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Apple The Exchange TRX to welcome its first customers this Saturday, June 22, in Kuala Lumpur
June 19 2024 - 10:00PM
Business Wire
Apple’s first retail location in Malaysia will offer its full lineup of products and services, unparalleled support from over 160 team members, and sessions with local creatives
Apple® today previewed Apple The Exchange TRX, the first Apple Store® in Malaysia. Located in the heart of Kuala Lumpur’s new Tun Razak Exchange (TRX) central business district, the new store will deliver the magic of Apple in the country like never before. Customers can discover and buy Apple’s innovative lineup of products and services, receive exceptional service from knowledgeable team members, and learn how to get the most out of their devices through free Today at Apple® sessions.
“We live for moments when we can surprise and delight our customers, and we’re excited to do that in Malaysia with the opening of our first store in the country, Apple The Exchange TRX,” said Deirdre O’Brien, Apple’s senior vice president of Retail. “Being able to support and directly connect with a new community is always a special experience for our retail teams, and we can’t wait to welcome customers to this beautiful space designed for discovery, creativity, and shopping for the world’s most innovative products.”
At Apple The Exchange TRX, more than 160 team members are ready to help customers shop for their favorite Apple products — from the iPhone® 15 lineup to the MacBook Air® with M3 and the latest iPad® models, including the redesigned iPad Air® and incredibly thin iPad Pro® with M4.
Apple The Exchange TRX will be an inspiring hub for education, offering customers free in-store sessions through Today at Apple. Led by Apple Creatives, the events will empower attendees to tap into their creativity and learn how to get the most out of their devices, with topics ranging from basics and how-to lessons, to iPhone photo and video tours that take advantage of the beautiful store location.
To celebrate the opening, a special Today at Apple series, “Jom Discover,” will run from Saturday, June 22, through Saturday, July 6. Bringing together some of Malaysia’s most celebrated creators, the sessions will offer a glimpse into the creative process while showcasing Apple’s full range of products and services.
Sessions in the “Jom Discover” series include:
Performance: De Fam
Workshop: Capture Portraits on iPhone with Jason smashpop
Spotlight: Video Magic on Mac® with Adam Lobo
Workshop: Turn Ideas Into Action on iPad with Iman Azman
Spotlight: Live Well with Nana Mohd and Apple Watch®
Apple The Exchange TRX connects the mall’s central atrium to a lush rooftop park that wraps around the store’s upper level. Emitting a warm glow at night, the three-dimensional layered roof consists of horizontal glass panels and shading blades to reduce the sun’s rays. A central glazed oculus brings daylight into the interior and includes a dynamic artificial-lighting feature.
Inside the store, a sculptural quartz and glass staircase connects the three levels where customers can explore, learn, and shop. The Forum, home to Today at Apple programming, is located on a floating deck that joins up with the mall, while the upper level directly connects with the edge of the park, bringing daylight and greenery into the store through a continuous glass façade.
Like all Apple facilities, the Apple The Exchange TRX runs on 100 percent renewable energy and is carbon neutral. The store is designed with a refined palette of high-quality materials, including natural stone walls, polished stainless-steel columns, light terrazzo floors, and a timber ceiling.
Visitors are invited to explore the surrounding display tables and avenues, and shop the new iPad Air with M2, the iPhone 15 lineup, and the latest Apple Watch lineup — Apple’s first-ever carbon neutral products. Apple Specialists are excited to connect with the local community through personalized setup and support, switching to iOS, and Apple Trade In, where customers can get credit toward a new device by trading in their current one.
Just in time for back to school, students and families can save on a Mac or iPad with Apple Education Pricing available exclusively through Apple Retail. In-store or online, eligible customers can also take advantage of the university student offer running through September 30, and receive AirPods® when they buy an eligible Mac, or an Apple Pencil® when they buy an eligible iPad.
Apple The Exchange TRX also offers a dedicated Apple Pickup counter, making it even easier for customers to place an order online and pick up products when it’s most convenient for them. And for hands-on technical and hardware support, customers can make a reservation at the Genius Bar® and get help from an expert.
Apple The Exchange TRX opens Saturday, June 22, at 10 a.m. MYT. Customers are invited to check out curated content celebrating the essence of creativity in Malaysia across Apple TV+®, Apple Music®, and the App Store®, and sign up for upcoming Today at Apple sessions.
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, Apple Store, Today at Apple, iPhone, MacBook Air, iPad, iPad Air, iPad Pro, Mac, Apple Watch, AirPods, Apple Pencil, Genius Bar, Apple TV+, Apple Music, and App Store 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/20240619608123/en/
Neema Mungai
Apple
nmungai@apple.com
Brian Bumbery
Apple
bumbery@apple.com
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/94074015/apple-the-exchange-trx-to-welcome-its-first-custom
Why Apple killed Apple Pay Later
Tuesday, June 18, 2024 12:51 pm
1 Comment
In a retreat from efforts to offer more financial services in-house, Apple is shutting down its Apple Pay Later program, which let customers make purchases on an installment plan. Apple Pay Later was only ever made available in America.
Adam Clark for Barron’s:
Apple plans to offer a way for people to apply for buy now, pay later loans from other companies when they check out with Apple Pay, the company’s payment system. Affirm Holdings stock rose earlier this month when Apple said its products are expected to be available to Apple Pay users in the U.S. later this year.
Citigroup and Synchrony Financial will also be a part of the rollout, Apple said.
Apple’s focus now looks to be more on integrating artificial-intelligence onto its devices than further expansion into the world of financial services. Its recent AI announcements at its Worldwide Developers Conference (WWDC) have been a boon for the stock, which is up 13% in the past month, as analysts back the technology to boost iPhone sales.
MacDailyNews Take: Apple killed Apple Pay Later to assuage the EU red tape excretion machine.
See also: Apple to conclude ‘tap-and-go’ NFC payments probe with EU – June 18, 2024
https://macdailynews.com/2024/06/18/why-apple-killed-apple-pay-later/
Apple’s stock splits: When will AAPL shares split again? I shared this article & link last week on 6/11 at the end of the Apple hits new all time high...
Tuesday, June 11, 2024 12:36 pm
3 Comments
https://macdailynews.com/2024/06/11/apples-stock-splits-when-will-aapl-shares-split-again-3/#google_vignette
Apple supplier TDK says battery breakthrough can deliver higher performance for wearables
Monday, June 17, 2024 9:37 am
No Comments
Japanese electronic parts maker TDK on Monday said it had successfully developed a material for its solid-state batteries that can be utilized in various devices that come into direct contact with the human body. Some of the main features of TDK’s technology include the use of oxide-based solid electrolytes, which the company says makes them “extremely safe.”
TDK successfully developed a material for CeraCharge, a next-generation solid-state battery with an energy density of 1,000 Wh/L, approximately 100 times greater than the energy density of TDK’s conventional solid-state battery.
TDK’s technology is aimed at a solution that can be utilized in various wearable devices, such as wireless earphones, hearing aids and even smartwatches, with the goal of replacing existing coin cell batteries.
Utilizing TDK’s proprietary material technology, TDK has managed to develop a material for the new solid-state battery with a significantly higher energy density than TDK’s conventional mass-produced solid-state batteries (Type: CeraCharge) due to the use of oxide-based solid electrolyte and lithium alloy anodes. The use of oxide-based solid electrolyte makes batteries extremely safe. It is intended for use in wearable and other devices that come in direct contact with the human body.
The battery can be applied for replacing coin cell primary batteries in compliance with EU battery regulations, which require them to be replaced by rechargeable batteries, which is expected to contribute to the reduction of environmental impact.
TDK will strive to develop the battery cells and package structure design and advance toward mass production, targeting the development of its new product, the solid-state battery. Moreover, TDK aims to enhance the capacity of the batteries through multi-layer lamination technology and expand its operating temperature range by applying the production engineering technology TDK has accumulated in the electronic components business.
Main applications
• Various wearable devices such as wireless earphones, hearing aids and smartwatches
• Environmental sensors
• Replacement of coin cell batteries
Main features and benefits
• The use of oxide-based solid electrolyte makes battery extremely safe
• Smaller size and higher capacitance contribute to smaller device size and longer operating time
MacDailyNews Take: Potentially good news for Apple AirPods and Apple Watch users!
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https://macdailynews.com/2024/06/17/apple-supplier-tdk-says-battery-breakthrough-can-deliver-higher-performance-for-wearables/
Introducing the Coinbase Advanced Trade Go SDK
TL;DR: The Advanced Trade Go SDK is a flexible sample application that allows customers to automate their crypto trading strategies on Coinbase Advanced. This SDK is built on top of Coinbase Advanced REST APIs and simplifies the development process, enabling traders and developers to integrate advanced crypto trading functionalities with ease.
By Jeff Curry Engineering, June 6, 2024
https://www.coinbase.com/blog/introducing-the-coinbase-advanced-trade-go-sdk
The State of Crypto: The Fortune 500 Moving Onchain
Tl;dr: America’s top public companies are busier onchain than ever. Onchain projects announced by Fortune 100 companies have increased 39% year-over-year and hit a record high in Q1 2024. A survey of Fortune 500 executives finds that 56% say their companies are working on onchain projects. From the biggest legacy brands to small business, stablecoins to tokenized T-bills, trusted names and products in finance are embracing blockchain technology and crypto, driving innovation and providing on-ramps for widespread adoption. The increased activity underscores the urgency for clear rules for crypto that help keep crypto developers and other talent in the US.
By Coinbase Company, June 12, 2024
https://www.coinbase.com/blog/the-state-of-crypto-the-fortune-500-moving-onchain
SwC Manifesto: Making the UK a Leader in FinTech, Digital Assets & Tokenisation
TLDR: The next Government should promote the UK as a world leader in fintech, digital assets and tokenisation to generate investment, innovation and a more digital economy. This will drive productivity, growth and jobs across the UK economy, as well as improvements in the UK’s public services. To get involved with Stand With Crypto UK, visit: https://uk.standwithcrypto. org/
By Policy International, June 13, 2024
https://www.coinbase.com/blog/swc-manifesto-making-the-uk-a-leader-in-fintech-digital-assets-and
Apple is again the world’s most valuable company
Wednesday, June 12, 2024 10:16 am
8 Comments
Apple blew past Microsoft to one again claim the mantle of the world’s most valuable company by market capitalization propelled by two of Wall Street’s favorite words: artificial intelligence… make that Apple Intelligence.
Emily Dattilo for Barron’s:
The story for Apple began Monday at the tech giant’s Worldwide Developers Conference, when the company unveiled its AI strategy.
It seemed to take investors a beat to warm up to the news, considering the stock slipped 1.9% on Monday, before soaring 7.3% to $207.15 on Tuesday to an all-time high, setting its first record close since December 2023. Shares were rising [3.7%] on Wednesday.
Wedbush Securities analysts led by Dan Ives piled into the positivity. “The delayed positive reaction from the Street on the Apple
Intelligence news was investors starting to fully digest that the AI Revolution will come through the consumer with an Apple device over the coming year,” he wrote.
Mizuho Securities analyst Daniel O’Regan offered some more detailed reactions from key groups on Wall Street. Clients were constructive but surprised shares rose so much, he wrote. “Apple delivered in terms of what people were expecting,” he continued. “Although NOT ground breaking, Apple intelligence is a step in the right direction.”
MacDailyNews Take: Apple is currently worth $3.3 trillion.
Other members of the $3 trillion club:
• Microsoft: $3.247 trillion
• Nvidia: $3.116 trillion
https://macdailynews.com/2024/06/12/apple-is-again-the-worlds-most-valuable-company/
Apple shares hit new all-time intraday and closing highs
Tuesday, June 11, 2024 4:42 pm
3 Comments
In Nasdaq trading today, shares of Apple Inc. (AAPL) rose $14.03, or 7.26%, to $207.15, a new all-time closing high. Today’s intraday high was $207.16, also an all-time high for Apple stock.
Apple’s 52-week low stands at $164.08.
Monday’s trading volume for AAPL shares was 168,874,733 versus Apple’s average trading volume of 60,814,360 shares.
Apple’s PE Ratio currently stands at 32.22.
Apple currently has a market value of $3.176 trillion, making it the world’s second-most-valuable company.
The top five U.S. publicly-traded companies, based on market value:
Microsoft (MSFT) – $3.216T
Apple (AAPL) – $3.176T
NVIDIA (NVDA) – $2.974T
Alphabet (GOOGL) – $2.192T
Amazon (AMZN) – $1.948T
Selected companies’ current market values:
• Meta Platforms (META) – $1.287T
• Berkshire Hathaway (BRKA) – $883.438B
• Taiwan Semi (TSM) – $859.493B
• Tesla (TSLA) – $544.269B
• Walmart (WMT) – $536.745B
• Netflix (NFLX) – $279.461B
• Advanced Micro Devices (AMD) – $256.929B
• Adobe (ADBE) – $207.285B
• Cisco (CSCO) – $184.399B
• Disney (DIS) – $183.890B
• Intel (INTC) – $131.622B
• IBM (IBM) – $155.538B
• Sony (SONY) – $103.718B
• Dell (DELL) – $93.373B
• SoftBank (SFTBF) – $91.216B
• Spotify (SPOT) – $61.707B
• Hewlett-Packard (HPQ) – $35.541B
• Nokia (NOK) – $21.174B
• SiriusXM (SIRI) – $9.847B
• Sonos (SONO) – $1.920B
• BlackBerry (BB) – $1.629B
• RealNetworks (RNWK) – $34.560M
Apple all-time high (AAPL) via NASDAQ here.
MacDailyNews Take: As we wrote yesterday upon the conclusion of Apple’s WWDC keynote video: “Apple did enough. Nothing spectacular (and leaning heavily on OpenAI’s ChatGPT), but enough.”
https://macdailynews.com/2024/06/11/apple-shares-hit-new-all-time-intraday-and-closing-highs-79/
Apple’s stock splits: When will AAPL shares split again?
Tuesday, June 11, 2024 12:36 pm
3 Comments
https://macdailynews.com/2024/06/11/apples-stock-splits-when-will-aapl-shares-split-again-3/#google_vignette
MacDailyNews presents live coverage of Apple’s WWDC 2024 keynote address
Monday, June 10, 2024 12:07 pm
10 Comments
https://macdailynews.com/2024/06/10/macdailynews-presents-live-coverage-of-apples-wwdc-2024-keynote-address/
Apple Showcases AI at WWDC 2024, Nvidia Stock Split Starts Today, and More News
June 10 2024 - 7:29AM
IH Market News
Apple (NASDAQ:AAPL) – At today’s Apple Developer Conference (WWDC 2024) kicking off today, the company will demonstrate its prowess in the advanced field of artificial intelligence. Despite being an early adopter of AI with products like Siri, Apple now faces a perception of trailing behind competitors following innovations like ChatGPT. Throughout the event, Apple will unveil significant AI improvements, including a new version of Siri and expanded functionalities for digital content processing.
Microsoft (NASDAQ:MSFT) – Microsoft has decided to keep its new Recall feature, which logs user activities on PCs to streamline data organization, disabled by default. This decision comes after security concerns arose regarding the potential for hackers to access these logs. The company will also require additional authentication to activate the feature. Additionally, Microsoft showcased fully digital versions of the Xbox Series X and S consoles at the Xbox Games Showcase, along with game trailers like the new edition of “Call of Duty”. The event takes place amidst a period of sluggish sales and economic challenges in the gaming industry.
Nvidia (NASDAQ:NVDA) – Nvidia will commence trading at a lower price today following a 10-for-1 stock split. Wall Street remains bullish on Nvidia’s valuation increase, which has surged by 144% this year. Evercore analysts believe Nvidia could represent up to 15% of the S&P 500 in the future.
Advanced Micro Devices (NASDAQ:AMD) – Morgan Stanley analysts downgraded AMD to neutral, citing elevated investor expectations for its AI segment, especially when compared to competitors like Nvidia and Broadcom. They see limited potential for upward revisions for AMD, despite a rebound in its core business and an anticipated increase in AI chip sales.
Snowflake (NYSE:SNOW) – Snowflake is encouraging its clients to implement stricter security controls, such as multi-factor authentication (MFA), after hackers targeted customer accounts using malware and purchased credentials. This follows security incidents involving clients like Live Nation (NYSE) and Advanced Auto Parts (NYSE), raising concerns about data security in the cloud.
Oracle (NYSE:ORCL) – Oracle’s primary medical records client, the US Department of Veterans Affairs (VA), reported that Oracle’s software is not improving patient care as expected. Less than 20% of VA physicians and nurses believe the software enables “high-quality care”. The VA is renegotiating its $16 billion contract with Oracle, which acquired Cerner in 2022, aiming to enhance the electronic medical records system.
Netflix (NASDAQ:NFLX) – Netflix plans to drive its next growth phase by investing in live events and sports, following the success of its ad-supported offering. The strategy, mirroring the traditional TV model, could propel stocks back to 2021 record highs, benefiting from increased visibility and advertising revenue potential.
Walmart (NYSE:WMT) – Walmart opposes New York’s new legislation requiring panic buttons in stores, arguing it may trigger too many false alarms. The law was passed to enhance retail worker safety in response to rising violence and thefts. In other related news, Walmart forecasts its US e-commerce business to be profitable within the next two years. The company is focused on cost reduction and order fulfillment, capitalizing on the 22% surge in online sales in the last quarter.
Yelp (NYSE:YELP) – Yelp may sue ReviewVio for falsely advertising that it can remove negative reviews from the Yelp website, alleging trademark infringement and unfair competition. Judge William Alsup in San Francisco allowed the lawsuit to proceed, highlighting potential confusion about the relationship between the companies and the impact on Yelp’s advertising services.
Tesla (NASDAQ:TSLA) – Tesla CEO Elon Musk announced that there won’t be an updated version of the Model Y this year, despite ongoing improvements to vehicles. Upgrades to Tesla’s older models have been sluggish due to high interest rates and competition from more affordable models in China. Additionally, Tesla shareholders will soon vote on a controversial $56 billion compensation package for Elon Musk. With approximately 90% of retail shareholders seemingly in favor, approval seems likely despite opposition from major funds and recommendations against from proxy advisors. Norway’s $1.7 trillion sovereign wealth fund will vote against Elon Musk’s $56 billion pay package at Tesla, after a judge deemed it unfair to shareholders. Tesla also argues that the legal team that nullified Elon Musk’s pay package in January deserves only a fraction of the $5.6 billion in fees sought, as the case brought little benefit to the company. The automaker proposes to pay $13.6 million for legal services.
Stellantis (NYSE:STLA) – Stellantis has preemptively expanded the recall of potentially faulty airbags in Europe, Africa, and the Middle East to include more Citroen, DS, and Opel models. The recall now covers Citroën C4, DS4, DS5 models, and some Opel vehicles, albeit less restrictive than the initial recall, which included Citroën C3 and DS3.
Southwest Airlines (NYSE:LUV)- Elliott Investment Management, an activist investor, has acquired a nearly $2 billion stake in Southwest Airlines. They plan to press the airline for strategic changes to rectify its underperforming performance.
Spirit Airlines (NYSE:SAVE) – Spirit Airlines dismisses the possibility of bankruptcy and is optimistic about its plan following the failure of the merger with JetBlue (NASDAQ). CEO Ted Christie expressed this confidence at the annual shareholder meeting, despite a recent decline in the company’s shares and operational challenges, including aircraft groundings.
Boeing (NYSE:BA) – Boeing’s CST-Starliner space taxi successfully docked with the International Space Station, bringing its first astronauts, Sunita Williams and Barry Wilmore. This test flight is crucial for both NASA and Boeing, especially after multiple delays and technical setbacks.
Virgin Galactic (NYSE:SPCE) – Virgin Galactic successfully conducted its second spaceflight this year on Saturday, carrying Turkish, American, and Italian tourists to the edge of space. Galactic Mission 07 reached approximately 55 miles in altitude on a flight lasting just over an hour, departing and returning to Spaceport America in New Mexico.
BP plc (NYSE:BP) – BP updated its conflict of interest policy, requiring employees to disclose any intimate relationships with colleagues. The change follows the dismissal of former CEO Bernard Looney for failing to disclose such relationships, emphasizing total transparency to avoid conflicts of interest, under the threat of dismissal.
Occidental Petroleum (NYSE:OXY), Berkshire Hathaway (NYSE:BRK.A) – Warren Buffett’s Berkshire Hathaway acquired about 2.57 million shares of Occidental Petroleum from June 5 to 7, investing over $150 million. This raised its total stake in the company to approximately 250.6 million shares, representing about 28% of Occidental.
US Steel (NYSE:X) – Takahiro Mori, vice president of Nippon Steel, returned to the US to promote the acquisition proposal for US Steel, receiving positive feedback from employees and community leaders. Despite regulatory scrutiny and union opposition, the Japanese company aims to conclude the $14.9 billion merger, already approved outside the US.
Diamond Offshore Drilling (NYSE:DO), Noble Corporation (NYSE:NE) – Diamond Offshore Drilling has agreed to be acquired by Noble Corp. for approximately $1.6 billion in a cash and stock deal. Under the agreement, Diamond Offshore’s shares were valued at $15.52 based on Friday’s closing price. Diamond Offshore Drilling shares rose 4.6% in pre-market trading to $14.57.
CrowdStrike (NASDAQ:CRWD), KKR & Co (NYSE:KKR), GoDaddy (NYSE:GDDY) – S&P Dow Jones Indices announced that KKR & Co, CrowdStrike, and GoDaddy will be added to the S&P 500 index on June 24, replacing Robert Half (NYSE:RHI), Comerica (NYSE:CMA), and Illumina (NASDAQ:ILMN).
Blackstone (NYSE:BX) – Nadeem Meghji, global co-head of Blackstone’s real estate sector, noted that liquidity is returning to the real estate market, with high-quality assets attracting more interest. He observed an increase in the number of bidders for apartment buildings, attributing this to falling capital costs and new supply.
KKR & Co (NYSE:KKR) – KKR & Co. invested $50 million in one of its main real estate funds and committed to supporting its valuation amidst commercial real estate market instability. The company also plans to repurchase up to 7.7 million shares if the fund’s valuation falls below $27 per share by 2027, ensuring value for shareholders and demonstrating confidence in the real estate market’s recovery.
PowerSchool Holdings (NYSE:PWSC), Bain Capital (NYSE:BCSF) – Bain Capital will acquire PowerSchool Holdings in a deal valuing the educational software company at $5.6 billion. Bain will pay $22.80 per share, a 37% premium over the previous closing price. Vista Equity and Onex will retain minority stakes post-acquisition.
Visa (NYSE:V), Mastercard (NYSE:MA)- Visa and Mastercard will face new lawsuits in London after a court allowed collective proceedings on behalf of merchants to proceed. The companies are accused of overcharging interchange fees, with many lawsuits already underway in London’s Competition Appeal Tribunal.
Waystar (WAY) – Waystar shares fell on Friday in their Nasdaq debut after raising $968 million in their initial public offering, one of the largest IPOs of the year. The shares opened at $21, below the IPO price of $21.50, and closed at $20.70, valuing the company at $3.50 billion.
Walgreens Boots Alliance (NASDAQ:WBA) – Walgreens Boots Alliance is considering an initial public offering for its Boots pharmacy network in the UK, while continuing sale negotiations. The company has informally discussed with potential buyers, including private equity firms, without yet making a final decision on Boots’ sale.
Pfizer (NYSE:PFE) – A study by Stanford University found that a 15-day treatment with Pfizer’s antiviral Paxlovid did not alleviate long Covid symptoms. Despite hopes based on anecdotal reports, the study involving 155 participants showed no significant improvement in symptoms like fatigue and mental confusion.
Moderna (NASDAQ:MRNA) – Moderna announced that its combined Covid-19 and flu vaccine is more effective than individual vaccines, based on a late-stage trial. Being the first to release positive phase three data, the company plans to seek regulatory approval in the US soon, targeting a 2025 launch.
Express (NYSE:EXPR) – Express is selling its business for $160 million to a consortium including mall owners and investment firms. The sale, still open to better offers, also includes assuming $38 million in liabilities. This move averts the risk of liquidation and protects jobs and stores.
GameStop (NYSE:GME) – GameStop shares rose 6.6% in pre-market trading after closing down 39% on Friday, marking its worst day since February 4, 2021. This occurred despite Keith Gill, the infamous meme trader known as Roaring Kitty, scarcely mentioning GameStop in his live stream on Friday, although he reiterated his bullish stance on the company.
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/94012430/apple-showcases-ai-at-wwdc-2024-nvidia-stock-spli
Best Crypto to Buy Now June 7 – Brett, Injective, JasmyCoin
Joel Frank
Last updated: June 7, 2024 14:42 EDT | 3 min read
https://cryptonews.com/news/best-crypto-to-buy-now-june-7-brett-injective-jasmycoin.htm
This article below, from about a year ago offers much more insight into Jasmy IMO:
FEATURE: Former Sony execs laying down data security gambit to tech giants
By Yuki Yamaguchi, KYODO NEWS - Aug 9, 2023 - 15:35 | All, Feature, Japan
TOKYO- When Kazumasa Sato was assigned to Sony Corp.'s information technology section as a fresh economics graduate in 1980, he was baffled.
Maintaining an information system using IBM mainframe computers was not precisely what he envisioned doing at one of the country's most famous tech companies known for innovative products such as the iconic Walkman cassette player and Trinitron TV.
But about 40 years later, Sato says that experience set the course for his career. His fascination with networks eventually led him to set up a data security venture utilizing blockchain technology with other former Sony innovators, including former president Kunitake Ando.
Jasmy Inc., established in 2016, aims to create a world where people can have control over their personal data at a time when big tech firms such as Google LLC and Apple Inc. have obtained an unfathomable amount of personal information from customers across the globe.
"There could be a network that is more secure and safe," Sato, the 66-year-old president of the venture, said in an interview. "We are from Sony so we love to take a shot at doing things that other people can't do."
The ambition resulted in a service called "Personal Data Locker," a platform where people can safely manage their data and decide how much they want to disclose to businesses or services they wish to use.
Unlike the conventional, centralized data management system in which personal data are stored in a particular server, the service employs the blockchain to store data in a decentralized way, without depending on dedicated physical servers.
That prevents falsification and loss of data as the blockchain, an encoded digital ledger stored across a network of computers, does not allow data to be modified or deleted by a single actor. It also helps users identify and trace unintended use of their data by a third party as it is inherently trackable on the ledger, the company said.
The service has already been adopted by Nippon Travel Agency Co., which uses it to manage customer information. Witz Corp., a Nagoya-based company that helps manage logistics at large events, also uses it to handle personal information such as with infections due to the coronavirus. Jasmy said it is looking to expand its customer base further.
The venture has also created its own cryptocurrency, JasmyCoin, with an eye to using it in the future as a reward to those who shared their information. The virtual currency, which was first listed in Japan in 2021 and now held by more than 50,000 people, has a market capitalization of about $200 million as of the end of July.
Ever since being initially shocked by the emerging concept of the internet in the early years of his career, Sato always had a passion for network-related businesses, he said.
"The internet was a concept that had been non-existent before," said Sato, who later helped launch internet service provider businesses at Sony and served as president of Sony's e-commerce unit. "It threw common sense out the window. It was extremely attractive."
He left Sony in 2010 to pursue other opportunities, but as he saw the need for a safe internet rise on the back of increasing misinformation, online abuse, and concerns over the use of personal data, he decided to launch a venture to help create a network everyone can use more safely.
Sato's idea attracted like-minded risk-takers from Sony.
Takashi Hagiwara, a long-time engineer in charge of the development of the Vaio PC, quit the tech giant in 2020 with less than one year left before reaching the company's retirement age to join Jasmy.
"There is a sort of joy that is similar to solving a puzzle when we try to bring our ideas into reality," said Hagiwara, who oversees software development at the venture. "That's what I felt at Sony and what I continue to feel here, too."
Hidehiko Kakinuma, who has a wealth of experience launching new businesses, including Sony Bank Inc., now serves as executive officer in charge of marketing at Jasmy.
"The emergence of blockchain (technology) is a really important factor," the 56-year-old executive said. "With that, we can create a system that gives back to users" when dealing with personal data.
With various options under consideration, Sato says his ultimate goal is to combine its technology with artificial intelligence.
While interest in generative AI such as ChatGPT is booming, he said there is always a risk that if one enters sensitive information, it can be absorbed into the system and lead to an unintended data leak.
The combination of Jasmy's data security technology and AI could create a kind of AI optimized for personal use without worrying about data security.
Such an AI could be installed into various devices such as cars and smart speakers, among other things, he added.
"If people feel threatened by exposing their personal data, they become reluctant to utilize data," he said. "But if we are able to manage our data on our own, it will surely make the world more fun and convenient."
Sato compared his company's service to making real-life decisions such as how much personal information you wish to disclose when meeting new people or if you offer your name card when greeting someone in a business setting.
"This is what everybody does in real life," Sato said. "You don't necessarily have to lie, but you don't really have to expose everything, either."
https://english.kyodonews.net/news/2023/08/c985203b1f62-feature-former-sony-execs-laying-down-data-security-gambit-to-tech-giants.html?phrase=jasmy&words=Jasmy
Robinhood Acquires Bitstamp for $200 Million, Binance Reactivates Mastercard Purchases, and More Crypto News [Coinbase]
June 06 2024 - 3:37PM
IH Market News
Coinbase integrates network alerts in encrypted wallet with Notifi
The mobile wallet of Coinbase Global (NASDAQ:COIN) now offers automated alerts about network activities through the Notifi messaging service. The launch, in partnership with GMX, allows users on Arbitrum and Avalanche to receive notifications about imminent liquidations and governance changes. The integration uses the XMTP protocol, enabling secure communications between wallet users. This new functionality aims to enhance the user experience by providing relevant and timely information directly in the wallet.
Binance reactivates cryptocurrency purchases with Mastercard
Binance, the largest cryptocurrency exchange by volume, has announced the reactivation of Mastercard (NYSE:MA) for cryptocurrency purchases. According to a statement on the X platform, the functionality has been restored with a single purchase limit of up to 5,000 euros, about $5,440, and $20,000 for transactions in U.S. dollars. This return is part of a larger effort by Binance to meet stringent compliance standards, reinforcing trust among users and regulators. The company also plans to expand regulated payment options to further facilitate user transactions.
Robinhood acquires Bitstamp for $200 million to expand crypto operations
Robinhood Markets (NASDAQ:HOOD) has finalized the acquisition of Bitstamp, one of the world’s oldest cryptocurrency exchanges, for $200 million. This acquisition, expected to be completed in the first half of 2025, aims to expand Robinhood’s Bitcoin and cryptocurrency business, increasing its global reach and its ability to serve institutional and retail customers. Bitstamp, known for its resilience and reliability, will complement the services already offered by Robinhood, which sees in cryptography the potential to reorganize the financial system.
Bitdeer acquires Desiweminer in a $140 million transaction
Bitcoin miner Bitdeer (NASDAQ:BTDR) has purchased ASIC chip designer Desiweminer in an all-stock deal valued at $140 million. The transaction, announced on June 3, involves 20 million Class A ordinary shares of BTDR. The Desiweminer team will join Bitdeer’s ASIC design team in Singapore, with combined products ready for immediate launch. This move comes after a $150 million investment from Tether in Bitdeer. In response to the announcement, BTDR shares rose about 6.3%, to $7.45, in Thursday’s trading.
Core Scientific rejects acquisition offer from Coreweave
Core Scientific (NASDAQ:CORZ), a prominent cryptocurrency miner, has declined an acquisition proposal from Coreweave valued at $5.75 per share. The board stated that the offer undervalues the company, considering its recent deals and growth projections. This announcement comes after Core Scientific overcame a bankruptcy petition and demonstrated a robust financial recovery in the first quarter of 2024.
Ark’s Cathie Wood withdraws from Ether ETF due to intense fee war
Cathie Wood of Ark Investment has abandoned the launch of an Ethereum ETF in the U.S., citing the competitive fee war as a decisive factor. At the Consensus conference, Wood revealed that Ark’s spot Bitcoin ETF, with a fee of 0.21%, was not profitable. With Grayscale setting higher fees and losing market leadership, the industry faces a race to offer low fees. Analysts view Ark’s exit as a response to reduced margins and potentially lower demand for Ether ETFs compared to Bitcoin ETFs.
Bitcoin ETFs record record inflows of $1.4 billion in two days
On June 5, Bitcoin ETFs recorded inflows of $488.1 million, marking 17 consecutive days of inflows, a new record. In the past two days, inflows totaled an impressive $1.4 billion. The Fidelity ETF (AMEX:FBTC) led with $220.6 million, followed by the BlackRock ETF (NASDAQ:IBIT) with $155.4 million. The ARK ETFs (AMEX:ARKB) and the Bitwise ETF (AMEX:BITB) registered $71.4 million and $18.5 million, respectively. The Grayscale ETF (AMEX:GBTC) recorded inflows of $14.6 million, but still faces a total net outflow of $17.9 billion.
Bitcoin volatility increases with futures expiration and high projections for 2024
Bitcoin (COIN:BTCUSD) is fluctuating around $71,000 this Thursday, hitting an intraday high of $71,650.56 and trading at $70,956 at the time of writing. Among the top 10 cryptocurrencies, all are experiencing slight declines, except Ether (COIN:ETHUSD), which is up over 1%, and Toncoin (COIN:TONCOINUSD), which is up over 3%. The price of ETH is $3,831, while Toncoin is valued at $7.43.
However, with $2.2 billion in futures options expiring on June 7, Bitcoin could fall below the psychological mark of $70,000. Of these, $1.22 billion are Bitcoin futures options, indicating a “maximum pain point” of $69,500. This expiration may increase Bitcoin’s price volatility, creating a scenario of uncertainty.
Parallelly, Fernando Pereira, analyst at Bitget, highlighted with optimism the positive correlation between the performance of the S&P 500 and the price of Bitcoin. He predicts that “a 2.5% to 5% rise in the S&P 500 in the coming days could drive BTC up about 12%, reaching $80,000”. Additionally, Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered, also shares an optimistic view, predicting that Bitcoin could reach $100,000 before the U.S. presidential elections. Kendrick suggests that, should Trump win, the price could reach $150,000 by the end of the year, attributing this outlook to the political climate, recent regulatory decisions, and potential favorable economic data.
Franklin Templeton plans crypto fund for institutional investors
Franklin Templeton, a $1.6 trillion asset manager, is considering launching a private cryptocurrency fund, according to The Information. The fund, aimed at institutions, will focus on assets beyond bitcoin and ether, with the possibility of passing on staking rewards. The manager has previously taken initiatives in the digital asset sector, including a bitcoin ETF and a tokenized government bond fund.
Tim Draper recommends Bitcoin for treasury diversification after SVB collapse
Venture capitalist Tim Draper suggests that companies diversify their treasuries by including Bitcoin (COIN:BTCUSD) as protection against banking risks. This recommendation follows the collapse of Silicon Valley Bank (SVB) in March 2023, which severely impacted several startups, including cryptocurrency clients. Draper proposes that companies split their capitals between large banks, smaller banks, and Bitcoin to avoid similar challenges in the future. This method offers a safety net, allowing operations to continue even in financial crises.
High short positions in MicroStrategy signal potential volatility
Analyses of net short positions released by Fintel reveal that MicroStrategy (NASDAQ:MSTR) faces high exposure to short selling, representing 23.14% of its market capitalization, indicating strong bearish sentiment. In contrast, Coinbase (NASDAQ:COIN) and Marathon Digital (NASDAQ:MARA) show lower exposure, with 1.77% and 1.68%, respectively. These positions may reflect hedging strategies, especially in contexts where companies maintain long positions in Bitcoin (COIN:BTCUSD), as is the case with Kerrisdale Capital.
SushiSwap expands to Bitcoin’s Rootstock sidechain
The decentralized exchange SushiSwap (COIN:SUSHIUSD) now operates on Bitcoin’s Rootstock sidechain, seeking to integrate DeFi features into the BTC ecosystem. Rootstock, launched in 2018, is one of the first Ethereum Virtual Machine (EVM)-compatible sidechains dedicated to Bitcoin. Its goal is to combine the security of Bitcoin with the flexibility of Ethereum’s smart contracts. SushiSwap’s migration follows the trend of expanding DeFi on Bitcoin, initiated by the Ordinals protocol and other projects seeking to incorporate typical features of networks like Ethereum and BNB Chain into Bitcoin.
B2BinPay launches TRX staking and expands blockchain support
B2BinPay, a leader in blockchain payment solutions, has introduced staking of Tron (COIN:TRXUSD) and expanded its blockchain support in the latest update. Now, in addition to Polygon (COIN:MATICUSD) and Avalanche (COIN:AVAXUSD), the platform includes Optimism (COIN:OPUSD), Arbitrum (COIN:ARBUSD), and Base. The highlight of the version is TRX Staking with an annual yield of 3-5%, allowing users to save on transaction fees by converting staking into bandwidth and energy. These additions reinforce the versatility of B2BinPay, offering more options and efficiency to its customers.
Avalanche and Blockaid join forces to enhance security in blockchain wallets
Avalanche (COIN:AVAXUSD) has announced a partnership with Blockaid to integrate security features into its Core wallet. The initiative aims to combat phishing scams and other attacks, using Blockaid’s threat database to simulate and verify transactions before execution. This measure intends to provide an extra layer of security for Avalanche network users. Despite criticisms about the false positives generated by the system, Blockaid emphasizes that this is a small price to pay to effectively block fraudulent transactions, promoting greater security in the decentralized finance ecosystem.
Web3 developer loses $40,000 after exposing keys on GitHub
Brian Guan, co-founder of Unlonely, lost $40,000 after accidentally making public a GitHub repository containing his secret keys. The incident, disclosed in a post on X on June 5, highlights the security risks in managing digital assets. The cryptocurrency community reacted mixedly, with some offering support, while others criticized his previous views on using ChatGPT for programming. The event raises questions about security practices and developers’ responsibility to effectively protect their digital assets.
Taiko innovates with decentralized sequencing on Ethereum Layer 2
Taiko, an Ethereum Layer 2 project, has launched its mainnet with permissionless sequencing and proof, becoming the first rollup to offer such functionality. This allows anyone to participate in block sequencing and validation, promoting greater decentralization compared to other rollups that use centralized sequencers. Taiko’s co-founder and CEO, Daniel Wang, highlighted the commitment to decentralization and the security inherited from Ethereum’s base layer. With this, Taiko aims to enhance Ethereum’s scalability and efficiency, reducing central dependencies and increasing community participation.
The Sandbox announces $20 million funding for metaverse expansion
The Sandbox (COIN:SANDUSD), a subsidiary of Animoca Brands, has raised $20 million to expand its creative economy in the metaverse. Led by Kingsway Capital and with participation from investors such as LG Tech Ventures, the funds will be used to enhance tools like Game Maker and VoxEdit, and to introduce advanced social interactions. The company is also developing a mobile version, scheduled for 2025, reinforcing its commitment to making the metaverse accessible and inclusive to a global audience.
Roger Ver released on bail in Spain awaiting extradition
Bitcoin investor Roger Ver has been released on bail of $163,000 by a Spanish court while awaiting possible extradition to the U.S. Accused of fraud and tax evasion, Ver must remain in Spain and appear in court every two days.
JPMorgan evaluates regulatory trend against crypto and CBDC in the U.S.
According to a report by JPMorgan (NYSE:JPM), cryptocurrency regulations in the U.S. are taking a restrictive direction, especially against the launch of a central bank digital currency (CBDC) and the adoption of cryptocurrencies by local banks. The report highlights that non-compliant stablecoins, such as tether (COIN:USDTUSD), are also under increasing scrutiny. The Payment Stablecoins Clarity Act, which favors regulated stablecoins, has a better chance of approval before the presidential elections. Other initiatives, including the FIT21 Act and regulations that make it difficult for banks to custody crypto assets, face significant challenges to be implemented.
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/94000505/robinhood-acquires-bitstamp-for-200-million-bina
How to emulate the original PlayStation and Nintendo 64 on Mac
Alex Baggott | Jun 07, 2024
Games on the Sony PlayStation and Nintendo 64 can be played on an Apple Silicon Mac with a little bit of work. Here's how to emulate the classic consoles on a Mac or MacBook.
The transition from the fourth to the fifth generation of video game consoles was a unique time in gaming history. It heralded the movement from 2D to 3D games during the mid-1990s.
This involved pioneering work in bringing real-time 3D graphics to life, as well as the disruption of major players in the industry.
It also adds a whole new dimension (literally) to emulating games. Polygon transformation, projection, lighting and shading, texture mapping, anti-aliasing, depth and occlusion, animation, and camera positioning must all be handled accurately by emulators.
Some of these aspects can even be manipulated to produce better visuals.
Incidentally, it's easy for modern Macs to perform the graphical computations made on the hardware of fifth-gen consoles. But, it's more taxing for them to emulate the console performing those same calculations.
When we add multiple graphical enhancements on top of this, you'll see how emulating these games can rapidly make your Mac's hardware struggle.
Unlike the fourth generation systems in our previous guide, the setup for emulating fifth generation consoles on Mac depends on the particular console.
Also, due to the higher complexity, not every available approach works well. So, the following guide makes recommendations based on the results of our testing and experimentation.
Important: The legalities of emulation
Before you start, you should ensure that you understand the legality of emulating games. It is usually legal to emulate a console as long as you own the original hardware, so make sure that you do.
You should also own a legitimate copy of the original game, since downloading or distributing a game without owning it is illegal. However, the legality of using digital copies of physical games depends on copyright laws in your jurisdiction, and can vary significantly between regions.
Please check all of this out before proceeding.
The need for BIOS files
In the world of emulation, optical disc systems such as the PlayStation or Sega Saturn need BIOS files to run. Cartridge-based systems like the N64 do not.
BIOS (Basic Input/Output System) files contain the firmware necessary for the console to interface with the game's hardware. Essentially, the BIOS acts as an intermediary, handling system startup routines and ensuring proper communication between the game and the emulated hardware.
On the original consoles, the BIOS initializes the hardware, including the optical drive, to make sure that it reads the game disc correctly. It also manages core system functions such as memory card access, audio, and video settings.
This provides a standardized environment in which games run.
Additionally, BIOS files perform security checks to authenticate the game disc, verifying that it's a legitimate copy. This step is crucial for consoles designed to prevent piracy.
Many optical disc consoles implement region locking through their BIOS. This restricted games to specific geographic regions, such as Europe or the US.
In contrast, cartridge-based systems like the Nintendo 64 do not require BIOS files for emulation. This is because cartridges are self-contained, meaning the hardware initialization and system functions are directly managed by the cartridge itself.
Games on cartridge-based systems access the console's hardware directly, bypassing the need for an intermediary firmware layer.
For emulators, this distinction means they require the original BIOS file to accurately replicate the startup routines and system functions of consoles that used them. Without the BIOS, these emulators cannot perform essential tasks, leading to compatibility issues or failure to boot games.
The BIOS region must match the region of the game ROM. For example, an SCPH-3000 BIOS (a model of Japanese PS1) can only run PS1 games that were released in Japan.
You must also make sure that you only use BIOS files from the hardware that you own. For example, if you own PAL PS1 from the UK, it's illegal to download and use the BIOS of an NTSC PS1 from the US.
How to extract your PlayStation (PS1/PSX) BIOS
This process dumps the BIOS from your PS1 and converts it for use in an emulator.
This guide uses a piece of software called MemcardRex which is currently only available for Windows. Therefore, you'll either need access to a PC to run it, or you'll need to use CrossOver or a virtual machine.
How to extract the PlayStation BIOS with BIOS Dumper...
https://appleinsider.com/inside/apple-silicon/tips/how-to-emulate-the-original-playstation-and-nintendo-64-on-mac?utm_medium=rss
GME Volatile as Roaring Kitty Goes Live Today, Meta Unveils AI for WhatsApp Ads, and More Apple (NASDAQ:AAPL)
June 07 2024 - 8:09AM
IH Market News
GameStop (NYSE:GME) – GameStop shares are volatile in pre-market trading on Friday, after soaring nearly 50% the day before, following the announcement by the influencer known as “Roaring Kitty” of an upcoming live broadcast on YouTube today at 12 PM, Eastern Time (ET). Since Gill resumed social media activities in May, GameStop’s market value has increased by $11 billion. This rise is part of a pattern of volatile trading influenced by his activities. Gill’s broadcast has garnered over 12,000 registrations. The stock reversed from a gain of over 30% to a 16.4% drop in pre-market trading shortly after the video game retailer announced its first-quarter results.
Meta Platforms (NASDAQ:META) – Meta launched an AI-based ad targeting program on WhatsApp to generate revenue, marking a new approach for the messaging service. The tools use behavioral data from Facebook and Instagram to target potential customers, representing a shift in WhatsApp’s privacy practices.
Nvidia (NASDAQ:NVDA) – As Nvidia threatens to become the world’s most valuable company, surpassing Microsoft, some investors are skeptical and are betting that its sharply rising shares may depreciate. Short bets against Nvidia total about $34 billion, nearly double the combined bets against Apple and Tesla. After today’s market close, Nvidia will conduct a 10-for-1 stock split, making its shares more accessible and potentially broadening its appeal to individual investors. After the split, the share price will be proportionally reduced, which could favor the company’s inclusion in the Dow Jones, which is price-weighted.
Microsoft (NASDAQ:MSFT), Nvidia (NASDAQ:NVDA) – The U.S. Department of Justice and the Federal Trade Commission have reached an agreement to conduct antitrust investigations into Microsoft, OpenAI, and Nvidia, related to these companies’ dominance in the artificial intelligence market.
Apple (NASDAQ:AAPL) – Next week, Apple will launch a new app called “Passwords” to facilitate login to websites and programs. This feature, part of iOS 18, iPadOS 18, and macOS 15, is an extension of iCloud Keychain and aims to simplify password management, increasing competition with other password managers.
Netflix (NASDAQ:NFLX) – Fiona Harvey, a Scottish lawyer, is suing Netflix and Richard Gadd for defamation, seeking at least $170 million. She claims that the miniseries “Baby Reindeer” falsely portrays her as a stalker and criminal, damaging her reputation, as many viewers believe she is the “real” Martha, the show’s character. Additionally, Netflix has revealed details of the animated films “Spellbound” and “Pookoo,” developed in collaboration with Skydance Animation. “Spellbound” tells the story of Ellian, who seeks to break the spell that turned her parents into monsters, set for release on November 22. “Pookoo” explores the adventure of enemies swapping places, set to premiere in 2025.
Amazon (NASDAQ:AMZN) – Amazon faces a $1.3 billion lawsuit from about 35,000 British retailers, alleging that the company misused their data on the Marketplace to favor its own products and profit, thereby harming competition. The lawsuit was initiated by the British Independent Retailers Association in London.
Mercado Libre (NASDAQ:MELI) – The Latin American e-commerce leader plans to increase its investments in Brazil to more than $4.35 billion (23 billion reais), exceeding the initial forecast due to higher-than-expected sales. The company also expects to hire 11,000 people, up from the initially planned 6,500.
Walmart (NYSE:WMT) – Walmart is replacing paper labels with digital ones in its stores, allowing for quick price updates on more than 120,000 items in minutes. Previously, weekly updates took up to two days. This will improve efficiency and price management, as well as streamline product selection for online orders.
Starbucks (NASDAQ:SBUX) – Starbucks is starting a partnership with Grubhub to deliver coffee and beverages in the U.S., beginning in Pennsylvania, Colorado, and Illinois, with plans for national expansion by August. Meanwhile, Brazilian restaurant operator Zamp has closed a deal to acquire the rights to operate the Starbucks brand in Brazil for R$ 120 million, which includes managing some stores.
Costco Wholesale (NASDAQ:COST) – According to Reuters, when Costco opened a store in a rural Japanese town, it sparked strong competition for workers by offering high wages. In response, a local noodle shop increased wages by a third to retain and attract employees, despite the financial difficulties this posed.
Taiwan Semiconductor Manufacturing Co. (NYSE:TSM) – TSMC’s sales in May grew 30%, reaching $7.1 billion, driven by demand in artificial intelligence and the recovery of consumer electronics.
Lyft (NASDAQ:LYFT) – Lyft plans to maintain its competitiveness in the U.S. ride-sharing market, aiming for annual gross bookings growth of 15% by 2027. The company is also diversifying its revenue sources and expects its new advertising sector to grow eightfold in the same period.
Hertz Global Holdings (NASDAQ:HTZ) – Bloomberg reported on Thursday that Hertz is considering raising at least $700 million through secured debt and convertible notes to strengthen its balance sheet.
Instacart (NASDAQ:CART) – Instacart launched a new $500 million share repurchase program to bolster confidence in its growth potential. Completing two previous buyback rounds, the company reiterated its commitment to growth.
Toyota Motor (NYSE:TM), Mitsubishi UFJ Financial Group (NYSE:MUFG), Sumitomo Mitsui Financial Group (NYSE:SMFG) – Japan’s largest banks, MUFG and SMFG, will begin selling their strategic stakes in Toyota, valued at $8.5 billion. This move aligns with Japan’s corporate governance reforms, aimed at reducing cross-shareholdings between companies to avoid conflicts of interest and increase transparency.
Stellantis (NYSE:STLA) – Fiat, through Stellantis, has projected the production of the new hybrid Fiat 500e, with an expected annual sales range of 100,000 to 110,000 units. This version combines a gasoline engine and battery, offering a more affordable option compared to the fully electric model, which sold fewer than 80,000 units last year.
Nio (NYSE:NIO) – The Chinese electric vehicle manufacturer predicted on Thursday that its deliveries in the second quarter will more than double compared to the previous year, reaching between 54,000 and 56,000 units. The estimated revenue is about $2.3 billion. Despite the increase in sales, the company still reports losses.
Delta Air Lines (NYSE:DAL) – Delta Air Lines will announce plans for a new flight between Seattle and Washington’s Reagan National Airport, taking advantage of new legislation creating five new daily slots at this airport. Delta aims to increase competition and reduce prices on a route already served by Alaska Airlines (ALK).
Boeing (NYSE:BA) – Boeing’s space taxi, the CST-Starliner, successfully docked with the International Space Station, carrying NASA astronauts Sunita Williams and Barry Wilmore for a critical test flight. Despite initial thruster issues, the mission marks an important step for Boeing in space transportation.
Lockheed Martin (NYSE:LMT) – Germany plans to acquire eight additional F-35 fighters from Lockheed Martin, in addition to the 35 already ordered, raising the total number to 43. This acquisition reflects Berlin’s commitment to updating its defense capabilities with the most advanced aircraft available.
Devon Energy (NYSE:DVN) – Devon Energy lost bids to acquire three oil and gas companies due to the rejection of its stock as a form of payment. This includes failing to outbid offers from ConocoPhillips and Occidental Petroleum, respectively $22 billion and $12 billion, negatively affecting its competitive position.
Sociedad Quimica y Minera de Chile (NYSE:SQM), Rothschild & Co (EU:ROTH) – Rothschild & Co is leading the search for partners for Codelco in a new major lithium project in Chile, called the “Paloma Project,” with production expected to start in 2030. The project initially contemplates lithium production through evaporation ponds, with a future possibility of using direct lithium extraction technology.
Moody’s (NYSE:MCO) – Moody’s Ratings placed the long-term debt ratings of U.S. regional banks, including Old National Bancorp (NASDAQ:ONB), under review for downgrade due to concerns about exposure to the commercial real estate sector. The justification is the concentration in loans from this sector, increasing risks during recession periods. Additionally, a Moody’s report highlights that most global insurers plan to invest more in the private credit market in the coming years. This market, although less transparent and riskier than public credit, has attracted insurers due to attractive returns, especially in the U.S., where these holdings already represent 36% of their regional investments.
Emerson (NYSE:EMR), Blackstone (NYSE:BX) – Emerson agreed to sell its 40% stake in the Copeland joint venture to Blackstone for $3.5 billion, seeking to simplify its business and focus more on automation.
PayPal (NASDAQ:PYPL) – PayPal shares are up 0.25% in pre-market trading, following a 5.5% increase on Thursday. The rise came amid optimistic expectations for the new Fastlane product, which simplifies the checkout process. This represents a rebound after underperforming the market in recent years.
Citigroup (NYSE:C) – Analysts at BofA Securities suggest that Citigroup could sell its wealth management business due to inefficiency and uncertain results in this segment. Jane Fraser, Citigroup’s CEO since 2021, is restructuring the bank, reducing businesses and jobs, and introducing new leaders to streamline operations.
Morgan Stanley (NYSE:MS) – Morgan Stanley faces disputes due to a judge’s decision classifying its deferred compensation programs under ERISA law, affecting arbitrations over payments. The company seeks review of the decision, arguing that it complicates its defense in other similar arbitrations.
Waystar Holding Corp. (WAY) – The healthcare payments software maker set the price of its initial public offering (IPO) at $21.50 per share, hitting the midpoint of the $20 to $23 range. With this, the company raised $968 million, reaching a market value of about $3.6 billion. Waystar plans to use the proceeds to pay off debt. Waystar shares will begin trading on Friday on the Nasdaq Global Select Market under the symbol WAY.
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/94005246/gme-volatile-as-roaring-kitty-goes-live-today-met
What to expect from Apple’s AI-powered WWDC
Tuesday, June 4, 2024 2:33 pm
4 Comments
Apple’s Worldwide Developers Conference (WWDC) next week promises to be a pivotal moment in the company’s history as Cupertino will reveal how it plans to integrate AI technology into its operating systems, software, and devices, including through a historic partnership with OpenAI.
Sarah Perez for TechCrunch:
As the big event nears, all sorts of leaks have emerged about what iOS 18 and its rumored AI-powered apps and features have in store.
Among the changes, Apple is said to be powering some of its new AI features with its Ajax LLM. Other reports indicate that Apple plans to process data from AI in a way that even employees won’t be able to access, which would help Apple continue to deliver on its promise of data privacy for its users.
Apple’s digital assistant is prepared to get an AI revamp. The digital assistant will leverage Apple’s own large language models and will allow Siri to control individual features inside applications… A more advanced Siri will also come to Apple Watch for on-the-go use. You could use Siri on your Watch to play music on another device, one report said.
Generative AI emojis will be supported [in Messages], letting users create their own emojis with technology.
Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.
MacDailyNews Take: For better, hopefully, or worse, WWDC24 certainly will be a pivotal moment in Apple’s history. Go, Apple marketing, go!
[W]e’ve been wanting [an iPhone or iPad to automatically generate Memoji for users] from the start as, despite our best efforts, some of our Memoji end up only vaguely reminiscent of the person they’re supposed to represent*.
*as a cartoon 10-year old. – MacDailyNews, October 22, 2019
https://macdailynews.com/2024/06/04/what-to-expect-from-apples-ai-powered-wwdc/
Interesting insight into the Apple partnership rumor, in my humble opinion.
LilBidMan
•
2d ago
Jasmy’s PDL & KYC mechanisms are built into iTrust identity authentication software which is being used for device & user authentication for the MyNumberCard card.
Jasmy has been testing its tech with the MyNumberCard since at least 2018.
on another level, the MyNumber card uses the FeliCa IC chip developed by members of the Jasmy team, and Jasmy is the developer of the blockchain integrated FeliCa Chip.
SoftBank was the original company to bring the iPhone to Japan & one of Jasmy’s execs was responsible for that happening. and since Jasmy is still very close to SoftBank, it is another good indicator that Jasmy is involved.
so it is very possible that Jasmy is deeply connected to this development.
also take into account that the news came from Binance & Binance has a history of creating negative perceptions for Jasmy, so this could be used to create fud later on.
so far the Apple/ Jasmy announcement is not verified by Apple or Jasmy, but Jasmy’s involvement in securing data for the MyNumberCard is 100% verified.
so it’s not completely in the realm of fantasy if you can make that leap of faith and zoom out.
https://www.reddit.com/r/JasmyToken/comments/1d6rj7r/apple_partnership_rumor/
Station Labs Leadership to Join Coinbase to Make Smart Wallets the Default
Tl;dr: Coinbase is doubling down on smart wallets by bringing onboard the leadership of Station Labs, who have deep expertise in building onchain developer tools.
By Coinbase Company, June 4, 2024
Top talent is one of Coinbase’s core cultural tenets. We believe that having exceptional people in every seat is vital to achieving our mission of increasing economic freedom in the world by bringing the world onchain.
In pursuit of bringing in top onchain talent, today we’re excited to announce that the founders of Station Labs will be joining Coinbase to work on Base, the Smart Wallet, and our onchain developer product suite. As a team of deeply onchain-native builders, Station’s founders will leverage their unique expertise with complex concepts such as smart wallets and account abstraction to help accelerate and expand our onchain developer product suite.
One of the biggest barriers to growing onchain adoption is the complexity of onboarding for both consumers and developers. Station’s founders have extensive experience building tooling for developers and creators to integrate core onchain primitives such as wallets, token-based experiences, and abstracting away gas fees for consumers.
We’re thrilled to bring in the Station team at a critical and exciting time for our onchain product suite. As Base and the broader L2 ecosystem continue to grow, we’re committed to providing developers with easy-to-use tooling to lower the barriers for consumers with phraseless, gasless, onchain experiences. Station’s founders represent some of the brightest minds in the onchain tools space and we look forward to working with them to bring the next generation of builders onchain.
https://www.coinbase.com/blog/station-labs-leadership-joins-coinbase-to-make-smart-wallets-the-default?__cf_chl_rt_tk=vI_gELjWevVkhtFcjWU6a.X.WDHw7H1cOZXkkizVEeE-1717525634-0.0.1.1-5374
Carpenter uses AirTag to locate huge trove of stolen tools
BY ED HARDY • 1:25 PM, JUNE 3, 2024
A Virginia carpenter put Apple AirTag trackers on some of his tools so he could find them if they were stolen. It worked beyond his wildest expectations — he led police to what eventually turned out to be multiple collections of 15,000 stolen construction tools.
This is far from the first time an AirTag has helped locate a stolen item. But it’s never been quite this enourmously successful before.
AirTag helps recover thousands of stolen tools
Apple’s description for AirTag makes it clear the intent is to help people find misplaced items, like car keys. But some people put the tags on their possessions so they can track them down if they’re stolen.
A Virginia’s carpenter did just that after the second time he’d lost some of his work tools to thieves. When it happened again in January, he drove around the D.C. suburbs using his iPhone and the Find My application to locate the stolen AirTags, according to the Washington Post.
He was eventually led to a storage facility where he called in the police. They obtained a search warrant and discovered way more than this one man’s stolen carpentry tools. It was quite a large pile of similar items, and police started an investigation that eventually lead to almost a dozen other such collections.
“Howard County police have recovered approximately 15,000 stolen construction tools in what is believed to be one of the largest and most expansive theft schemes in the region in recent years,” reports the Howard County Police Department.
#HoCoPolice have recovered approximately 15,000 stolen construction tools totaling $3-$5 million in what is believed to be one of the largest and most expansive theft cases in the region in recent years. More info and to recover stolen tools: https://t.co/ecfD8G2eFP pic.twitter.com/eHv5n8qqzQ
— Howard County Police Department (@HCPDNews) May 23, 2024
Police estimate that the total value of the recovered items is between $3 million and $5 million. The construction tools were apparently stolen from retail stores, vehicles, homes and construction sites over months.
So far, no arrests have been made. Still, police are trying to return the recovered property. Those affected can fill out a form requesting their stolen items back.
Be careful!
Apple doesn’t recommend using AirTags to track stolen items because it can lead to dangerous confrontations with criminals.
The carpenter in the construction tool case handled it about as safely as possible by calling in police as soon as he’d found his missing items.
But in 2022, a New York City man used an AirTag to tack down his stolen scooter. He used poor judgement and confronted the apparent thief without the help of police and got the $%#@ beat out of him.
https://www.cultofmac.com/858297/carpenter-uses-airtag-to-locate-huge-trove-of-stolen-tools/
No new Apple TV hardware is imminent at this time – Mark Gurman
Monday, June 3, 2024 1:46 pm
1 Comment
Apple fans waiting for a new Apple TV might have to hold on a bit longer. Bloomberg News’ Mark Gurman throws cold water on previous rumors of a first-half-2024 release, suggesting it’s not coming “imminently.”
While specifics are still under wraps, analysts predict a faster processor and potentially a more affordable price tag (sub-$100 according to Ming-Chi Kuo) for the next iteration. However, the Sellers Research Group believes Apple won’t slash the price, but rather focus on adding more value to justify the current cost. They might offer older models at a discount though.
As for design, no major changes are expected, but Gurman hints at Apple’s future exploration of a built-in camera for the Apple TV.
MacDailyNews Take: The wait continues.
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https://macdailynews.com/2024/06/03/no-new-apple-tv-hardware-is-imminent-at-this-time-mark-gurman/
Judge wants to see months of documents to decide if Apple violated an App Store injunction
Apple World Today
By Dennis Sellers
Jun 3, 2024, 8:10 am
photo of Judge wants to see months of documents to decide if Apple violated an App Store injunction imageJudge wants to see months of documents to decide if Apple violated an App Store injunction. The post Judge wants to see months of documents to decide if Apple violated an App Store injunction appeared first on Apple World Today.
https://machash.com/apple-world-today/373075/judge-wants-to-see-months-documents-to-decide-apple/
Apple to add Japan’s ‘My Number’ ID card functions to iPhone
Thursday, May 30, 2024 8:58 am
1 Comment
At the request of Japanese Prime Minister Fumio Kishida, Apple CEO Tim Cook agreed to put Japan’s “My Number” identification card functions onto iPhones, Japan’s top government spokesperson said on Thursday.
The Japanese government plans to integrate people’s tax and social security data into a single identification card to boost administrative efficiency.
The comment from Chief Cabinet Secretary Yoshimasa Hayashi comes after Kishida’s video conference earlier in the day with Cook.
“Prime Minister Kishida and Mr. Tim Cook confirmed that My Number card functions will be put on iPhones next spring,” Hayashi told a regular news conference.
MacDailyNews Take: Tracktastic!
“There will come a time when it isn’t ‘They’re spying on me through my phone’ anymore. Eventually, it will be ‘My phone is spying on me’.” - Philip K. Dick
“As information itself becomes the largest business in the world, data banks know more about individual people than the people do themselves. The more the data banks record about each one of us, the less we exist.” - Marshall McLuhan
“The way things are supposed to work is that we’re supposed to know virtually everything about what they [the government] do: that’s why they’re called public servants. They’re supposed to know virtually nothing about what we do: that’s why we’re called private individuals.” - Glenn Greenwald
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https://macdailynews.com/2024/05/30/apple-to-add-japans-my-number-id-card-functions-to-iphone/
Rumor Of Apple Partnership Sends Crypto Altcoin Soaring By 20%
May 31 2024 - 11:00AM
NEWSBTC
https://ih.advfn.com/stock-market/COIN/JASMYUSD/crypto-news/93960248/rumor-of-apple-partnership-sends-crypto-altcoin-so
Rumor Of Apple Partnership Sends Crypto Altcoin Soaring By 20%
Jake Simmons
1 hour ago
2 mins read
A whirlwind of speculation is currently surrounding the crypto asset JasmyCoin (JASMY), colloquially termed the “Bitcoin of Japan,” following a recent announcement from the Prime Minister’s Office of Japan. Yesterday, it was disclosed that a video conference between Prime Minister Kishida and Apple CEO Tim Cook had confirmed the integration of Japan’s My Number Card function into iPhones by next spring.
The news has sparked a significant rally for JASMY, leading to a 20% increase in its market value within the last 24 hours, pushing its market capitalization to $1.4 billion and ranking it the 67th largest cryptocurrency by market cap. The altcoins’ 24-hour trading volume has also surged by 400% to $570 million.
While the My Number Card system—a personal identification framework by the Japanese government—is not officially related to JasmyCoin, rumors have circulated regarding a potential linkage for a few months. Despite no formal confirmation, investors are seemingly speculating on a linkage, influenced by the broader interpretation of Japan’s digital strategy, which includes fostering Web3 technologies like blockchain and IoT, domains where JasmyCoin is a significant player.
JasmyCoin, established in 2016 by former Sony executive Kazumasa Sato, aims to provide secure data transactions and storage for IoT devices. The cryptocurrency is rumored to be part of Japan’s broader approach to integrate advanced technologies into everyday life, including the Metaverse and NFTs. “Jasmy’s mission is to facilitate the democratization of data through secure management and storage solutions, allowing individuals to retain control over their personal information.
Speculation about JasmyCoin’s involvement with the My Number Card system seems further fueled by an erroneous report shared on Binance Square, suggesting a direct integration of JASMY with the card’s functionality on iPhones. However, this claim has not been substantiated by any official sources.
The Japanese government has been a proponent of adopting Web3 innovations as a strategy for economic growth, with the Prime Minister himself emphasizing the importance of digital transformations in recent public addresses. The optimistic outlook for blockchain technology in Japan has been a boon for JasmyCoin, with the government’s digital policy indirectly benefiting the cryptocurrency.
The recent surge in JASMY’s market activity demonstrates the volatile nature of cryptocurrency markets, where rumors and expectations can drive significant price movements. As it stands, while JasmyCoin is indirectly aligned with Japan’s digital ambitions, direct partnerships or integrations with governmental projects like the My Number Card have not been officially confirmed.
Since February 19, JASMY has rallied by approximately 380%. However, the altcoin is still down more than 91% from its all-time high of $0.35 in October 2021. At press time, JASMY traded at $0.03068.
https://www.newsbtc.com/news/rumor-apple-partnership-crypto-altcoin-20/
All i could find was this link to an article on Binance, but nothing from my Apple sources or the official Jasmy corporate site:
https://www.binance.com/en/square/post/8790930670033
This is usually a good link for status from actual Jasmy investors...https://www.reddit.com/r/JasmyToken/
Sam Altman tightens grip over OpenAI as he inks major deal with Apple
Thursday, May 30, 2024 2:04 pm
2 Comments
OpenAI CEO Sam Altman has consolidated his grip on power at the tech firm that briefly ousted him last fall by inking a major deal with Apple to incorporate artificial intelligence into its products, according to a report.
Ariel Zilber for The New York Post:
The 39-year-old tech mogul has pushed out his rivals from the company’s board and is moving full steam ahead with plans to overhaul its nonprofit structure.
With the Apple deal, Altman is now hoping bring the company closer to its goal of one day replacing Google as the iPhone maker’s search partner for its Safari web browser, according to The Information… But Altman’s plans face potential roadblocks.
Microsoft, which has invested billions of dollars in OpenAI, is reportedly concerned about how the deal with Apple could affect its own AI ambitions.
Altman recently held a meeting with Microsoft CEO Satya Nadella to discuss Microsoft’s concerns, according to The Information.
MacDailyNews Take: Screw Satya Nadella’s “concerns.” Microsoft has always been and remains a maker of mediocre-at-best tech. If it isn;t already, Microsoft will be an albatross around OpenAI’s neck. OpenAI will benefit greatly from any association with Apple until Apple catches up in GenAI and is ready to do it itself (which hopefully goes better and faster than Apple’s modem efforts).
I’ve always wanted to own and control the primary technology in everything we do. — Steve Jobs
See also:
• Apple to power some AI features with via data centers using Apple Silicon – May 9, 2024
• Apple teaming with OpenAI on chatbot to be announced at WWDC – May 20, 2024
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https://macdailynews.com/2024/05/30/sam-altman-tightens-grip-over-openai-as-he-inks-major-deal-with-apple/
Former Democratic Congressman Kendrick Meek to Join the Coinbase Global Advisory Council
Tl;dr: The Coinbase Global Advisory Council is thrilled to welcome a valuable new member who will be instrumental in navigating the complex and evolving crypto industry. This addition will enhance Coinbase's efforts to promote crypto at state, local, and community levels, while strengthening relationships with strategic stakeholders worldwide.
By Coinbase Policy, May 21, 2024
, 3min read time
https://www.coinbase.com/blog/former-democratic-congressman-kendrick-meek-to-join-the-coinbase-global?__cf_chl_rt_tk=62q4Y5TRGybFfcpGFgaEKer8eLJ0dkoOSUoeKkPFTBo-1716577182-0.0.1.1-1770
Strengthening our Defenses with SEAL Wargame Simulations
TL;DR: We conducted a successful SEAL wargame with Base and Optimism (OP), testing our response to a simulated vulnerability in bridge withdrawals.
By Coinbase’s Protocol Security & Security Operations Teams Engineering, May 22, 2024
, 3min read time
https://www.coinbase.com/blog/strengthening-our-defenses-with-seal-wargame-simulations?__cf_chl_rt_tk=OUtOWmOM8FQlud_QTKx7eqKP4XGSRqJO6jvH0b1GDCo-1716577668-0.0.1.1-1749
Stand with Crypto expands in the UK
TL;DR: Stand with Crypto unites global crypto advocates, forming a passionate community committed to driving sensible crypto innovation and crypto policy. In the United States the movement has reached over 700,000 sign-ups and is continuing to grow. With the passing of FIT21 this week in the House of Representatives, momentum is stronger than ever. The United Kingdom, our largest international market, has over 6 million crypto holders. Now is the time to expand the Stand with Crypto initiative internationally and make these crypto advocates' voices heard. The UK movement begins now.
By Tom Duff Gordon International, May 24, 2024
https://www.coinbase.com/blog/stand-with-crypto-expands-in-the-uk?__cf_chl_rt_tk=DqiItn5GRyCOhorgLVE7ygwOxwVX3vvBVqrLvnU08xo-1716578053-0.0.1.1-1685
Wedbush hikes Apple price target to $275 as AI iPhone supercycle looms
Friday, May 24, 2024 12:52 pm
2 Comments
Dan Ives, WedBush Securities analyst, joins ‘Squawk on the Street’ to discuss Apple, his outlook on the stocks’ target price, China, and more.
June will be Apple’s last negative quarter in China and the company will experience an “unprecedented renaissance of growth,” Ive’s says.
Raising our Apple price target from $250 to $275 to reflect iPhone demand turning the corner into an AI driven iPhone 16 supercycle on the horizon. AI technology built into the Apple ecosystem adds $30 to $40 per share to the stock in our view. WWDC a key moment ahead for 🍎 🐂🏆
— Dan Ives (@DivesTech) May 23, 2024
Takarazuka University Tokyo Media Arts Department announced that they will be producing and distributing manga content for Sagan Tosu's "Wintos Junior" in collaboration with Jasmy!
2024-05-24
https://www.jasmy.co.jp/
Takarazuka University's Tokyo Media Arts Faculty, in collaboration with Jasmy Inc., will produce manga content "Let's Play Soccer with Wintos Jr." for the Sagan Tosu Fan Token mascot character "Wintos Jr." as a support project for the professional soccer club Sagan Tosu, based in Tosu City, Saga Prefecture. From Friday, May 24th, each episode from the second episode onwards, in which students will be in charge of naming, drawing and new character design, will be released sequentially within the supporter activity app "Sagan Tosu Fan Token."
Takarazuka University's Tokyo School of Media Arts has entered into an industry-academia collaboration with Jasmy Inc. through manga (culture) as an initiative that brings together sports, academia and business. As a support project for Sagan Tosu, a professional soccer club based in Tosu City, Saga Prefecture, the School will produce manga content called "Let's Play Soccer with Wintos Junior" for the Sagan Tosu Fan Token mascot character "Wintos Junior".
From Friday 24th May, each episode from the second episode onwards will be released sequentially on the supporter activity app "Sagan Tosu Fan Token", in which students will be responsible for the names, illustrations and new character designs.
"Let's Play Soccer with Wintos Jr." depicts the adventures and growth of the three Wintos Jr. brothers with a theme of diversity.
·Address: Aoyama Building 11F, 2-3 Kita-Aoyama 1-chome, Minato-ku, Tokyo
·Established: April 5, 2016
- Business description: Providing platforms and solutions for IoT
·Website:https://www.jasmy.co.jp/
Address: 7-11-1 Nishi-Shinjuku, Shinjuku-ku, Tokyo
·Access: About 5 minutes walk from the west exit of JR Shinjuku Station
Established: April 2007
Department: Media Arts Department
·Specialties: illustration, manga, animation, games, media design
·Website:https://www.takara-univ.ac.jp/tokyo/
·Email address: tokyo@takara-univ.ac.jp
https://www.value-press.com/pressrelease/337378
Apple challenges €1.8 billion EU antitrust fine
Tuesday, May 21, 2024 12:17 pm
2 Comments
Apple is challenging a €1.8 billion (US$1.9 billion) European Union fine alleging the company thwarted fair competition among music-streaming rivals, including the perpetually whining Spotify.
Samuel Stolton for Bloomberg News:
[Apple] has filed a suit at the EU’s General Court in Luxembourg to topple the March decision, according to people familiar with the matter who spoke on condition of anonymity.
The EU’s crackdown on Apple also included an order to stop preventing music-streaming apps from informing users of cheaper deals away from its App Store.
Apple’s appeal sets up yet another court battle with the EU regulator, which previously slapped the Cupertino, California-based company with a record €13 billion tax bill in a dispute over Irish state aid. The final outcome is still pending after Apple won an early round.
MacDailyNews Take: Apple in March released a statement, “The App Store, Spotify, and Europe’s thriving digital music market,” which addresses the European Commission’s decision claiming the App Store has been a barrier to competition in the digital music market and fining Apple $2 billion.
Apple Inc.:
Today, the European Commission announced a decision claiming the App Store has been a barrier to competition in the digital music market. The decision was reached despite the Commission’s failure to uncover any credible evidence of consumer harm, and ignores the realities of a market that is thriving, competitive, and growing fast.
The primary advocate for this decision — and the biggest beneficiary — is Spotify, a company based in Stockholm, Sweden. Spotify has the largest music streaming app in the world, and has met with the European Commission more than 65 times during this investigation.
Today, Spotify has a 56 percent share of Europe’s music streaming market — more than double their closest competitor’s — and pays Apple nothing for the services that have helped make them one of the most recognizable brands in the world. A large part of their success is due to the App Store, along with all the tools and technology that Spotify uses to build, update, and share their app with Apple users around the world.
We’re proud to play a key role supporting Spotify’s success — as we have for developers of all sizes, from the App Store’s earliest days.
The App Store Journey
Since the App Store launched more than 15 years ago, Apple has had two simple goals: creating a safe and trusted marketplace for our users, and an incredible business opportunity for developers. That approach seems simple, but the app economy it inspired helped drive one of the fastest growth curves in the history of technology.
Today, developers compete on a level playing field on the App Store. Apps are reviewed according to a comprehensive set of rules, which are designed to protect our users. And meeting those rules means developers of all sizes can reach more than a billion devices around the world.
Over time, the App Store has offered developers even more value. But the vast majority of developers — about 86 percent — never pay Apple a commission.
Today, there are just two circumstances where a developer on the App Store pays Apple a commission. That’s when a user buys a paid app from the App Store or an in-app digital good or service — like a subscription or a power-up in a game.
If a developer sells physical goods, serves ads in their app, or just shares an app for free, they don’t pay Apple anything. The same is true if a developer sells a subscription on the web for users to buy, before they use it in an app on their device. Music app developers can even include information about other offers available outside of their app, along with a link directing users to a website to create and manage their account.
Over time, the App Store has helped developers of all sizes build successful businesses and reach people around the world. And few companies embody that story better than Spotify.
Spotify’s Dominant Share of the Market
Starting out as a small startup in Stockholm, Sweden, Spotify has grown their company into the largest digital music business in the world. They have a more than 50 percent share of the European market, and on iOS, Spotify has an even higher share than they do on Android.
But that’s just part of the picture, because Europe’s digital music market has absolutely exploded. Companies compete for new customers. Consumers have many options to choose from. And last year, there were nearly 160 million subscribers — up from 25 million in 2015 — a staggering 27 percent growth rate per year.
Companies like Google, Amazon, Deezer, SoundCloud, and Apple compete for customers every day — but Spotify stands at the top.
Spotify Pays Apple Nothing
Despite that success, and the App Store’s role in making it possible, Spotify pays Apple nothing. That’s because Spotify — like many developers on the App Store — made a choice. Instead of selling subscriptions in their app, they sell them on their website. And Apple doesn’t collect a commission on those purchases.
All told, the Spotify app has been downloaded, redownloaded, or updated more than 119 billion times on Apple devices. It’s available on the App Store in over 160 countries spanning the globe. And there are many more ways
Apple creates value for Spotify, at no cost to their company:
• Our engineering helps ensure that Spotify’s apps can work seamlessly with Siri, CarPlay, Apple Watch, AirPlay, Widgets, and more.
• Like every developer, Spotify can access Apple’s more than 250,000 APIs — and uses 60 of our frameworks — so their apps can connect with Bluetooth, send notifications, play audio in the background of a user’s device, and more.
• Spotify has used our beta-testing tool, TestFlight, for almost 500 versions of their app to experiment with new features and capabilities.
• Our App Review team has reviewed and approved 421 versions of the Spotify app — usually with same-day turnaround — and frequently expedites reviews at Spotify’s request.
It takes continuous effort and a lot of investment for Apple to make the tools, the technology, and the marketplace that Spotify uses every day. We’ve even flown our engineers to Stockholm to help Spotify’s teams in person. And the result is that when a user opens the Spotify app, listens to music on their commute, or asks Siri to play a song from their library, everything just works. And again — Spotify pays Apple nothing.
When it comes to doing business, not everyone’s going to agree on the best deal. But it sure is hard to beat free.
Spotify Wants More
But free isn’t enough for Spotify. They also want to rewrite the rules of the App Store — in a way that advantages them even more.
Like many companies, Spotify uses emails, social media, text messages, web ads, and many other ways to reach potential customers. Under the App Store’s reader rule, Spotify can also include a link in their app to a webpage where users can create or manage an account.
We introduced the reader rule years ago in response to feedback from developers like Spotify. And a lot of reader apps use that option to link users to a webpage — from e-readers to video streaming services. Spotify could too — but they’ve chosen not to.
Instead, Spotify wants to bend the rules in their favor by embedding subscription prices in their app without using the App Store’s In-App Purchase system. They want to use Apple’s tools and technologies, distribute on the App Store, and benefit from the trust we’ve built with users — and to pay Apple nothing for it.
In short, Spotify wants more.
Spotify’s Coordination with the European Commission
In 2015, Spotify started working with the European Commission on an investigation with little grounding in reality. They claimed the digital music market had stalled, and that Apple was holding competitors back. Unfortunately for their case, Spotify continued to grow — and thanks in part to the App Store, eclipsed every other digital music business in the world.
Over the next eight years, and more than 65 meetings with Spotify, the European Commission has tried to build three different cases. With every pivot, they’ve narrowed the scope of their claims — but each theory has had a couple of features in common:
• No evidence of consumer harm: European consumers have more choices than ever in a digital music market that’s grown exponentially. In just eight years, it’s gone from 25 million subscribers to almost 160 million — with more than 300 million active listeners — and Spotify has been the biggest winner.
• No evidence of anti-competitive behavior: Eight years of investigations have never yielded a viable theory explaining how Apple has thwarted competition in a market that is so clearly thriving.
The European Commission is issuing this decision just before their new regulation — the Digital Markets Act (DMA) — comes into force. Apple is set to comply with the DMA in days, and our plans include changes to the rules challenged here. What’s clear is that this decision is not grounded in existing competition law. It’s an effort by the Commission to enforce the DMA before the DMA becomes law.
The reality is that European consumers have more choices than ever. Ironically, in the name of competition, today’s decision just cements the dominant position of a successful European company that is the digital music market’s runaway leader.
What’s Next?
Apple has been a part of Europe for over 40 years, and today, we support more than 2.5 million jobs across the continent. We’ve helped markets thrive, promoting competition and innovation at every turn — and the App Store is an important part of that story. So while we respect the European Commission, the facts simply don’t support this decision. And as a result, Apple will appeal.
The digital music market is a great example of the app economy at work. After all, over the App Store’s 15 years, a simple phrase — there’s an app for that — has become a universal truth. And today, behind every app is a wildly successful company or an aspiring entrepreneur chasing a dream.
Every day, teams at Apple work to keep that dream alive. We do it by making the App Store the safest and best experience for our users. We do it by giving developers the means to make incredible apps. Most of all, we do it because apps have an incredible capacity to drive innovations that empower people and enrich their lives.
MacDailyNews Take: As we wrote on March 4, 2024:
The European Union arose because the Europeans couldn’t compete on their own with the rest of the world, so they each lined up to surrender their national sovereignty, unique cultures, and dignity for an undemocratic, opaque, wasteful, bloated, bureaucratic quasi-governmental blob – and, even with the EU’s thumbs all over the scale, they still can’t compete.
MacDailyNews Note: Spotify does pay Apple something: $99 per year, the same as every other developer with an app in Apple’s App Store.
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https://macdailynews.com/2024/05/21/apple-challenges-e1-8-billion-eu-antitrust-fine/
Apple and Île-de-France Mobilités introduce Navigo card for iPhone and Apple Watch
May 21 2024 - 11:30AM
Business Wire
Customers can add a Navigo card to Apple Wallet and simply tap their iPhone or Apple Watch to ride the metro, train, bus, and more in the Paris region
Apple® and Île-de-France Mobilités today introduced an easy, secure, and private way for customers to add a new Navigo card to Apple Wallet® and purchase passes to ride transit in the Paris region. Riders can buy passes from the Île-de-France Mobilités iOS app or directly from Apple Wallet, and use an iPhone® or Apple Watch® to tap and ride. Additionally, beginning this week, real-time transit information in Apple Maps is available in Paris to help users navigate their travels throughout the city.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240521622614/en/
“In the lead-up to what will surely be an amazing summer for the Paris region, we’re thrilled to bring Navigo cards to Apple Wallet and provide Parisians and visitors with an incredibly convenient and secure way to ride transit in Paris and explore the city,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “Users will love the safety, security, and seamlessness of purchasing passes and riding with a Navigo card in Apple Wallet on iPhone and Apple Watch.”
Add a New Navigo Card to Apple Wallet and Buy a Transit Pass
Starting today, users can quickly and easily add a new Navigo card to Wallet by opening the Wallet app, tapping the Add (+) button, selecting “Transit Card,” and following the instructions. With a Navigo card in Apple Wallet, users no longer need to visit a ticket vending machine or reload a Navigo card at retailers, as they can purchase any pass from the Île-de-France Mobilités iOS app or select passes in Apple Wallet. Riders can purchase t+, t+ reduced price, OrlyBus, RoissyBus tickets, and Navigo Day passes in Apple Wallet by selecting their Navigo card of choice, tapping the More (…) button, and selecting “Buy Passes.”
Tap to Ride with Navigo Card in Apple Wallet
Navigo cards in Apple Wallet allow for an easy and convenient commuting experience. Users can easily select their Navigo card from Apple Wallet and double-click the side button, or if they have Express Mode enabled, a user can simply hold their iPhone or Apple Watch near a reader to ride transit in Paris without having to unlock or wake up their device.1 With power reserve on iPhone, if a customer’s device needs to be charged, they can still use it to ride transit.2
Security and Privacy
Navigo cards in Apple Wallet take full advantage of the privacy and security built into iPhone and Apple Watch. Navigo cards stored in Apple Wallet are private and secure, and Apple never tracks users’ journeys. When customers add a Navigo card to Apple Wallet, the card information is encrypted and securely stored in the Secure Element, an industry-standard, certified chip designed to store the information safely on the device. If a user’s iPhone or Apple Watch is misplaced, the owner of the device can promptly use the Find My® app to lock and help locate the device.
Real-Time Transit Updates in Apple Maps
Also beginning this week, real-time transit information is available in Apple Maps for the Paris metro, RER, Paris tramway, RATP buses, and more. With real-time transit in Maps, users in Paris can see detailed schedules, live departure and arrival times, and system connections to help plan a journey. Apple Maps will now also offer users in Paris important real-time transit information such as outages and delays.
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.
1 Express Mode requires iPhone XR or later, or Apple Watch Series 6 or later. Only one Navigo card can be enabled with Express Mode at a time. Additional cards must be manually selected.
2 Power reserve is available on iPhone XR or later. Express Mode becomes unavailable when the device is powered off.
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, Apple Wallet, iPhone, Apple Watch, and Find My 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/20240521622614/en/
Heather Norton
Apple
heather_norton@apple.com
Kimberly Mai
Apple
k_mai@apple.com
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/93899105/apple-and-ile-de-france-mobilites-introduce-navigo
Apple announces new accessibility features, including Eye Tracking, Music Haptics, and Vocal Shortcuts
Wednesday, May 15, 2024 11:01 am
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Apple today announced new accessibility features coming later this year, including Eye Tracking, a way for users with physical disabilities to control iPad or iPhone with their eyes. Additionally, Music Haptics will offer a new way for users who are deaf or hard of hearing to experience music using the Taptic Engine in iPhone; Vocal Shortcuts will allow users to perform tasks by making a custom sound; Vehicle Motion Cues can help reduce motion sickness when using iPhone or iPad in a moving vehicle; and more accessibility features will come to visionOS. These features combine the power of Apple hardware and software, harnessing Apple silicon, artificial intelligence, and machine learning to further Apple’s decades-long commitment to designing products for everyone.
“We believe deeply in the transformative power of innovation to enrich lives,” said Tim Cook, Apple’s CEO, in a statement “That’s why for nearly 40 years, Apple has championed inclusive design by embedding accessibility at the core of our hardware and software. We’re continuously pushing the boundaries of technology, and these new features reflect our long-standing commitment to delivering the best possible experience to all of our users.”
“Each year, we break new ground when it comes to accessibility,” said Sarah Herrlinger, Apple’s senior director of Global Accessibility Policy and Initiatives, in a statement. “These new features will make an impact in the lives of a wide range of users, providing new ways to communicate, control their devices, and move through the world.”..
https://macdailynews.com/2024/05/15/apple-announces-new-accessibility-features-including-eye-tracking-music-haptics-and-vocal-shortcuts/
Coinbase to Participate in the J.P. Morgan Global Technology, Media and Communications Conference
May 15 2024 - 4:05PM
Business Wire
Coinbase Global, Inc. announced today that Emilie Choi, President and Chief Operating Officer, and Alesia Haas, Chief Financial Officer, will participate in a fireside chat at the J.P. Morgan Global Technology, Media and Communications Conference on Tuesday, May 21, 2024, at 11:25 a.m. PT / 2:25 p.m. ET.
A live webcast and replay of the virtual session will be available on Coinbase’s Investor Relations website at https://investor.coinbase.com.
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About Coinbase
Crypto creates economic freedom by ensuring that people can participate fairly in the economy, and Coinbase (NASDAQ: COIN) is on a mission to increase economic freedom for more than 1 billion people. We’re updating the century-old financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers. We also provide critical infrastructure for onchain activity and support builders who share our vision that onchain is the new online. And together with the crypto community, we advocate for responsible rules to make the benefits of crypto available around the world.
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https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/93860125/coinbase-to-participate-in-the-j-p-morgan-global
Apple Music celebrates the greatest records ever made with the launch of inaugural 100 Best Albums list
May 13 2024 - 9:00AM
Business Wire
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/93835136/apple-music-celebrates-the-greatest-records-ever-m
Annual Meeting of Stockholders 2024
June 14, 2024 10:00 AM PT
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https://investor.coinbase.com/events-and-presentations/events/event-details/2024/Annual-Meeting-of-Stockholders-2024-2024-PORhxaZ389/default.aspx
Novavax Surges 57% Post $1.4 Billion Sanofi Deal; Apple Boosts Data Centers with AI and Internal Chips, and More News
May 10 2024 - 8:02AM
IH Market News
Novavax (NASDAQ:NVAX), Sanofi (NASDAQ:SNY) – Novavax closed a $1.4 billion deal with Sanofi to commercialize its Covid-19 vaccine and develop a new combined vaccine against coronavirus and influenza, boosting NVAX shares by 56.70% in pre-market. The deal led Novavax to suspend its continuity warning, reversing its previous financial decline.
Apple (NASDAQ:AAPL) – Apple plans to launch artificial intelligence features through its own data centers powered by internal chips later this year, according to Bloomberg News. The chips, similar to those in Macs, will be used to process advanced AI tasks in the cloud, while simpler tasks will be handled on devices. Additionally, Apple apologized after criticism of its new iPad Pro ad, which depicted musical instruments and creative symbols being destroyed. The company stated that its goal is to celebrate user expression. The ad, titled “Crush,” received online backlash for its insensitivity.
Microsoft (NASDAQ:MSFT) – Microsoft will launch its own mobile gaming store in July, offering an alternative to Apple and Google’s app stores and their fees. The web-based store will initially feature Microsoft games, such as Candy Crush Saga, with discounts on in-game items. Xbox president Sarah Bond announced the change during the Bloomberg Technology Summit. The store will later open to other publishers. Bond emphasized the store’s accessibility on all devices and countries, independent of app store policies. Microsoft aims to create a store that transcends ecosystems, allowing a consistent gaming experience across consoles, PCs, and mobile devices.
Alphabet (NASDAQ:GOOGL) – OpenAI plans to launch its AI-based search product on Monday. The product is an extension of ChatGPT and allows for extracting information from the web, competing with Perplexity, an AI startup, and intensifying competition with Google.
Taiwan Semiconductor Manufacturing Company (NYSE:TSM) – TSMC’s sales in April surged 60% to $7.3 billion (NT$236 billion), driven by demand for artificial intelligence and a recovery in consumer electronics products. The company exceeded revenue growth estimates, strengthening its position as a global leader in contracted chips.
Baidu (NASDAQ:BIDU) – Baidu’s head of media relations, Qu Jing, resigned after videos endorsing the “996” work culture, dismissing team well-being. His comments sparked debate in China about the excessive demands of the tech industry. Qu later apologized. “996” is a term representing a common work practice in some tech companies in China, where employees are expected to work from 9 am to 9 pm, six days a week, totaling 72 hours of work per week.
Reddit (NYSE:RDDT) – CEO Steve Huffman announced at the Bloomberg Technology Summit that Reddit plans to introduce new products in the coming months, aiming to expand its revenue sources beyond advertising. The company is considering expanding its “user economy” and launching new versions of digital gifts. Additionally, it aims to close data licensing deals and explore international expansion and possible acquisitions.
Snap Inc. (NYSE:SNAP) – Snap’s CEO Evan Spiegel expressed the company’s commitment to ensuring user safety, especially for children, during the Bloomberg Technology Summit. He emphasized Snapchat’s focus on personal connections, advocating for shared responsibility among parents, companies, and online platforms.
Spotify (NYSE:SPOT) – Julie McNamara, head of Spotify Technology SA’s podcast studios, will leave the company after nearly three years, as announced in a memo to the staff on Thursday. Her departure highlights Spotify’s scaled-back ambitions in the podcast space, with McNamara returning to her creative roots.
T-Mobile (NASDAQ:TMUS), Verizon Communications (NYSE:VZ), United States Cellular (NYSE:USM) – T-Mobile and Verizon are in talks to acquire parts of United States Cellular in separate transactions, as reported by the Wall Street Journal. US Cellular shares increased by 8.6% on Thursday. T-Mobile is close to closing a deal for more than $2 billion to acquire a portion, taking over some operations and wireless spectrum licenses, while Verizon’s negotiations may be more prolonged and may not lead to a deal.
Vodafone (NASDAQ:VOD) – Next week will reveal how cost cuts and capital spending will shape the profit growth and cash flow for BT Group Plc, Deutsche Telekom AG, and Vodafone Plc. The carriers have set an optimistic baseline, forecasting a strong increase in free cash flow for Deutsche Telekom and Vodafone, while BT seeks to justify its expansion strategy.
Rio Tinto (NYSE:RIO) – Rio Tinto considered an offer for Anglo American, now under BHP’s control, with an acquisition target of $39 billion. BHP has until May 22 to make a formal offer.
Exxon Mobil (NYSE:XOM) – Calpers, the leading US public pension plan, is considering voting against the re-election of ExxonMobil’s CEO Darren Woods, due to shareholder discontent over a lawsuit against climate-focused investors.
BP plc (NYSE:BP) – BP’s electric charging unit is looking to expand in the United States following the disbandment of Tesla’s EV charging team. BP prioritizes the Northeast, Sun Belt, West Coast, and Great Lakes.
Tesla (NASDAQ:TSLA) – Tesla’s CEO Elon Musk praised the expansion plans for the Supercharger network after laying off nearly 500 employees responsible for the business. The company will invest “much more” than $500 million this year in expansion, a surprising move following its recent restructuring in the charging division. In other matters, Tesla was accused by a US labor agency of discouraging unionization at its Buffalo, New York factory by banning the use of personal devices. These allegations add to previous legal disputes over labor practices and racial discrimination. Additionally, a federal judge expressed on Thursday his inclination to compel Elon Musk to testify again in the SEC’s investigation into his $44 billion purchase of Twitter.
Zeekr Intelligent Technology – The Chinese electric vehicle manufacturer priced its US IPO at the top of the indicated range, raising $441 million. The IPO values the company at about $5.5 billion fully diluted. Strategic investors, including parent company Geely Automobile, purchased significant shares. Interest in the IPO comes amid fierce competition in China’s electric vehicle market.
Ford Motor (NYSE:F) – Ford is considering offering gasoline and hybrid vehicles beyond 2030 in Europe, contrary to its earlier plan for a fully electric lineup. The change is due to the slowdown in electric vehicle adoption in the region and the increased demand for hybrids. The company stated that it is closely monitoring the situation and will adapt as necessary. Additionally, the US National Highway Traffic Safety Administration (NHTSA) expressed “significant safety concerns” regarding the recall of over 42,000 Ford Motor SUVs due to fuel leaks that could cause engine fires. Ford proposed a software update and the installation of drains, but the NHTSA questions the effectiveness.
Boeing (NYSE:BA) – The US Securities and Exchange Commission is investigating claims made against Boeing Co. about air safety following a panel explosion on a 737 MAX flight. The investigation aims to determine if there was deception to investors.
Target (NYSE:TGT) – Target is planning to reduce the offering of LGBTQ+-themed products in some of its stores during Pride Month in June, following criticism last year. The full line will be available online, and the decision on physical presence will depend on store data analysis. The company will maintain support for Pride events, offering a selected collection of products in some stores and online.
Western Union (NYSE:WU) – Western Union announced the resumption of its remittance service from the US to Cuba after a three-month hiatus, restoring a vital connection for Cubans and their families in the US. Remittances are crucial to address the economic crisis exacerbated by sanctions and the pandemic.
UBS Group AG (NYSE:UBS) – UBS is exploring an incentive system for investment bankers who refer clients to the wealth management business. CEO Sergio Ermotti seeks to expand the bank’s invested assets following the acquisition of Credit Suisse, aiming for continued growth in the wealth management market.
Bain Capital (NYSE:BCSF) – Bain Capital is investing $250 million in Sikich, a Chicago-based business services company. This is the first external investment in Sikich, founded in 1982. CEO Christopher Geier views Bain’s involvement as crucial for the next stage of development.
Sony (NYSE:SONY), Blackstone (NYSE:BX), KKR (NYSE:KKR) – Sony and other interested parties, including Blackstone and KKR, plan to acquire Infocom Corp (USOTC:IFFOF) in a deal worth up to 200 billion yen. Teijin Ltd, the parent company of Infocom, is looking to sell its 55% stake, with a second round of bidding scheduled for May.
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/93824929/novavax-surges-57-post-1-4-billion-sanofi-deal
Final Cut Pro transforms video creation with Live Multicam on iPad and new AI features on Mac
May 07 2024 - 10:37AM
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https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/93792996/final-cut-pro-transforms-video-creation-with-live
Apple unveils the redesigned 11-inch and all-new 13-inch iPad Air, supercharged by the M2 chip
May 07 2024 - 10:37AM
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https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/93792986/apple-unveils-the-redesigned-11-inch-and-all-new-1
Apple unveils stunning new iPad Pro with the world’s most advanced display, M4 chip, and Apple Pencil Pro
May 07 2024 - 10:37AM
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https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/93792984/apple-unveils-stunning-new-ipad-pro-with-the-world
Apple introduces M4 chip
May 07 2024 - 10:37AM
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https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/93792995/apple-introduces-m4-chip
Warren Buffett’s Berkshire Hathaway sells 13% of its Apple shares
Avatar for Chance Miller
Chance Miller
| May 4 2024 - 12:23 pm PT
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Warren Buffett’s Berkshire Hathaway offloaded around 13% of its Apple holdings in Q1 2024, the conglomerate revealed this weekend. Despite selling around 115 million shares, however, Buffett reaffirmed his commitment to AAPL going forward.
Meanwhile, Tim Cook, who made the trip to Omaha for Berkshire’s annual meeting on Saturday, praised Buffett for his belief in Apple.
Warren Buffett offloads 115 million AAPL shares
As reported by CNBC, Berkshire’s Q1 2024 earnings report revealed that its stake in Apple is now worth $135.4 billion – indicating that it holds around 790 million shares. Based on Apple’s stock price, this would mean Berkshire sold about 115 million shares, CNBC says.
Still, Apple is Berkshire’s largest holding by a wide margin. Likewise, Berkshire is Apple’s largest shareholder outside of ETF providers.
During Berkshire Hathaway’s annual meeting on Saturday, Buffett praised Apple and said it’s an “an even better business” than two of the conglomerate’s other major holdings, American Express and Coca-Cola. Buffett also assured investors: “Unless something dramatic happens that really changes capital allocation, we will have Apple as our largest investment.”
Buffett didn’t offer specific details on why Berkshire sold 13% of its Apple holdings in the quarter. He did, however, imply that it was to increase its cash stake for tax purposes:
“It doesn’t bother me in the least to write that check and I would really hope with all that America’s done for all of you, it shouldn’t bother you that we do it and if I’m doing it at 21% this year and we’re doing it a little higher percentage later on, I don’t think you’ll actually mind the fact that we sold a little Apple this year.”
Apple CEO Tim Cook was in the audience of Berkshire’s annual meeting in Omaha, Nebraska on Saturday. With regard to Berkshire’s decision to offload some of its Apple holdings, Cook told CNBC that “it’s a privilege to have them as a shareholder.”
When Berkshire sold 10 million shares of AAPL in 2020, Buffett later admitted that the decision “was probably a mistake.” In Q4 2023, Berkshire offloaded around 1% of its AAPL holdings (10 million shares), so this marks the second consecutive quarter that the conglomerate reduced its stake in Apple.
https://9to5mac.com/2024/05/04/warren-buffett-berkshire-hathaway-aapl/
Morgan Stanley ups Apple price target to $216
Friday, May 3, 2024 2:00 pm
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Following Apple’s Q2 2024 earnings report, Morgan Stanley has increased its price target to $216 from $210.
William Gallagher for AppleInsider:
“Apple guided to an above-Street June Q, alleviated concerns about China iPhone [sales], reached an all-time Services rev & GM record, authorized its largest incremental buyback in history, & hinted at Gen AI announcements to come in weeks,” said the company in a note to investors seen by AppleInsider. “It’s hard not to be more bullish after that.”
Morgan Stanley dismissed the falling iPhone sales figures, saying that the decline was much less than expected. It also noted that year over year, the iPhone actually grew in mainland China.
MacDailyNews Take: Apple’s Services growth is finally starting to assuage the iPhone-fixated.
https://macdailynews.com/2024/05/03/morgan-stanley-ups-apple-price-target-to-216/
Bitcoin Surges Post Jobs Report, Coinbase Reveals $1.2 Billion 1Q Net Profit, and More Crypto News
May 03 2024 - 3:26PM
IH Market News
Coinbase registers robust profit in first quarter and analyzes Bitcoin pullback in global market context
In the first quarter, Coinbase Global (NASDAQ:COIN) performed exceptionally well, benefiting from favorable market conditions and diversification of its business. The cryptocurrency trading company reported a net profit of $1.2 billion and earnings per share of $4.40, including a $650 million mark-to-market gain on cryptographic assets. Analysts such as Canaccord Genuity and KBW adjusted their price forecasts to reflect the growing international opportunity and the introduction of new products such as the Coinbase Prime wallet and the Layer 2 blockchain, Base.
In a recent report, Coinbase highlighted that the decline in Bitcoin price (COIN:BTCUSD) in April, which saw the cryptocurrency depreciate by 16%, reflects a broader trend not limited to the cryptocurrency sector. According to the analysis, this movement mirrors declines also observed in stocks and gold amid a strengthening dollar. Analysts David Han and David Duong emphasize that Bitcoin’s maximum drawdown of 23% since the peak is below historical declines, suggesting a reduction in price fluctuations and a sign of greater stability and legitimization of Bitcoin as a global macroeconomic asset.
Bitcoin rises in response to jobs data
Bitcoin (COIN:BTCUSD) experiences a 4.5% increase on May 3, driven by US employment data. BTC/USD is trading at $61,751 at the time of writing. Specifically, non-farm payrolls numbers for April fell below expectations, indicating weakness in the job market. This revelation suggests a possible interest rate cut, as hinted by Federal Reserve Chairman Jerome Powell during a press conference. Powell indicated a cautious stance on interest rates amid labor market weakness. This outlook was well received by investors, leading to an increase in Bitcoin price.
Furthermore, Fernando Pereira, an analyst at Bitget, in his technical analysis of BTC for May, highlighted that Bitcoin is currently testing significant support around $60,000. “BTC is testing very strong support at $60,000, which should hold the price for a while, but when we look at the long short ratio and see that 75% of the market has open long futures contracts, this is a very strong indicator that all these contracts must turn into liquidity for the price to break this support and go after lower targets, like $54,800 in the short term and $52,000 in the medium term,” commented Pereira.
Today is the expiration day for cryptocurrency options, with an expected settlement of $1.39 billion in Bitcoin options and $1 billion in Ethereum options. Approximately 23,367 Bitcoin contracts, worth $1.39 billion, are set to expire, with a maximum pain point at $61,000. Meanwhile, about 334,248 Ethereum contracts, with a notional value of approximately $1 billion, are also expiring today.
Market leaders and laggards of the week
In the past week, four cryptocurrencies stood out, with Polkadot (COIN:DOTUSD) and Cosmos (COIN:ATOMUSD), both multi-chain protocols, rising by 5.83% and 6.90%, respectively. In contrast, three assets, including NEAR (COIN:NEARUSD), Dogecoin (COIN:DOGEUSD), and Bitcoin Cash (COIN:BCHUSD), experienced declines of -5.73%, -7.57%, and -6.24% over the last 7 days, respectively.
Movement of funds in Bitcoin ETFs on the last day
On May 2, Bitcoin ETFs recorded a total outflow of $34.4 million, with the Grayscale ETF (AMEX:GBTC) being the only one to incur losses. This outflow contrasts with the previous day, when all ETFs experienced reductions. Specifically, the GBTC saw an outflow of $54.9 million, holding 291,248 Bitcoins. Notably, BlackRock (NASDAQ:IBIT), Fidelity (AMEX:FBTC), and Bitwise (AMEX:BITB) ETFs saw no inflows or outflows. However, the Ark ETF (AMEX:ARKB) witnessed a significant inflow of $13.3 million, the largest since April 23.
BNP Paribas invests in BlackRock’s Bitcoin ETF
BNP Paribas, one of Europe’s largest banks, has started purchasing shares of BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT), marking its entry into the Bitcoin market through an ETF. According to its recent 13F form, the bank acquired 1,030 shares of IBIT, valued at $41,684, representing a small portion of its total investments, totaling $113.8 billion.
CleanSpark reports notable increase in Bitcoin mining after halving
CleanSpark (NASDAQ:CLSK), a prominent Bitcoin miner (COIN:BTCUSD), reported significant production in its first post-halving monthly update, achieving a hashrate of 17 EH/s and mining 721 BTC. With the deployment of advanced S21 machines and expansion of facilities, the company optimized efficiency and reduced costs. CEO Zach Bradford highlighted an increase in transaction fees that boosted production, also anticipating a possible correction in Bitcoin price due to the exit of less efficient miners.
Stronghold Digital Mining explores sale among other strategies to maximize shareholder value
Stronghold Digital Mining (NASDAQ:SDIG) announced that it is evaluating strategies such as selling the company or other strategic transactions to increase value for shareholders. After disclosing solid financial and operational results for the first quarter on May 2, the company, with support from Cohen and Company Capital Markets and advisory from Vinson & Elkins LLP, is exploring various options without a defined deadline for completion. In the first quarter of 2024, Stronghold Digital Mining reported revenue of $27.5 million, representing a 27% sequential increase and a 59% year-over-year increase. Of these, $26.7 million came from cryptographic operations. The company also recorded a GAAP net profit of $5.8 million and a non-GAAP adjusted EBITDA of $8.7 million.
Block initiates monthly Bitcoin purchase program to increase reserves
Payment company Block (NYSE:SQ), under the leadership of Jack Dorsey, has launched a program to allocate 10% of its monthly gross profit from bitcoin operations to the purchase of more bitcoins. The initiative began in April and is scheduled to continue until the end of 2024. With a bitcoin gross profit of bitcoin of $80 million in the first quarter, Block can add approximately $24 million in bitcoin to its balance annually. The company already holds a significant amount of bitcoin (COIN:BTCUSD), valued at around $4.7 billion.
Michael Saylor defends bitcoin as the best corporate hedge against inflation and predicts Ethereum’s classification as a security by the SEC
During the MicroStrategy World: Bitcoin for Corporations event, Michael Saylor, CEO of MicroStrategy (NASDAQ:MSTR), highlighted bitcoin’s superiority in strengthening corporate balance sheets in an inflationary environment. He argued that bitcoin (COIN:BTCUSD) is the only asset that outperforms the cost of capital, considering all other assets as dilutive. Saylor also discussed the inadequacy of investments such as gold, silver, and government bonds in keeping up with the cost of capital, highlighting the performance of the S&P 500 as a reflection of monetary expansion and inflation.
Additionally, Saylor predicts that the SEC will classify Ethereum (COIN:ETHUSD) and other major cryptocurrencies as securities, denying spot ETF requests from managers like BlackRock (NYSE:BLK). During his presentation at the conference, he expressed that unlike other cryptocurrencies such as BNB (COIN:BNBUSD), Solana (COIN:SOLUSD), Ripple (COIN:XRPUSD), and Cardano (COIN:ADAUSD), only Bitcoin has complete institutional acceptance, described by him as the only universally institutional-grade cryptographic asset.
Increase in venture capital investments in cryptocurrency startups in 1Q24
After three consecutive quarters of decline, the cryptocurrency and blockchain sector saw a notable increase in venture capital investment in early 2024. A report by Galaxy Research revealed that $2.49 billion was invested in 603 transactions in the first quarter, a 29% growth in funding volume and a 68% increase in the number of deals compared to the previous quarter. This improvement may indicate a recovery, but continuous increases in the coming quarters will be needed to confirm a sustained upward trend. Various factors, such as new innovations in blockchain technologies and macroeconomic conditions, influenced this dynamic. Nevertheless, total investment remains below levels seen at previous Bitcoin peaks.
Loss of $70.5 million in Bitcoin due to address poisoning scam
Cyvers Alert, a blockchain security company, reported the loss of 1,155 Wrapped Bitcoin (COIN:WBTCUSD), equivalent to $70.5 million, by a cryptocurrency trader due to an address poisoning attack. According to Meir Dolev, founder and CTO of Cyvers, this incident is one of the largest values ever lost in such a scheme. Address poisoning occurs when criminals create fake addresses similar to legitimate ones to deceive victims, leading them to transfer cryptocurrencies to fraudulent addresses.
Significant expansion of the Polkadot ecosystem in the Q1
According to a report by Messari, the Polkadot ecosystem (COIN:DOTUSD) saw a significant increase in its key metrics in the first quarter of the year. The market capitalization of the native DOT token rose from $8.4 billion at the end of 2023 to $12.7 billion, accompanied by a 270% jump in the price of DOT, reaching a peak of $11.3. The number of daily active addresses reached a record of 514,000, a 48% increase from the previous quarter. Moonbeam (COIN:GLMRUSD) remains the largest parachain, while Manta Network saw the largest growth in active addresses, driving Total Value Locked (TVL) to over $440 million. The network also experienced significant advances in the utilization of its Cross-Chain Message (XCM) format, demonstrating the ecosystem’s continued dynamism.
MoonPay adds PayPal support for cryptocurrency purchases in the US
MoonPay (COIN:GLMRUSD), a cryptocurrency payment platform, announced that it now allows users in the United States to buy and sell over 110 types of cryptocurrencies using PayPal (NASDAQ:PYPL). The integration, recently revealed, facilitates transactions for MoonPay users who are already familiar with PayPal for online purchases. This partnership also enhances transaction security, as PayPal does not share complete financial details during the process.
Paolo Ardoino proposes development of “Pear Phone” focusing on privacy
Paolo Ardoino, CEO of Tether and co-founder of Holepunch, revealed plans for a possible “Pear Phone.” This device, based on the Android Open Source Project (AOSP), would come equipped with Holepunch apps, such as Keet for encrypted messaging, along with other apps built on the Pear Runtime P2P protocol and the Bitkit Bitcoin wallet. Ardoino suggests that the phone will not have Google apps and will feature a peer-to-peer app store, aligning with Holepunch’s mission to promote P2P apps that ensure user privacy and reduce reliance on major tech companies.
ZTX introduces native token payment for beauty and regenerative treatments
The ZTX metaverse platform, in partnership with Frontier, a leading Japanese regenerative medicine company, announced that its native token ZTX (COIN:ZTXUST) will be accepted as a form of payment for cosmetics and treatments with stem cells and exosomes. Frontier offers exosome therapy in various clinics throughout Japan, covering everything from disease treatments to aesthetic procedures. The partnership allows patients to pay for treatments with ZTX tokens, including discounts for early payments.
EigenLayer increases token distribution after community feedback
The Ethereum reset protocol, EigenLayer, announced additional distribution of about 28 million of its EIGEN tokens to over 280,000 wallets. This decision follows criticisms of restrictions in the initial airdrop program. The Eigen Foundation stated that it will include in the distribution users who interacted with the protocol before April 29, also encompassing early participants. The distribution of EIGEN tokens, which are not yet on the market but are traded in futures contracts at $10 each, represents an estimated value of around $280 million. The official token delivery is scheduled to begin on May 10.
Former FTX co-CEO relinquishes Bahamas mansion
The ongoing fallout from the FTX collapse now involves a luxurious mansion in the Bahamas and a legal agreement. Ryan Salame, former co-CEO of FTX Digital Markets, a part of the now defunct exchange, has agreed to surrender his luxury residence on the island as part of a settlement in a criminal case. This agreement comes in a context where only he has suffered significant exits, contrasting with the company’s bankruptcy, which at its peak was valued at $32 billion. The scandal highlighted serious management failures and misuse of client funds, triggering a crisis of confidence in the cryptocurrency market.
Nigeria hosts roundtable for consensus on cryptocurrency regulation
The Nigerian Blockchain Industry Coordinating Committee (BICCoN) is organizing a meeting on May 6, involving the new director-general of the Nigerian Securities and Exchange Commission (SEC) and several cryptocurrency exchanges. BICCoN president Lucky Uwakwe announced that the virtual conference aims to align all stakeholders, from exchange operators to blockchain associations, to discuss and shape future cryptocurrency regulations in the country.
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/93778173/bitcoin-surges-post-jobs-report-coinbase-reveals
First Quarter 2024 Earnings Call
May 2, 2024 5:30 PM ET
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MacDailyNews presents live notes from Apple’s Q224 conference call
Thursday, May 2, 2024 4:47 pm
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MacDailyNews presents live notes from Apple’s Q224 Conference Call with analysts starting at 2pm PT / 5pm ET today, May 2, 2024.
This stream is best experienced on an iPhone 7 or later, iPad (5th generation or later), or iPod touch (7th generation) using Safari on iOS 12 or later; or a Mac using Safari on macOS Mojave 10.14 or later. Streaming to your TV requires an AirPlay 2–capable device, or via AirPlay to an Apple TV (2nd generation or later) with the latest Apple TV software or tvOS. Other platforms may also be able to access the stream using recent versions of Chrome, Firefox, or Microsoft Edge (MSE, H.264, and AAC required).
Apple’s live conference call webcast will begin at 2pm PT / 5pm ET here.
Apple today posted quarterly revenue of $90.753 billion (vs. $94.836 billion YoY), down 4 percent year over year, and quarterly earnings per diluted share of $1.53 (vs. $1.53 YoY).
For the quarter, analysts’ consensus estimates (per LSEG) called for Apple to report EPS of $1.50 EPS on revenue of $$90.01 billion, both of which Apple beat.
Live notes:
• AAPL After hours: $184.25 +$11.22 (+6.48%) @ 5:57PM EDT
• Luca: 45.5% – 46.5% gross margins for June; memory and foreign exchange will be slight headwinds
• Q: Commodity pricing for June quarter
• Cook: I am hearing about so many use cases; similar to how the Mac is used – you use it for everything, so, too, with the Vision Pro. It’s an enormous number of different verticals; we’re off to a good start with Vision Pro in the enterprise
• Q: Top 2-3 Vision Pro uses cases?
• Luca: We you look aver the long arc of time, we’ve gone thru a long period of a very strong dollar; so that’s something to keep in mind when you look at results
• Cook: We price our product for the value we are delivering
• Cook: Innovation spurs the upgrade cycle; economic factors play in there; carrier promotions, etc.
• Q: Do you see ways to deploy capital more to spur demand Promotions? Price decreases?
• Luca: China is by far the largest emerging market, but when you look at all of the others, the numbers are getting large; the populations are large and growing and our products are makign a lot of progress in those markets. It is very good for us, So the gap vs. China is reducing
• Q: Emerging markets growth? Can they, added up, surpass China?
• Cook: We decreased during the quarter as normal and are very comfortable with the channel inventory
• Q: iPhone channel inventory
• Cook: I can’t address the data points; I can only address our results. We did accelerate last quarter and iPhone grew in mainland China; I can’t speak to numbers coming from outside Apple
• Q: What are we missing in China, at a high level?
• Cook: We are producing there. You need to produce in China to be competitive. We continue to expand channels and are optimistic in China
• Q: China supply chain?
• Luca: Growth rates improved during 2023, so the comps are difficult, but Apple expects Services to grow double digits in Q3 Services, similar to Q2
• Luca: Overall very strong. All-time records in both developed and emerging markets
• Q: Drivers of Services growth?
• Luca: we expect to grow low single digits in Q324
• Cook: If you make the YoY adjustment on iPhone, it would be flattish YoY, not down
• Cook: GenAI is an opportunity for many of Apple’s devices; I am extremely optimistic
• Q: June quarter iPhone business to be down again? Is AI (lack thereof so far) an issue?
• Cook: Long term in China, Apple sees a lot of customers moving into the middle class; continues to be optimistic
• Cook: Acceleration from Q1, driven by iPhone, especially in mainland China, but Apple has work to do in other product categories
• Q: Economy in China?
• Luca: One step at a time. We are working very hard to get there; free cash flow has been very strong for the last several years, so that’s one reason why Apple is increasing buybacks
• Q: $58 billion net cash currently; how to get to net cash neutral?
• Luca: In general, we continue to see a lot of interest at the top of the range of our products in each category
• Q: iPhone mix tilted towards Pro models?
• Cook: Enterprise is focused on selling iPhone, iPad, Mac, and Vision Pro units
• Q: AI for the enterprise
• Cook: I think AI and GenAI both are big opportunities across our products; I think there are numerous ways that are great for Apple and the company is well-positioned; we’ll talk more about AI soon
• Q: Is AI an opportunity to monetize your mobile real estate?
• Trip to China was fantastic; I maintain a great view of China long term
• Cook: iPhone in mainland China, we grew before normalization (before supply destruction we mentioned earlier)
• Cook: In Q2, for greater China, we were down 8% due to iPhone sales
• Q: China confidence?
• Luca: Generally favorable during the quarter
• Q: Rising costs for commodity and components?
• Cook: I don’t want to get in front of our announcements; we see GenAI as a big opportunity across our products
• Generative AI monetization?
• We haven’t seen anything different within the product categories
• Luca: Down sequentially primarily due to different mix YoY, leverage plays a big role
• Q: Product gross margins? Are customers mixing down within or across product lines?
• Cook: It’s really too early to answer the question
• Q: Effect of 3rd party app stores on iPhone and iPad in the EU?
• On the CapEx front, Apple has its own data center capacity and also with 3rd parties and plans to continue along the same lines going forward
• Luca: We are obviously very excited about GenAI
• Q: Artificial Intelligence to affect historical CapEX cadence?
• Services: We’ve seen very strong, brod-based performance across the board
• Luca: We expect total revenue to grow low single digitis YoY
• Q: Outlook for products?
• Expect 45.5% – 46.5% gross margin
• Expect iPad revenue to grow double digits
• Expect Services to grow double digits
• Color: June quarter total revenue to grow low single digitis YoY
• Apple continues to plan for annual dividend increases going forward
• Apple’s board of directors has declared a cash dividend of $0.25 per share of the Company’s common stock, an increase of 4 percent
• Board of directors has authorized an additional program to repurchase up to $110 billion of the Company’s common stock
• $105 billion total debt
• Apple $162 cash and marketable securities
• Apple particularly pleased with strong performance in emerging markets
• Maestri touts Mac and Vision Pro in the enterprise
• Apple has well over 1 billion paid subscriptions across Services
• Both transacting and paid accounts reached new all-time highs
• Services revenue: $23.867 billion
• Almost 2/3rd of Apple Watch customers were new to the product in the quarter
• Wearables, home and accessories revenue: $7.913 billion
• iPad U.S. customer sat = 96%
• iPad install base hit new all-time high
• iPad revenue: $5.559 billion
• Mac sales driven by M3 MacBook Air
• Mac revenue: $7.451 billion
• iPhone customer sat in U.S = 99%
• iPhone active installed base grew to an all-time high
• iPhone revenue: $45.963 billion
• OpEx $14.4 billion, up 5% YoY
• Installed base of active devices reached an all-time high
• iPhone had a challenging compare YoY
• Luca Maestri: Revenue: $90.753 billion
• AAPL After hours: $185.21 +$12.18 (+7.04%) @ 05:12PM EDT
• Cook talks “carbon removal” projects
• Cook touts emission reductions, recycling, solar and wind power
• Apple want to become “carbon neutral” by 2030
• Cook touts privacy and protections against quantum computing
• Retail: Shanghai store opening was very exciting
• Apple Sports app released during quarter
• Promos Apple TV+ productions which win major awards
• Services revenue: $23.867 billion; all-time revenue record
• Wearables, home and accessories revenue: $7.913 billion
• Cook talks up Apple Watch; mentions AI and ML again
• iPad revenue: $5.559 billion; down 17% YoY due to difficult compare
• Cook touts M3 MacBook Air; mentions AI again
• Mac revenue: $7.451 billion, up 4% YoY
• Cook visited Southeast Asia; excited for the future
• iPhone revenue: $45.963 billion
• iPhone faced a difficult compare YoY
• Apple believes it has AI advantage that will distinguish itself; mentions neural engines and privacy focus
• Apple bullish on generative AI
• Next month WWDC – exciting!
• Exciting event coming next week
• Cook talks up Vision Pro
• Services set all-time revenue record
• Cook: Set revenue records in Latin America and Middle East, Canada, India, Span, Turkey, Indonesia
• Conference call begins
• AAPL After hours: $185.51 +$12.48 (+7.21%) @ 04:56PM EDT
• AAPL After hours: $183.99 +$10.96 (+6.33%) @ 04:46PM EDT
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Apple reports second quarter results
May 02 2024 - 4:30PM
Business Wire
Services revenue reaches new all-time record
EPS sets March quarter record
Apple® today announced financial results for its fiscal 2024 second quarter ended March 30, 2024. The Company posted quarterly revenue of $90.8 billion, down 4 percent year over year, and quarterly earnings per diluted share of $1.53.
“Today Apple is reporting revenue of $90.8 billion for the March quarter, including an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “During the quarter, we were thrilled to launch Apple Vision Pro and to show the world the potential that spatial computing unlocks. We’re also looking forward to an exciting product announcement next week and an incredible Worldwide Developers Conference next month. As always, we are focused on providing the very best products and services for our customers, and doing so while living up to the core values that drive us.”
“Thanks to very high levels of customer satisfaction and loyalty, our active installed base of devices has reached a new all-time high across all products and all geographic segments, and our business performance drove a new EPS record for the March quarter,” said Luca Maestri, Apple’s CFO. “Given our confidence in Apple’s future and the value we see in our stock, our Board has authorized an additional $110 billion for share repurchases. We are also raising our quarterly dividend for the twelfth year in a row.”
Apple’s board of directors has declared a cash dividend of $0.25 per share of the Company’s common stock, an increase of 4 percent. The dividend is payable on May 16, 2024 to shareholders of record as of the close of business on May 13, 2024. The board of directors has also authorized an additional program to repurchase up to $110 billion of the Company’s common stock.
Apple will provide live streaming of its Q2 2024 financial results conference call beginning at 2:00 p.m. PT on May 2, 2024 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.
Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.
This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about the Company’s plans for return of capital, the payment of its quarterly dividend, and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, war, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.
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 and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
Three Months Ended
Six Months Ended
March 30,
2024
April 1,
2023
March 30,
2024
April 1,
2023
Net sales:
Products
$
66,886
$
73,929
$
163,344
$
170,317
Services
23,867
20,907
46,984
41,673
Total net sales (1)
90,753
94,836
210,328
211,990
Cost of sales:
Products
42,424
46,795
100,864
107,560
Services
6,058
6,065
12,338
12,122
Total cost of sales
48,482
52,860
113,202
119,682
Gross margin
42,271
41,976
97,126
92,308
Operating expenses:
Research and development
7,903
7,457
15,599
15,166
Selling, general and administrative
6,468
6,201
13,254
12,808
Total operating expenses
14,371
13,658
28,853
27,974
Operating income
27,900
28,318
68,273
64,334
Other income/(expense), net
158
64
108
(329
)
Income before provision for income taxes
28,058
28,382
68,381
64,005
Provision for income taxes
4,422
4,222
10,829
9,847
Net income
$
23,636
$
24,160
$
57,552
$
54,158
Earnings per share:
Basic
$
1.53
$
1.53
$
3.72
$
3.42
Diluted
$
1.53
$
1.52
$
3.71
$
3.41
Shares used in computing earnings per share:
Basic
15,405,856
15,787,154
15,457,810
15,839,939
Diluted
15,464,709
15,847,050
15,520,675
15,901,384
(1) Net sales by reportable segment:
Americas
$
37,273
$
37,784
$
87,703
$
87,062
Europe
24,123
23,945
54,520
51,626
Greater China
16,372
17,812
37,191
41,717
Japan
6,262
7,176
14,029
13,931
Rest of Asia Pacific
6,723
8,119
16,885
17,654
Total net sales
$
90,753
$
94,836
$
210,328
$
211,990
(1) Net sales by category:
iPhone
$
45,963
$
51,334
$
115,665
$
117,109
Mac
7,451
7,168
15,231
14,903
iPad
5,559
6,670
12,582
16,066
Wearables, Home and Accessories
7,913
8,757
19,866
22,239
Services
23,867
20,907
46,984
41,673
Total net sales
$
90,753
$
94,836
$
210,328
$
211,990
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
March 30,
2024
September 30,
2023
ASSETS:
Current assets:
Cash and cash equivalents
$
32,695
$
29,965
Marketable securities
34,455
31,590
Accounts receivable, net
21,837
29,508
Vendor non-trade receivables
19,313
31,477
Inventories
6,232
6,331
Other current assets
13,884
14,695
Total current assets
128,416
143,566
Non-current assets:
Marketable securities
95,187
100,544
Property, plant and equipment, net
43,546
43,715
Other non-current assets
70,262
64,758
Total non-current assets
208,995
209,017
Total assets
$
337,411
$
352,583
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable
$
45,753
$
62,611
Other current liabilities
57,298
58,829
Deferred revenue
8,012
8,061
Commercial paper
1,997
5,985
Term debt
10,762
9,822
Total current liabilities
123,822
145,308
Non-current liabilities:
Term debt
91,831
95,281
Other non-current liabilities
47,564
49,848
Total non-current liabilities
139,395
145,129
Total liabilities
263,217
290,437
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,337,686 and 15,550,061 shares issued and outstanding, respectively
78,815
73,812
Retained earnings/(Accumulated deficit)
4,339
(214
)
Accumulated other comprehensive loss
(8,960
)
(11,452
)
Total shareholders’ equity
74,194
62,146
Total liabilities and shareholders’ equity
$
337,411
$
352,583
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Six Months Ended
March 30,
2024
April 1,
2023
Cash, cash equivalents and restricted cash, beginning balances
$
30,737
$
24,977
Operating activities:
Net income
57,552
54,158
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization
5,684
5,814
Share-based compensation expense
5,961
5,591
Other
(1,971
)
(1,732
)
Changes in operating assets and liabilities:
Accounts receivable, net
7,727
9,596
Vendor non-trade receivables
12,164
14,785
Inventories
53
(2,548
)
Other current and non-current assets
(4,438
)
(4,092
)
Accounts payable
(16,710
)
(20,764
)
Other current and non-current liabilities
(3,437
)
1,757
Cash generated by operating activities
62,585
62,565
Investing activities:
Purchases of marketable securities
(25,042
)
(11,197
)
Proceeds from maturities of marketable securities
27,462
17,124
Proceeds from sales of marketable securities
4,314
1,897
Payments for acquisition of property, plant and equipment
(4,388
)
(6,703
)
Other
(729
)
(247
)
Cash generated by investing activities
1,617
874
Financing activities:
Payments for taxes related to net share settlement of equity awards
(2,875
)
(2,734
)
Payments for dividends and dividend equivalents
(7,535
)
(7,418
)
Repurchases of common stock
(43,344
)
(39,069
)
Repayments of term debt
(3,150
)
(3,651
)
Repayments of commercial paper, net
(3,982
)
(7,960
)
Other
(132
)
(455
)
Cash used in financing activities
(61,018
)
(61,287
)
Increase in cash, cash equivalents and restricted cash
3,184
2,152
Cash, cash equivalents and restricted cash, ending balances
$
33,921
$
27,129
Supplemental cash flow disclosure:
Cash paid for income taxes, net
$
14,531
$
4,894
View source version on businesswire.com: https://www.businesswire.com/news/home/20240502965412/en/
Press Contact:
Josh Rosenstock
Apple
jrosenstock@apple.com
(408) 862-1142
Investor Relations Contact:
Suhasini Chandramouli
Apple
suhasini@apple.com
(408) 974-3123
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/93770672/apple-reports-second-quarter-results