconn ramps up ‘iPhone City’ hiring in China ahead of iPhone 15
Wednesday, June 28, 2023 2:27 pm
According to local reports and labor agents, Apple assembler Foxconn, which operates the world’s largest iPhone factory in the central Chinese city of Zhengzhou, has ramped up hiring ahead of new product launches, including the iPhone 15 family of smartphones, expected this autumn.
Foxconn’s Zhengzhou plant is offering a bonus of 8,000 yuan (US$1,105) for former employees who return regularly to the assembly line for peak seasons, according to a job posting on Monday by the company’s Product Enclosure Business Group unit, which is responsible for producing mechanical parts for the iPhone.
Referrals are also encouraged, with the company offering a 1,000 yuan reward to staff for each new worker that they successfully recommend. Foxconn is also offering a one-off 7,000 yuan bonus to people who join during the peak season under referrals and stay for at least four months.
The factory, which saw production disrupted last year during China’s strict Covid-19 controls, currently has high demand for workers, with recruiting agencies in Zhengzhou “building a talent pool” to prepare for the upcoming peak season, a local recruiter said. The recruiter, who gave her surname as Zhao, is hiring both permanent employees as well as short-term workers at an hourly rate of 21.5 yuan.
Foxconn’s plant in the southern Chinese city of Shenzhen is also offering a bonus of up to 6,980 yuan for new hires, according to recruitment posts on Tuesday.
MacDailyNews Take: It’s that time of year again.
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Apple makes a big move on Twitter and Elon Musk promotes it
Wednesday, June 28, 2023 12:30 pm
Apple on Tuesday posted an entire episode of “Silo” on Twitter and it was reposted by Twitter owner Elon Musk to his 145.3 million followers. “Watch the entire first episode on this platform. Great move by Apple! Note, you can Airplay from your iPhone to TV to watch on a big screen,” Musk wrote.
Popular YouTuber MrBeast, himself with 21.2 million Twitter followers, replied to Musk’s tweet, “Really is a smart move, I never would have heard of this show and now I’m watching episode 1 and invested lol.”
You can watch the first episode of “Silo” below or watch it anywhere you have the Apple’s TV app on iPhone, iPad, Apple TV, Mac, popular smart TVs from Samsung, LG, Sony, VIZIO, TCL and others, Roku and Amazon Fire TV devices, Chromecast with Google TV, PlayStation and Xbox gaming consoles, and at tv.apple.com.
Apple TV+ earlier this month announced a season two renewal for “Silo,” the acclaimed, world-building drama based on Hugh Howey’s New York Times bestselling trilogy of dystopian novels. Created by Emmy-nominated screenwriter Graham Yost, who also serves as showrunner, and starring and executive produced by Rebecca Ferguson, the eighth episode of “Silo” premieres this Friday on Apple TV+.
Since its global premiere on May 5, “Silo” was quickly hailed as a “riveting and equally star-studded,” “must-watch” series and “simply transcendent sci-fi TV.” Week-to-week, the series drives growing viewership and, in addition to quickly reaching Certified Fresh status on Rotten Tomatoes, has landed acclaim for its “rich and compelling” world-building elements, as well as the “incredible” performance by Ferguson, who “brings an understated gravitas” to the lead role.
“It has been enormously fulfilling to see the engrossing, atmospheric and beautifully crafted sci-fi epic ‘Silo’ quickly become Apple’s number one drama series,” said Matt Cherniss, head of programming for Apple TV+. “As audiences around the world have become gripped by the mysteries and conspiracies buried within this fascinating subterranean world, viewership only continues to climb, and we are so excited for more secrets of the silo to be revealed in season two.”
“We cannot wait for audiences around the world to immerse themselves in the epic world we have created to bring Hugh Howey’s novels to life,” said Yost. “Apple has believed in our vision from day one and it’s an honor to have the opportunity to dig deeper into this story and peel back the layers to our characters in the silo.”
“Silo” is the story of the last ten thousand people on earth, their mile-deep home protecting them from the toxic and deadly world outside. However, no one knows when or why the silo was built and any who try to find out face fatal consequences. Ferguson stars as Juliette, an engineer, who seeks answers about a loved one’s murder and tumbles onto a mystery that goes far deeper than she could have ever imagined, leading her to discover that if the lies don’t kill you, the truth will.
The ensemble cast starring alongside Ferguson includes Common (“The Chi”), Emmy nominee Harriet Walter (“Succession”), Chinaza Uche (“Dickinson”), Avi Nash (“The Walking Dead”), Critics Choice Award and NAACP winner David Oyelowo (“Selma”), Emmy nominee Rashida Jones (“Parks and Recreation”) and Academy Award winner Tim Robbins (“Mystic River”).
“Silo” is produced for Apple TV+ by AMC Studios and based on the novels by Hugh Howey. The series is executive produced by Yost, Howey and Ferguson, alongside Academy Award nominee Morten Tyldum (“Defending Jacob,” “The Imitation Game”) who also directs the first three episodes, Nina Jack, Fred Golan, Rémi Aubuchon and Ingrid Escajeda.
Apple TV+ offers premium, compelling drama and comedy series, feature films, groundbreaking documentaries, and kids and family entertainment, and is available to watch across all your favorite screens. After its launch on November 1, 2019, Apple TV+ became the first all original streaming service to launch around the world, and has premiered more original hits and received more award recognitions faster than any other streaming service in its debut. To date, Apple Original films, documentaries, and series have been honored with 367 wins and 1,469 award nominations and counting, including Oscar Best Picture winner “CODA.”
MacDailyNews Note: Here’s the free episode of “Silo” from Apple TV:
https://macdailynews.com/2023/06/28/apple-makes-a-big-move-on-twitter-and-elon-musk-promotes-it/