
<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Apple tallied yet another all-time high share price Monday after a pair of investment firms meaningfully hiked their price targets for the stock, the latest positive push for Apple stock ahead of the hotly anticipated release of generative artificial intelligence iPhones.<strong></strong></p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>Apple stock rose as much as 2.9% to a new intraday peak of $237.23 in Monday trading, with its over $234 share price by mid-afternoon on pace to top last week’s record close of $232.98, growing Apple’s market capitalization to a world record $3.59 trillion, more than $200 billion higher than the next largest company, Microsoft at $3.36 trillion.</p>



<p>The lift came after Bloomberg&nbsp;<a href="https://www.bloomberg.com/news/articles/2024-07-15/apple-sales-in-india-surge-33-to-8-billion-as-chinese-market-slows" rel="noreferrer noopener" target="_blank">reported</a>&nbsp;33% year-over-year growth in Apple’s India sales, a strong indication of the company’s global growth potential amid questions about&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2024/05/02/apple-earnings-come-in-hot-as-china-blow-less-painful-than-feared/">declining</a>&nbsp;sales in its key China segment, as well as bullish notes from analysts at Loop Capital and Morgan Stanley musing on Apple’s earnings potential as its debut of its first AI iPhones is just months away.</p>



<p>Loop Capital analysts led by Ananda Baruah changed their recommendation for Apple stock from a hold to a buy, upping its share price target from $231 to $300, the highest of any analyst tracked by FactSet, implying an Apple fair market value of $4.6 trillion, some 28% higher than it now stands.</p>



<p>The firm said it sees an opportunity for Apple to distinguish itself as the “Gen AI base camp of choice,” likening it to how Apple benefited from the initial release of the iPod and iPhones in capturing consumers’ attention and capital over the last two decades.</p>



<p>The Erik Woodring-led Morgan Stanley group named Apple its favorite U.S. IT hardware pick and hiked their target from $213 to $273, implying 16% upside and a $4.2 trillion market cap.</p>



<p>Morgan Stanley similarly upgraded expectations for the “impending” iPhone upgrade cycle, projecting some 498 million new iPhone sales in its 2025 and 2026 fiscal years and $488 billion worth of iPhone revenues during that time frame, a 22% increase from the $399 billion Apple is projected to bring in during its 2023 and 2024 fiscal years ending in September.</p>



<h2 class="wp-block-heading" id="h-crucial-quote">CRUCIAL QUOTE</h2>



<p>“Never in Apple&#8217;s 40-year history has the iPhone installed base been so large (1.3b+ devices), replacement cycles been so extended (at 4.8 years), and a new technology been limited to such a small cohort of users (8% of the iPhone/iPad installed base) all at the same time,” declared Woodring.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>After years of speculation, Apple officially&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2024/06/10/apple-finally-unveils-iphone-ai-features-the-next-big-step/">announced</a>&nbsp;its “Apple Intelligence” generative AI plans on June 10, including the integration of the hit ChatGPT chatbot into the iOS operating system scheduled for a September release. Apple stock is up more than 20% since that announcement, outgaining the S&amp;P 500’s 5% gain as investors&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2024/06/11/apple-stock-hits-all-time-high-minting-200-billion-ai-rally/">bought into</a>&nbsp;the company’s AI vision (the stock had lagged other big tech names like Microsoft due to a perceived deficit in the AI arms race). Apple, which had been the world’s largest company for most of the last decade,&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2024/06/12/apple-reclaims-crown-as-worlds-most-valuable-company-from-microsoft/">overtook</a>&nbsp;Microsoft as the largest company in the world last month, having lost the title from January to June.</p>



<h2 class="wp-block-heading" id="h-what-to-watch-for">WHAT TO WATCH FOR</h2>



<p>Don’t expect evidence of an iPhone renaissance in Apple’s earnings report due Aug. 1: Analyst forecasts call for the weakest quarterly iPhone sales since 2020’s quarter ending in September, according to FactSet, at $38.7 billion. Consensus forecasts call for a record $72.4 billion of iPhone revenues this holiday quarter, though.</p>


Apple Store in Shanghai, China

Apple Stock Hits Record High On AI iPhone Anticipation — As Analysts Predict $5 Trillion Valuation


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Samsung Electronics’ unionized workers in South Korea announced an indefinite strike on Wednesday to step up their campaign for a pay raise—in a move that could impact global chip supplies.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>The National Samsung Electronics Union said the decision to go on an indefinite strike was made after the company’s leadership failed to engage in dialogue with them during a three-day walkout by some of its members, Yonhap News Agency&nbsp;<a href="https://en.yna.co.kr/view/AEN20240710004151320?section=economy-finance/economy" rel="noreferrer noopener" target="_blank">reported</a>.</p>



<p>According to the union, around 6,500 of its members are presently&nbsp;<a href="https://www.wsj.com/tech/samsung-electronics-union-launches-indefinite-strike-7e653e0f?st=h0nctj0amls5r4f&amp;reflink=desktopwebshare_permalink" rel="noreferrer noopener" target="_blank">participating</a>&nbsp;in the strike—including&nbsp;<a href="https://en.yna.co.kr/view/AEN20240710004151320?section=economy-finance/economy" rel="noreferrer noopener" target="_blank">more than 5,000</a>&nbsp;workers from the company’s semiconductor division.</p>



<p>Samsung told several news outlets that the strike hasn’t caused any disruptions so far.</p>



<p>On its&nbsp;<a href="https://samsunglabor.co.kr/37/?idx=38827584&amp;bmode=view" rel="noreferrer noopener" target="_blank">website</a>, the union claimed it had “clearly identified line production disruptions” and warned the company would “regret the decision” to not engage in dialogue.</p>



<p><a href="https://www.bloomberg.com/news/articles/2024-07-10/samsung-labor-union-says-prepared-to-strike-indefinitely?srnd=homepage-asia" rel="noreferrer noopener" target="_blank">According to</a>&nbsp;Bloomberg, the union is first targeting a smaller chip fabrication plant before turning its focus towards Samsung’s high-bandwidth memory chip production facility in Pyeongtaek.</p>



<p>The union’s demands include a 3.5% increase in base pay for all its members, a revamping of the bonus payments structure and an extra day of leave to mark the day of the union’s founding.</p>



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



<p>Around 31,000. That is the total number of workers represented by National Samsung Electronics Union, accounting for nearly a quarter of Samsung Electronics’ 125,000 strong workforce.</p>



<h2 class="wp-block-heading" id="h-news-peg">NEWS PEG</h2>



<p>Samsung is the world’s largest maker of memory chips, which have emerged as a key driver of&nbsp;<a href="https://www.reuters.com/technology/samsung-flags-15-fold-rise-second-quarter-profit-chip-prices-climb-2024-07-04/" rel="noreferrer noopener" target="_blank">profits</a>&nbsp;for the company amid an AI boom. According to the research firm Trendforce, Samsung accounted for&nbsp;<a href="https://www.trendforce.com/presscenter/news/20240305-12060.html" rel="noreferrer noopener" target="_blank">45.5% of the global DRAM chip</a>&nbsp;market share and&nbsp;<a href="https://www.trendforce.com/news/2024/03/15/news-samsung-nand-flash-prices-reportedly-set-to-increase-by-20/" rel="noreferrer noopener" target="_blank">36.6% of the NAND Flash memory chip</a>&nbsp;market—both essential components in computers, smartphones and servers. However, Samsung’s efforts to gain AI juggernaut Nvidia’s approval for its latest High Bandwidth Memory chips (HBM3e) have run into challenges with Nvidia CEO Jensen Huang&nbsp;<a href="https://www.tomshardware.com/tech-industry/semiconductors/nvidia-ceo-says-samsung-hbm3e-not-yet-ready-for-ai-accelerator-certification-jensen-huang-suggests-more-engineering-work-is-required" rel="noreferrer noopener" target="_blank">suggesting</a>&nbsp;it requires more engineering work. Bloomberg&nbsp;<a href="https://www.bloomberg.com/news/articles/2024-07-10/samsung-labor-union-says-prepared-to-strike-indefinitely?srnd=homepage-asia" rel="noreferrer noopener" target="_blank">notes</a>&nbsp;that while most of Samsung’s HBM manufacturing is automated, any disruptions from the strike could seriously hurt the company’s chances of displacing rival SK Hynix as Nvidia’s preferred memory chip supplier.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://en.yna.co.kr/view/AEN20240710004151320?section=economy-finance/economy" rel="noreferrer noopener" target="_blank">Unionized workers at Samsung Electronics declare &#8216;indefinite&#8217; strike</a>&nbsp;(Yonhap News Agency)</p>


Samsung Union Steps Up Pressure Over Pay With Three-day Strike

Samsung Union Announces Indefinite Strike—Move May Impact Global Memory Chip Supplies


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Chip designer and artificial intelligence juggernaut Nvidia narrowly topped Microsoft’s market capitalization Tuesday to become the world’s most valuable public company, less than two weeks after it <a href="https://www.forbes.com/sites/antoniopequenoiv/2024/06/05/nvidia-tops-apples-market-cap-becoming-the-worlds-2nd-most-valuable-company/">surpassed Apple’s market cap</a> following months of strong stock gains.</p>



<h2 class="wp-block-heading">KEY FACTS</h2>



<p>Nvidia shares traded up more than 3% Tuesday afternoon at around $135.65, while Microsoft traded down a fraction of a percent at $447.58.</p>



<p>The stock performances sent Nvidia’s market cap up to $3.33 trillion and Microsoft’s to $3.32 trillion.</p>



<p>Nvidia’s stock is up about 12% since its recent&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2024/06/10/nvidia-shares-now-trading-at-just-120-after-stock-split-in-wake-of-monstrous-run/">stock split</a>, which brought its price down from $1,210 per share to about $120 per share.</p>



<p>Nvidia began the year with a $1.2 trillion market value, less than half of Microsoft and Apple’s market cap at the time.</p>



<h2 class="wp-block-heading">BIG NUMBER</h2>



<p>177%. That’s how much Nvidia’s market cap has spiked since the start of the year, when shares traded at $48.17 (adjusted for stock split).</p>



<h2 class="wp-block-heading">FORBES VALUATION</h2>



<p>We estimate Nvidia CEO Jensen Huang’s net worth at <a href="https://www.forbes.com/profile/jensen-huang/">$118.8 billion</a>, making him the 11th-richest person in the world—the highest ranking he’s secured on Forbes’ <a href="https://www.forbes.com/real-time-billionaires/#13e2edb03d78">real-time billionaires list</a>.</p>



<h2 class="wp-block-heading">KEY BACKGROUND</h2>



<p>Nvidia’s milestone comes amid an artificial intelligence craze that has made its chips and graphics processing units increasingly valuable to fellow tech companies like Microsoft, Meta, Amazon and Alphabet. Microsoft is estimated to make up 15% of Nvidia’s revenue, according to&nbsp;<a href="https://www.businessinsider.com/nvidia-stock-mystery-customer-microsoft-ubs-revenue-h100-gpu-chips-2024-5#:~:text=According%20to%20supply%20chain%20data,at%20about%206%25%20of%20revenue." rel="noreferrer noopener" target="_blank">Bloomberg</a>&nbsp;supply chain data, and Nvidia is estimated to control between 70% and 95% of the AI chip market,&nbsp;<a href="https://www.cnbc.com/2024/06/02/nvidia-dominates-the-ai-chip-market-but-theres-rising-competition-.html#:~:text=Nvidia%20dominates%20the%20AI%20chip%20market%2C%20but%20there's%20more%20competition%20than%20ever,-Published%20Sun%2C%20Jun&amp;text=Nvidia's%20AI%20accelerators%20have%20between,other%20chipmakers%20ramp%20up%20development." rel="noreferrer noopener" target="_blank">CNBC&nbsp;</a>reported, citing Mizuho Securities. Nvidia, which reported $8.4 billion in net income in its 2023 fiscal year, shows little to no signs of slowing down, as&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2024/06/15/can-apple-stock-go-much-higher-analysts-dont-think-so-heres-why/">analysts forecast</a>&nbsp;its net income to surpass Apple’s in just four years.</p>



<h2 class="wp-block-heading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/dereksaul/2024/06/10/nvidia-shares-now-trading-at-just-120-after-stock-split-in-wake-of-monstrous-run/">Nvidia Shares Now Trading At Just $120 After Stock Split In Wake Of Monstrous Run</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/antoniopequenoiv/2024/06/05/nvidia-tops-apples-market-cap-becoming-the-worlds-2nd-most-valuable-company/">Nvidia Tops Apple’s Market Cap, Becoming The World’s 2nd Most Valuable Company</a> (Forbes)</p>



<p><a href="https://www.forbes.com/sites/dereksaul/2024/06/15/can-apple-stock-go-much-higher-analysts-dont-think-so-heres-why/">Can Apple Stock Go Much Higher? Analysts Don&#8217;t Think So: Here&#8217;s Why</a> (Forbes)</p>


Nvidia’s Stock Price Hits Record High, As Analysts Increase Their Outlook On The Company

Nvidia Now World’s Most Valuable Company—Topping Microsoft And Apple


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Chip designer Nvidia surpassed Apple’s market capitalization Wednesday for the first time ever, becoming the 2nd most valuable company in the world after a year of <a href="https://www.forbes.com/sites/dereksaul/2024/06/05/nvidia-stock-hits-new-all-time-high-ahead-of-10-for-1-split/?sh=7f644c293eba">white-hot stock gains</a> charged by an artificial intelligence craze.</p>



<h2 class="wp-block-heading">KEY FACTS</h2>



<p>Nvidia’s market cap reached past Apple’s at market close and now boasts a whopping $3.012 trillion market cap compared to Apple’s $3.003 trillion.</p>



<p>Nvidia, which surpassed the likes of Amazon and Google earlier this year, still trails behind Microsoft’s market cap of $3.1 trillion.</p>



<p>The chip maker recorded its highest share price ever Wednesday, closing up more than 5% at $1,224.40 and continuing its gains in after-hours trading by a fraction of a percent.</p>



<p>Nvidia’s milestone comes after the company started the year with $1.2 trillion in market value, less than half of Apple’s $3 trillion market value at the time.</p>



<h2 class="wp-block-heading">BIG NUMBER</h2>



<p><a href="https://www.forbes.com/sites/dereksaul/2024/05/29/how-big-can-nvidia-get-as-it-threatens-apple-and-a-3-trillion-market-cap/?sh=2da415871284">80%</a>. That is the estimated share of semiconductor chips used to power generative AI technology that are designed by Nvidia, according to Goldman Sachs research.</p>



<h2 class="wp-block-heading">KEY BACKGROUND</h2>



<p>Nvidia’s stock has more than doubled in price this year, trading up more than 147% since the start of January, when it traded around $481 per share. The chip maker’s success in the semiconductor market has been boiled down to its unique, fast-produced chips capable of powering artificial intelligence products. It has several big-name customers including Apple, Meta and Microsoft, the latter of which is estimated to account for&nbsp;<a href="https://finance.yahoo.com/news/single-customer-made-19-nvidias-143533924.html" rel="noreferrer noopener" target="_blank">15% of Nvidia’s revenue</a>. Nvidia’s lion’s share of AI-powering chips also gives it significant future earnings potential. The company’s stock will split 10-for-1 after market close on Friday, making its pricey stock&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2024/06/05/nvidia-stock-hits-new-all-time-high-ahead-of-10-for-1-split/?sh=7f644c293eba">far more accessible&nbsp;</a>for investors.</p>



<h2 class="wp-block-heading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/dereksaul/2024/06/05/sp-500-hits-record-high-after-apple-and-nvidia-join-3-trillion-market-cap-club/?sh=7f64251a204d">S&amp;P 500 Hits Record High After Apple And Nvidia Join $3 Trillion Market Cap Club</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/dereksaul/2024/06/05/apple-stock-hits-3-trillion-valuation-as-ai-iphone-hype-builds/?sh=2ff438d85cb1">Apple Stock Hits $3 Trillion Valuation As AI iPhone Hype Builds</a> (Forbes)</p>



<p><a href="https://www.forbes.com/sites/dereksaul/2024/06/05/nvidia-stock-hits-new-all-time-high-ahead-of-10-for-1-split/?sh=7f644c293eba">Nvidia Stock Hits New All-Time High Ahead Of 10-For-1 Split</a> (Forbes)</p>


Nvidia Tops Apple’s Market Cap, Becoming The World’s 2nd Most Valuable Company


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Apple ceded the position of the world’s biggest phone maker to rival Samsung in the first quarter of 2024 after global iPhone shipments saw a steep slump, the latest setback for the tech giant since the start of the year.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>According to the&nbsp;<a href="https://www.idc.com/getdoc.jsp?containerId=prUS52032524" rel="noreferrer noopener" target="_blank">latest report</a>&nbsp;by market research firm IDC, Apple’s smartphone shipments fell to 50.1 million units in the first quarter of 2024, down 9.6% year-on-year.</p>



<p>Apple’s sharp slump came despite the overall smartphone market growing 7.8%—driven largely by booming shipments of smartphones made by Chinese firms.</p>



<p>The drop in iPhone shipments means Samsung became the world’s biggest smartphone maker in the first three months of the year, with 60.1 million shipments.</p>



<p>Despite beating out the iPhone maker, Samsung’s smartphone shipments were down around 0.7% year-on-year.</p>



<p>Chinese smartphone giant Xiaomi retained its spot as the world’s third-biggest phone maker while its shipments saw a major 33.8% growth.</p>



<p>Another Chinese firm Transsion, which makes low-cost smartphones that are popular in Africa, Latin America and Asia, saw its first-quarter shipments nearly double from 15.4 million in 2023 to 28.5 million this year.</p>



<h2 class="wp-block-heading" id="h-what-to-watch-for">WHAT TO WATCH FOR</h2>



<p>Apple shares were down 1.18% in premarket trading Monday. The company’s stock has had a poor 2024, down nearly 5% since the start of the year.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>Apple, which started the year as the world’s most valuable company, has been plagued by bad news since the start of the year. Last month, Hong Kong-based Counterpoint Research reported that iPhone sales in China were down 24% year-over-year in the first six weeks of 2024. This is a major blow for the company as China accounts for more than 15% of its revenues. Apple also&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2024/02/27/apple-abandoning-electric-car-quest-and-focusing-on-ai-report-says/?sh=52cdf327ac09">reportedly</a>&nbsp;abandoned a decade-long ambitious and expensive internal effort to build a self-driving car earlier this year. Last month, the Justice Department and multiple U.S. states&nbsp;<a href="https://www.forbes.com/sites/caileygleeson/2024/03/21/us-sues-apple-in-landmark-iphone-antitrust-case/?sh=7bafd4715ffc">filed a lawsuit</a>&nbsp;against Apple, accusing the company of violating antitrust laws through restrictive policies that hurt competitors and consumers. Apple’s investors have also been&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2024/03/05/apple-stocks-plunge-continues-heres-why-its-at-a-crossroads/?sh=48ae2eeb3477">concerned</a>&nbsp;about the company’s artificial intelligence efforts, especially compared to rivals like Google, Microsoft and Meta. Last month, the Wall Street Journal&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2024/03/18/apple-reportedly-in-talks-with-google-to-integrate-geminis-ai-service-into-the-iphone/?sh=130770907683">reported</a>&nbsp;that Apple held talks with Google to discuss integrating the search giant’s Gemini AI service into the iPhone—a likely sign that Apple’s internal AI efforts are still significantly behind its rivals.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/dereksaul/2024/03/05/apple-stocks-plunge-continues-heres-why-its-at-a-crossroads/?sh=22196a9e3477">Apple Stock’s Plunge Continues: Here’s Why It’s At A Crossroads</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/siladityaray/"></a></p>


iPhone15 On Sale in Chongqing

Apple Is No Longer The World’s Biggest Smartphone Maker By Volume—As Samsung Ships More Handsets In Q1


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Big technology stocks sank Tuesday, a potentially worrisome omen as the darlings of 2023’s explosive gains lost hundreds of billions of dollars of market value.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>The tech-heavy Nasdaq Composite fell 1.6% in the opening trading session of the year, a far wider loss than the Dow Jones Industrial Average’s 0.1% gain and S&amp;P 500’s 0.6% fall.</p>



<p>Tuesday was the Nasdaq’s worst day since October 25 and its lowest closing price since mid-December.</p>



<p><a href="https://www.forbes.com/sites/dereksaul/2024/01/02/apple-shares-stagger-3-after-lackluster-iphone-sales-earns-rare-analyst-downgrade/?sh=dd328e23c42b">Driving</a>&nbsp;much of the tech slump was a 4% drop by Apple’s stock, a dive precipitated by an analyst downgrade questioning why the $2.9 trillion (market capitalization) company is trading at such an expensive valuation considering its negative earnings and profit growth.</p>



<p>Other members of the “magnificent seven” tech stocks, which gained a collective $5.1 trillion in market cap last year, also flailed Tuesday.</p>



<p>Alphabet, Amazon, Meta, Microsoft, Nvidia and Meta each fell 1% or more, while Tesla was the sole magnificent seven member left unscathed, as its shares were flat after the automaker reported more fourth-quarter electric vehicle deliveries than forecasted.</p>



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



<p>About $238 billion. That’s how much market value the magnificent seven lost Tuesday.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>The Nasdaq rose more than 40% in 2023, erasing most of 2022’s historic losses and easily outperforming the Dow and S&amp;P’s respective returns. Much of tech’s gains were due to investor optimism about the longer-term profitability for breakthroughs in generative artificial intelligence, rather than a corresponding uptick in earnings, leading to&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/04/10/these-7-tech-stocks-command-almost-90-of-the-sp-500s-gains-signaling-market-rally-may-not-be-so-healthy/?sh=b80b39d65d55">concerns</a>&nbsp;about the health of the rally.</p>



<h2 class="wp-block-heading" id="h-surprising-fact">SURPRISING FACT</h2>



<p>Microsoft is now just $130 billion behind Apple for the title of the world’s most valuable company, a mantle held by Apple since late 2021.</p>


Markets Open After Falling More 800 Points On Tuesday

Apple Stock’s Plunge Spurs $200 Billion Big Tech Rout As Nasdaq Tallies Worst Day In Months


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>The White House, which hosted a <a href="https://www.youtube.com/watch?v=Ug3DkX7VRy8" target="_blank" rel="noreferrer noopener">discussion</a> about growing right to repair legislation across the country, announced Tuesday that Apple will make parts, tools and documentation needed for consumers and independent repair shops across the U.S. to repair Apple products themselves, signaling a shift in consumer rights that will allow customers to avoid costly repair processes for their devices.</p>



<h2 class="wp-block-heading">KEY FACTS</h2>



<p>Right to repair legislation at the&nbsp;<a href="https://www.theverge.com/23910066/right-to-repair-law-newsom-california-sb-244" target="_blank" rel="noreferrer noopener">state level</a>&nbsp;has aimed to help consumers affordably repair their devices with tools and parts provided by the original manufacturers of such devices, allowing them to avoid difficult and expensive repair processes for products like phones and computers.</p>



<p>Though the legislation has only been passed in three states so far—California, Minnesota and New York—Apple will make repair tools and parts nationally at “reasonable prices,” according to&nbsp;<a href="https://www.youtube.com/live/Ug3DkX7VRy8?si=wYAtbvAp1YswE5XA" target="_blank" rel="noreferrer noopener">Lael Brainard</a>, the director of the National Economic Council.</p>



<p>Apple, which has built a reputation for high&nbsp;<a href="https://medium.com/@verdehumberto11/why-is-apple-repair-cost-so-expensive-bb9033e8575f#:~:text=To%20ensure%20that%20their%20repairs,the%20overall%20cost%20of%20repairs." target="_blank" rel="noreferrer noopener">product repair costs</a>, will also pledge support to a federal right to repair bill.</p>



<p>In California, the Right to Repair Act covers electronics and appliances made and sold after July 1, 2021, and requires manufacturers to make repair parts available seven years after the initial production of devices priced above $100.</p>



<h2 class="wp-block-heading">CONTRA</h2>



<p>Nathan Proctor, the senior director of the Campaign for the Right to Repair, told <a href="https://www.reuters.com/technology/apple-make-tools-parts-fix-phones-computers-available-nationwide-white-house-2023-10-24/" target="_blank" rel="noreferrer noopener">Reuters</a> he had reservations about potential federal legislation, noting Apple once required repair shops to sign contracts preventing them from stockpiling spare parts for quick walk-in repairs, making the shops less appealing than Apple’s own repair services.</p>



<h2 class="wp-block-heading">BIG NUMBER</h2>



<p>30. That’s how many other states have introduced similar right to repair legislation passed in California, Minnesota and New York,&nbsp;<a href="https://www.reuters.com/technology/apple-make-tools-parts-fix-phones-computers-available-nationwide-white-house-2023-10-24/" target="_blank" rel="noreferrer noopener">Reuters</a>&nbsp;reported, citing Brainard.</p>



<h2 class="wp-block-heading">KEY BACKGROUND</h2>



<p>Right to repair&nbsp;<a href="https://hbr.org/2023/01/research-the-unintended-consequences-of-right-to-repair-laws#:~:text=Repair%20advocates%20argue%20that%20such,buy%20new%20ones%20as%20quickly." target="_blank" rel="noreferrer noopener">proponents</a>&nbsp;have said the legislation aims to make repairs more affordable and convenient for consumers with broken products, which at times have to be replaced entirely, turned back in to original manufacturers for pricey repairs or given to repair shops that use third party parts. Right to repair provisions also stand to benefit farmers, according to EPA Deputy Administrator&nbsp;<a href="https://www.youtube.com/live/Ug3DkX7VRy8?si=-a50fHnu7PuKTmPG&amp;t=2288" target="_blank" rel="noreferrer noopener">Janet McCabe</a>. Early this year, tractor maker John Deere pledged support for consumers to repair their own equipment, reaching a memorandum of understanding with the American Farm Bureau Federation and allowing farmers to branch away from company authorized parts and service facilities, opening up use of independent repair options, according to&nbsp;<a href="https://www.bbc.com/news/business-64206913" target="_blank" rel="noreferrer noopener">BBC News</a>. However, right to repair advocates have been reluctant to support the memorandum, with Walter Schweitzer, president of the Montana Farmers Union, telling&nbsp;<a href="https://www.npr.org/2023/01/10/1147934682/john-deere-right-to-repair-farmers-tractors" target="_blank" rel="noreferrer noopener">NPR</a>.</p>



<h2 class="wp-block-heading">FURTHER READING</h2>



<p><a href="https://www.reuters.com/technology/apple-make-tools-parts-fix-phones-computers-available-nationwide-white-house-2023-10-24/" target="_blank" rel="noreferrer noopener">Apple to make tools and parts to fix phones available nationwide &#8211; White House</a>&nbsp;(Reuters)</p>



<p><a href="https://www.theverge.com/2023/9/13/23871712/california-right-to-repair-act-sb-244" target="_blank" rel="noreferrer noopener">California passes right-to-repair act guaranteeing seven years of parts for your phone</a>&nbsp;(The Verge)</p>


Apple Holds Product Unveiling Event

Apple Backs Right To Repair—Will Provide Parts To Consumers For Product Repairs


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Sold out iPhone 15 pre-orders and long queues in cities around the world signaled the launch of Apple’s latest iPhone Friday—more than a month after the company reported its <a href="https://www.theguardian.com/technology/2023/aug/03/apple-revenues-fall-third-straight-quarter#:~:text=Apple%20boss%20Tim%20Cook%20announced,fell%201.4%25%20to%20%2481.8bn." target="_blank" rel="noreferrer noopener">third straight quarter</a> of declining sales.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>Lines formed in&nbsp;<a href="https://x.com/KateKozuch/status/1705186743106916842?s=20" target="_blank" rel="noreferrer noopener">New York</a>,&nbsp;<a href="https://www.khaleejtimes.com/uae/iphone-15-in-uae-long-queues-of-buyers-at-dubai-mall-apple-store-barricaded" target="_blank" rel="noreferrer noopener">Dubai</a>,&nbsp;<a href="https://x.com/Reuters/status/1705260668356567522?s=20" target="_blank" rel="noreferrer noopener">Shanghai</a>&nbsp;and other cities for the launch of the iPhone 15, which features camera upgrades, new colors and USB-C charging among other subtle changes from the previous model.</p>



<p>Apple CEO Tim Cook made an&nbsp;<a href="https://x.com/tim_cook/status/1705258046681686288?s=20" target="_blank" rel="noreferrer noopener">appearance</a>&nbsp;at one of the launches in New York, where several customers waited in line hours prior to the opening of Apple&#8217;s Fifth Avenue store.</p>



<p>Reservations for in-store pickups have sold out quickly, according to&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-09-22/apple-s-iphone-15-goes-on-sale-in-test-of-holiday-resurgence" target="_blank" rel="noreferrer noopener">Bloomberg</a>, which reported online orders for the highest-end iPhone 15 models won’t reach customers in several countries until at least mid-November—an indication of high demand.</p>



<p>Apple is in its most drawn out sales slump since 2016, according to&nbsp;<a href="https://www.theguardian.com/technology/2023/aug/03/apple-revenues-fall-third-straight-quarter#:~:text=Apple%20boss%20Tim%20Cook%20announced,fell%201.4%25%20to%20%2481.8bn." target="_blank" rel="noreferrer noopener"><em>The Guardian</em></a><em>,&nbsp;</em>with the company reporting last month its third straight quarter of revenue declines, with third quarter sales falling 1.4% to $81.1 billion over the last year.</p>



<p>Analysts expect the company to break the slump next quarter with slight revenue growth, the&nbsp;<a href="https://www.wsj.com/articles/apple-aapl-q3-earnings-report-2023-46673f8f" target="_blank" rel="noreferrer noopener"><em>Wall Street Journal</em></a>&nbsp;reported.</p>



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



<p>Apple shares closed up more than 0.49% at $174.79 Friday as the tech giant’s stock continues to trade up more than 39% since the start of the year.</p>



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



<p><a href="https://www.cnbc.com/2023/08/04/apple-shares-slide-after-it-reports-decreased-hardware-revenue.html" target="_blank" rel="noreferrer noopener">$39.7 billion</a>. That’s how much revenue Apple’s iPhone brought in for the company in the third quarter.</p>



<h2 class="wp-block-heading" id="h-forbes-valuation">FORBES VALUATION</h2>



<p>We estimate Cook to be worth&nbsp;<a href="https://www.forbes.com/profile/tim-cook/?sh=2a64b4273ea4">$1.9 billion</a>, a sum of wealth bolstered by hundreds of millions of dollars’ worth of Apple shares he’s sold over the years.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>Declines in iPhone sales are the main culprit behind Apple’s minor slump, as the product typically makes up about half of the company’s total sales. The June period is typically the&nbsp;<a href="https://www.cnn.com/2023/08/03/tech/apple-earnings-third-quarter/index.html#:~:text=iPhone%20revenue%20came%20in%20at,revenue%20was%20down%20nearly%2020%25." target="_blank" rel="noreferrer noopener">slowest quarter</a>&nbsp;of the year for Apple. The company usually reveals its new iPhone models in September after consumers have held out on phone upgrades until the new models hit the market. However, June was the same month Apple surpassed&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/06/30/apple-hits-3-trillion-market-value-and-could-soar-another-800-billion/?sh=2af94dd852b1">$3 trillion</a>&nbsp;in market value, making it the first company ever to reach past the mark. Apple is worth nearly as much as Tesla, Meta, Berkshire Hathaway, UnitedHealth and Visa—firms in the top 10 of America&#8217;s most valuable companies—<a href="https://www.forbes.com/sites/dereksaul/2023/06/30/apple-hits-3-trillion-market-value-and-could-soar-another-800-billion/?sh=2af94dd852b1">combined</a>.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/gordonkelly/2023/09/01/apple-iphone-15-pro-max-ultra-design-camera-display-price-new-iphone-release/?sh=267597b442b0">Apple Analyst Details iPhone 15, iPhone 15 Pro Design, Display, Camera, Color Changes</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/davidphelan/2023/09/18/iphone-15-pro-max-serious-problem-highlighted-by-apple-insider-iphone-16-pro-leak/?sh=70265fd72faa">iPhone 15 Pro Max Serious Problem Highlighted By Apple Insider</a>&nbsp;(Forbes)</p>


iPhone 15 Global Debut Marked By Long Lines And Consumer Hype As Apple Looks To Turn Around Sales Slump


<p><strong>The tech behemoth’s latest iPhone features a new USB-C charging port and titanium frame for its higher-end models.</strong></p>



<p>Apple has unveiled the iPhone 15, with the base models 15 and 15 Plus priced at $799 and $899 respectively, in its most anticipated product event of the year. The higher-end 15 Pro and 15 Pro Max will be priced at $999 and $1,199 respectively.</p>



<p>As usual, the iPhone 15 will come equipped with a better camera and upgraded processing power, but it will also feature a significant change: a USB-C port for charging and data transfers. Apple was forced to do away with its Lightning port in iPhones after the European Union passed a law last year that requires all mobile devices to accommodate a common&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2022/10/26/weve-no-choice-apple-says-iphones-will-switch-over-to-usb-c-chargers-to-comply-with-new-eu-law/?sh=786790cabcde">USB-C&nbsp;</a>charger.</p>



<p>The consumer tech giant also announced two new makes of the Apple Watch: the Apple Watch Series 9, which it said was its first carbon neutral product ever, and the Apple Watch Ultra 2. Sustainability was one of the central themes of the event, where Apple detailed its increased use of recycled materials like cobalt in the battery and energy efficient manufacturing and transportation practices to produce the Apple Watch Series 9. This comes ahead of the company’s goal to achieve carbon neutrality by 2030.</p>



<p>With inconspicuous changes in design and appearance, the screen sizes for the standard iPhone 15 models are the same as before (6.1 inch and 6.7 inch), but the iPhone 15 Pro and Pro Max have a slightly larger display as their bezels are thinner than previous iPhones, the company announced. The Pro iPhones are built with Grade 5 titanium frames for the first time rather than stainless steel, making them the lightest Pro phones Apple has ever built.</p>



<p>Similar to its predecessor, iPhone 15 has a matte finish, but the edges of the phone are more rounded than before. The regular models are available in pink, yellow, green, blue and black while the Pro models come in black, blue and white titanium. All new phones have the “Dynamic Island,” an interface that was first added to iPhone 14 Pro that lets users see notifications in the black pill-shaped notch at the top of the display.</p>



<p>Apple touted the phone’s upgraded camera capabilities: a 48-megapixel camera sensor is replacing the 12-megapixel and lets users zoom into photos while capturing minute details and nuances. The new Pro phones come with a feature that uses machine learning to detect when a person is in the photo, enabling you to automatically switch to portrait mode even after a photo has been taken.</p>



<p>If you’re on a call using the iPhone 15 Pro, a machine learning-based feature called “voice isolation” prioritizes the speaker’s voice and drowns out background voice. The phones are also enabled with an emergency SOS service and roadside assistance while off the grid.</p>



<p>The pricier models come with a performance edge, thanks to a new A17 chip. All new iPhones are embedded with a new ultrawide-band semiconductor, a technology that uses radio waves to send and receive signals, to make location tracking on the Find My app more accurate.</p>



<p>The ring/mute slide switch, which has never changed since Apple launched the original iPhone in 2007, has been replaced in iPhone 15 Pro models with an “Action Button” that can be customized to set different functionalities like starting a voice recording, launching the camera or opening the flashlight.</p>



<p>For the Apple Watch Series 9 and a second generation of the Apple Watch Ultra , the look and design for the new watches has remained consistent, but their guts have gotten an upgrade, with 30% faster processing speed and brighter screens. The two new Apple Watches are equipped with a feature that lets users double tap their index finger and thumb to carry out actions like accepting or ending a call, and playing or pausing music with just one hand.</p>



<p>Apple’s latest product reveal comes at a crucial time for the company. Demand for smartphones is&nbsp;<a href="https://www.bloomberg.com/news/newsletters/2023-08-06/apple-iphone-15-comes-amid-us-sales-slowdown-tim-cook-q3-earnings-comments-lkzfs14u" target="_blank" rel="noreferrer noopener">slowing</a>&nbsp;down across the industry, and Apple’s iPhone sales dropped about 2% year over year in the third quarter of 2023. Core to its business, iPhones, Apple Watches and AirPods accounted for about 60% of Apple’s $394.3 billion annual revenue in 2022.</p>



<p>Although more mainstream, the new iPhone and Apple Watches aren’t the only products that Apple announced this year. In June, alongside new Macs, Apple introduced the <a href="https://www.forbes.com/sites/johnpaczkowski/2023/06/07/this-is-what-its-like-to-use-apples-new-vision-pro-mixed-reality-headset/?sh=43c3323539e4">Apple Vision Pro</a> mixed-reality headset, its first major new product category since the Apple Watch made waves in 2015. The iPhone 15 lets users create photos and videos that are compatible with the Apple Vision Pro.</p>


Apple Kills Lightning In iPhone 15 And Announces Carbon Neutral Apple Watches


<p><strong>Packages containing rifle parts hidden inside George Foreman Grills also contained Apple’s dime-sized location tracker, investigators say.</strong></p>



<p>In November last year, Customs and Border Protection intercepted a package en route from Illinois to Israel. It contained a George Foreman Grill — innocuous enough. But when agents X-rayed the item and opened it up, they found rifle barrels wrapped in tinfoil and an Apple AirTag.</p>



<p>When Apple launched the dime-sized location tracking devices in 2021, they were pitched as a cheap piece of tech to help you keep tabs on your belongings, like luggage, keys and wallets. But AirTags and similar devices like Tile have also been put to use by criminals,&nbsp;<a href="https://www.theguardian.com/technology/2022/sep/05/i-didnt-want-it-anywhere-near-me-how-the-apple-airtag-became-a-gift-to-stalkers" target="_blank" rel="noreferrer noopener">most notably stalkers</a>.</p>



<p>Now, CBP inspectors claim to have found evidence of another illicit use for AirTags: helping illegal weapons smugglers keep tabs on their shipments, according to a search warrant for an Apple iCloud account linked to the trackers that was obtained by&nbsp;<em>Forbes</em>.</p>



<p>Drug and gun traffickers have long used GPS trackers to keep tabs on shipments, either in order to ensure they reached their destination, or detect when they go missing. But while older trackers have proven bulky and unreliable, Apple’s AirTag is small, lightweight and efficient.</p>



<p>“Like drug dealers, [weapons traffickers] want to make sure the load didn’t get ripped by police or somebody else,” said Brady Wilkins, a recently-retired investigator in Arizona. “If another group takes it or it gets seized, they can abandon it or know something is not right.”</p>



<p>Apple did not respond to requests for comment at the time of publication, but it has been attempting to curtail malicious uses of the AirTag over the last two years. One recent addition is a feature that warns users when an unknown tracking device is detected, via Bluetooth, on their person. “We condemn in the strongest possible terms any malicious use of our products,” the company wrote in a&nbsp;<a href="https://www.apple.com/uk/newsroom/2022/02/an-update-on-airtag-and-unwanted-tracking/" target="_blank" rel="noreferrer noopener">press release</a>&nbsp;last year.</p>



<p>According to the warrant, the DHS Homeland Security Investigations unit traced the rifle barrel shipment back to a Palos, Illinois-based man, Amin Betuni. Records the government said it obtained from an unnamed online gun supplier showed Betuni had bought various AR-15 and Glock barrels. Investigators said that CBP intercepted a package containing what appeared to be those same parts, together with the grill and an AirTag, en route to a contact in Jerusalem, Israel. The warrant says the package’s shipping label stated it was sent from “Ameen Betuni” from a vacant lot next to a property owned by the suspect.</p>



<p>Border patrol in Israel, meanwhile, reported intercepting a different package containing gun parts also hidden inside a George Foreman Grill and an AirTag alongside, according to the warrant. That parcel had a return address for Betuni’s residence, the DHS claimed. Israeli officials also seized an additional FedEx shipment containing other gun components that were concealed inside of auto parts, investigators said. An AirTag was discovered in that package too.</p>



<p>Wilkins said that adding a personal property as return address would be a stupid mistake. “Criminals become complacent too,” he added.</p>



<p>In late December, law enforcement raided Betuni’s property, though he was not at home. Investigators suspected, however, they were being watched by security cameras in his home, as only ten minutes after police entered Betuni’s residence, one of his AirTag devices was mysteriously unpaired with his iCloud account, the DHS said.</p>



<p>Betuni was arrested in July and has been accused of shipping illegal Glock switches, which effectively turn a pistol into an automatic weapon, in the U.S. However, he has not yet been charged for sending gun apparatus to Israel or any other nation. In a recent filing, the government asked the court for an extension to the deadline for filing an indictment, as it was continuing to investigate Betuni’s conduct. The request was granted last week.</p>



<p>Others involved in the alleged scheme, but whose identities were unknown to the government, were also using AirTags as part of their operation to “smuggle goods from the United States,” the agent wrote in the warrant. No more information on the wider use of the Apple devices was provided.</p>



<p>The Department of Justice declined to comment on the case. Betuni’s lawyer didn’t respond to requests for comment.</p>



<p>It’s not just criminals who’ve found uses for the AirTag — law enforcement has too, even if it goes against Apple policy to use the tools for surreptitious surveillance. In March, <a href="https://www.forbes.com/sites/thomasbrewster/2023/03/23/apple-airtag-becomes-dea-surveillance-device/?utm_campaign=forbes&amp;utm_source=twitter&amp;utm_medium=social&amp;utm_term=Gordie"><em>Forbes</em> found a warrant detailing the DEA’s use of an AirTag</a>, after it placed one of the devices in a machine agents suspected was being ordered online to manufacture illegal narcotics.</p>


Coronavirus Pandemic 2022 –  iPhone SE

Criminals Are Allegedly Using Apple AirTags To Track Illegal Weapons

Inside Apple’s Impossible War On Child Exploitation


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Apple announced that its new 15-inch MacBook Air—the world’s thinnest 15-inch laptop, according to Apple—will be available starting next week, marking a middle-price point offering for the company that previously had a significant price difference between its smaller MacBooks and larger models.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>The new model will weigh in at 3.3 pounds and come in four colors.</p>



<p>Bergeron said the laptop will have Apple’s M2 chip, making it 12 times faster than Intel-based MacBook Air; it is quoted at an 18-hour battery life.</p>



<p>The new model will start at $1,299 and be available next week, while the 13-inch MacBook Air powered by the same chip will start at $1,099; the 13-inch MacBook Air with an M1 chip—Apple’s older version—will drop below $1,000, now priced at $999.</p>



<p>Customers can order the new model starting Monday.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>Apple didn’t previously offer a 15-inch version of its MacBook Air—which comes in 13-inch options—or its MacBook Pro, its larger laptop that comes in a 14- or 16-inch option. The new model will provide a choice to users who don’t want the extra computing power of the MacBook’s 14- and 16-inch models, but do want the option of a screen bigger than 13 inches. The last time Apple offered a 15-inch laptop of any kind was 2019, but Apple&nbsp;<a href="https://www.theverge.com/2019/11/13/20961717/apple-macbook-pro-16-inch-model-screen-discontinued-display-laptop" target="_blank" rel="noreferrer noopener">discontinued</a>&nbsp;its 15-inch MacBook Pro that year in exchange for the 16-inch option. Apple’s laptop prices have historically been high, too, with the 16-inch MacBook Pro starting at $2,499. Moving forward, the lower price and bigger screen size is meant “to deliver even more value and choice to everyone,” according to the Apple release.</p>



<h2 class="wp-block-heading" id="h-what-to-watch-for">WHAT TO WATCH FOR</h2>



<p>The big announcement expected from Apple’s Worldwide Developers Conference is the company’s long-awaited mixed-reality headset that is rumored to have both virtual reality and augmented reality compatibility. The device is rumored to look like ski goggles, The Verge&nbsp;<a href="https://www.theverge.com/23728368/wwdc-2023-date-time-live-stream-watch-how-to-rumors" target="_blank" rel="noreferrer noopener">reported</a>, and is supposed to have external sensors to help users navigate reality.</p>



<h2 class="wp-block-heading" id="h-forbes-valuation">FORBES VALUATION</h2>



<p>Tim Cook, Apple’s CEO, who kicked off the keynote address Monday at the Worldwide Developers Conference, is&nbsp;<a href="https://www.forbes.com/profile/tim-cook/?sh=612f5e173ea4">estimated</a>&nbsp;to be worth $1.9 billion by&nbsp;<em>Forbes</em>.</p>



<p>Forbes Daily: Get our best stories, exclusive reporting and essential analysis of the day’s news in your inbox every weekday.Sign Up</p>



<p>By signing up, you accept and agree to our&nbsp;<a href="https://www.forbes.com/terms-and-conditions" target="_blank" rel="noreferrer noopener">Terms of Service</a>&nbsp;(including the class action waiver and arbitration provisions), and you acknowledge our&nbsp;<a href="https://www.forbes.com/privacy" target="_blank" rel="noreferrer noopener">Privacy Statement</a>.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.theverge.com/2023/6/5/23739220/apple-macbook-air-15-features-specs-price-release-date-wwdc-2023" target="_blank" rel="noreferrer noopener">Apple’s new 15-inch MacBook Air is the ‘world’s thinnest’</a>&nbsp;(The Verge)</p>



<p><a href="https://www.bloomberg.com/news/live-blog/2023-06-05/apple-worldwide-developers-conference" target="_blank" rel="noreferrer noopener">Apple Headset, iOS 17, New Mac: Live WWDC 2023 Analysis With Mark Gurman</a> (Bloomberg)</p>


Apple Store Opens In Knightsbridge

Apple Announces Plans For Its Largest MacBook Air Yet At Developer Conference


<p><strong>TOPLINE</strong> Apple has agreed to make some changes to its App Store policy as part of a proposed lawsuit settlement which will enable developers to contact customers about alternate payment methods for in-app transactions that will allow them to circumvent Apple’s sizeable commission fee, a move that comes at a time when the iPhone-maker is facing major antitrust and legal challenges around the world.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>Is a&nbsp;<a href="https://www.apple.com/newsroom/2021/08/apple-us-developers-agree-to-app-store-updates/" target="_blank" rel="noreferrer noopener">press release</a>, Apple says it will allow app developers to reach out to their iPhone and iPad customers via email or other communication channels to inform them about alternate payment methods that don’t carry Apple’s fee—something Apple previously did not allow.</p>



<p>One caveat to this allowance is that users will need to consent to the communication and they will have the right to opt-out of receiving such communications.</p>



<p>The proposed settlement also expands the number of price points that developers can charge for subscriptions, in-app purchases, and paid apps.</p>



<p>Apple has also agreed to create a $100 million fund for payouts to small app developers.</p>



<p>The iPhone-maker has also agreed to not raise its commission rate for small developers—which it slashed from 30% to 15% last year—for at least three years.</p>



<p>The proposed changes will have to be approved by a U.S. federal court judge who is also presiding over Epic Games’ lawsuit against Apple.</p>



<h2 class="wp-block-heading" id="h-chief-critic">CHIEF CRITIC</h2>



<p>The Coalition for App Fairness—a group that includes the likes of Spotify and Epic Games as its members issued a&nbsp;<a href="https://appfairness.org/coalition-for-app-fairness-statement-on-apples-sham-settlement-offer/" target="_blank" rel="noreferrer noopener">statement</a>&nbsp;dismissing Apple’s settlement offer as a “sham.” Meghan DiMuzio the executive director of the group said: “Apple&#8217;s sham settlement offer is nothing more than a desperate attempt to avoid the judgment of courts, regulators, and legislators worldwide… If this settlement is approved, app makers will still be barred from communicating about lower prices or offering competing payment options within their apps.”</p>



<h2 class="wp-block-heading" id="h-crucial-quote">CRUCIAL QUOTE</h2>



<p>“We truly are proud that a case brought by two developers, standing in the shoes of tens of thousands of U.S. iOS developers, could help to bring about so much important change,” Steve Berman, a lawyer for the plaintiffs in the suit,&nbsp;<a href="https://www.nytimes.com/2021/08/27/technology/apple-settles-app-store-lawsuit.html" target="_blank" rel="noreferrer noopener">told</a>&nbsp;the&nbsp;<em>New York Times</em>.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>Apple’s settlement appears to be a rather minor concession from the world’s richest company as its App Store business practices face&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2021/08/25/south-korea-lawmakers-back-legislative-action-to-curb-google-and-apples-app-store-fees/?sh=7c082ba01813">increasing antitrust scrutiny</a>&nbsp;worldwide. Some app makers, like Spotify, already&nbsp;<a href="https://support.spotify.com/us/article/apple-payments/" target="_blank" rel="noreferrer noopener">block new customers</a>&nbsp;from signing up for subscriptions inside their iOS app. In the past, the music streamer has also&nbsp;<a href="https://www.theverge.com/2015/7/8/8913105/spotify-apple-app-store-email" target="_blank" rel="noreferrer noopener">sent out emails</a>&nbsp;urging existing subscribers to ditch Apple’s payment system for a discount. Apple’s new proposal will simply formalize this for all developers. The company, however, made no concessions about payment methods within iOS itself, and app developers are still forced to only use Apple’s payment system for all in-app transactions taking place on an iPhone or iPad. The proposed settlement comes at a time when Apple is awaiting a decision from a federal judge in a separate lawsuit filed by Fortnite-developer Epic Games which seeks to allow developers to circumvent Apple’s App Store commissions altogether.</p>



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



<p>On Wednesday, a South Korean parliamentary committee&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2021/08/25/south-korea-lawmakers-back-legislative-action-to-curb-google-and-apples-app-store-fees/?sh=7c082ba01813">voted</a>&nbsp;to move forward a key legislative amendment that would ban Apple and Google from forcibly charging app developers a commission on all add-on purchases by requiring them to use their proprietary payment systems. Previously this month, a group of bipartisan U.S. senators&nbsp;<a href="https://www.reuters.com/technology/us-lawmakers-introduce-bill-rein-apple-google-app-stores-2021-08-11/" target="_blank" rel="noreferrer noopener">introduced</a>&nbsp;a similar bill that would bar companies from forcing their payment system on app developers. Last year, the European Union&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2020/12/15/new-eu-rules-could-fine-us-tech-giants-billions/?sh=5db2712f6a54">unveiled</a>&nbsp;a set of proposals that would force the likes of Apple and Google to divest parts of their business if they fail to adhere to fair competition rules.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.nytimes.com/2021/08/27/technology/apple-settles-app-store-lawsuit.html" target="_blank" rel="noreferrer noopener">Apple Settlement Gives App Developers a Way to Avoid Its Commission</a>&nbsp;(New York Times)</p>



<p><a href="https://www.reuters.com/technology/apple-will-change-app-store-practices-after-settlement-with-small-developers-2021-08-27/" target="_blank" rel="noreferrer noopener">Apple strikes App Store deal with small developers as it waits for &#8216;Fortnite&#8217; ruling</a> (Reuters)</p>



<p><em><strong>By Siladitya Ray, Forbes Staff</strong></em></p>


American multinational technology company Apple store seen

Apple Agrees To App Store Policy Changes In Settlement With Small Developers As Antitrust Threat Looms


<p><strong>TOPLINE </strong>Amazon and Google are facing a formal investigation in the U.K. over concerns they are not doing enough to protect users from fake reviews, the competition watchdog announced Friday, adding to increasing regulatory efforts around the world to compel tech companies to take more responsibility for problematic content on their platforms.</p>



<h4 class="wp-block-heading" id="h-key-facts">KEY FACTS</h4>



<p>The Competition and Markets Authority said it had opened an investigation to determine whether Google and Amazon had broken consumer law by failing to take sufficient steps to “protect shoppers from fake reviews.”&nbsp;</p>



<p>The probe follows a broader investigation into fake reviews last year that “raised specific concerns” the two companies were not doing enough to detect and remove fake or misleading reviews or to identify “suspicious patterns of behavior” among reviewers.</p>



<p>The CMA said it was also concerned that neither platform had done enough to discourage businesses or reviewers from posting bogus reviews and Amazon in particular had failed to prevent sellers from manipulating its product listings.&nbsp;</p>



<p>“Fake and misleading reviews have the potential to impact on businesses’ star ratings and how prominently companies and products are displayed to consumers, changing their whole shopping experience,” the watchdog said.&nbsp;</p>



<p>The companies face enforcement action should the investigation find they have broken the law, the CMA said, which could include formal commitments to deal with the issue or, should they fail to do so, court action.&nbsp;&nbsp;&nbsp;</p>



<p>Amazon and Google did not respond immediately to&nbsp;<em>Forbes’</em>&nbsp;request for comment.</p>



<h4 class="wp-block-heading" id="h-crucial-quote">CRUCIAL QUOTE</h4>



<p>Andrea Coscelli, the CMA’s chief executive, said the watchdog’s worry is “that millions of online shoppers could be misled by reading fake reviews and then spending their money based on those recommendations.” In addition, “it’s simply not fair if some businesses can fake 5-star reviews to give their products or services the most prominence, while law-abiding businesses lose out,” Coscelli added.</p>



<h4 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h4>



<p>Online reviews are a powerful driver of consumer decisions, whether that be for what to buy, where to go or what to eat. Many people rely on them as a metric to determine quality and authenticity and reviews will shape what is shown to consumers. A 2015 study by the CMA&nbsp;<a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/436238/Online_reviews_and_endorsements.pdf" target="_blank" rel="noreferrer noopener">estimated</a>&nbsp;them to drive around £23 billion (around $32 billion) in spending a year in the U.K. alone. To seize upon this, an entire&nbsp;<a href="https://www.bbc.co.uk/news/business-56069472" target="_blank" rel="noreferrer noopener">industry</a>&nbsp;has emerged trafficking in fake or misleading reviews. The CMA has previously&nbsp;<a href="https://www.theguardian.com/business/2019/jun/21/facebook-and-ebay-told-to-take-action-over-fake-reviews-cma" target="_blank" rel="noreferrer noopener">ordered</a>&nbsp;Facebook and eBay to tackle the problem after it found “troubling evidence” of a thriving marketplace for fake reviews.</p>



<h4 class="wp-block-heading" id="h-big-number">BIG NUMBER</h4>



<p>16,000. This is how many&nbsp;<a href="https://www.theguardian.com/technology/2021/apr/09/facebook-removes-over-16000-groups-trading-fake-reviews" target="_blank" rel="noreferrer noopener">groups</a>&nbsp;Facebook took down earlier this year after the CMA intervened for a second time after the platform failed to honor its promise to deal with fake reviews.&nbsp;</p>



<h4 class="wp-block-heading" id="h-contra">CONTRA</h4>



<p>Amazon recently&nbsp;<a href="https://www.theguardian.com/technology/2021/jun/16/amazon-blames-social-media-for-struggle-with-fake-reviews" target="_blank" rel="noreferrer noopener">blamed</a>&nbsp;social media companies for a large chunk of its fake review problem, saying they are not doing enough to remove the “bad actors” coordinating or soliciting reviews from their platforms. “While we appreciate that some social media companies have become much faster at responding, to address this problem at scale it is imperative for social media companies to invest adequately in proactive controls to detect and enforce fake reviews ahead of our reporting the issue to them,” the company said.</p>



<h4 class="wp-block-heading" id="h-further-reading">FURTHER READING</h4>



<p><a href="https://www.theguardian.com/technology/2021/apr/09/facebook-removes-over-16000-groups-trading-fake-reviews" target="_blank" rel="noreferrer noopener">Facebook removes over 16,000 groups trading fake reviews</a>&nbsp;(Guardian)</p>



<p><a href="https://www.cnbc.com/2020/09/06/amazon-reviews-thousands-are-fake-heres-how-to-spot-them.html" target="_blank" rel="noreferrer noopener">Amazon is filled with fake reviews and it’s getting harder to spot them</a> (CNBC)</p>



<p><strong><em>By Robert Hart, Forbes Staff</em></strong></p>


In this photo illustrative Google, Amazon and Apple logos

Amazon And Google Face U.K. Investigation Into Fake Reviews


<p id="h-topline"><strong>TOPLINE</strong> Apple reported a profit of $23.6 billion in its second quarter, up twofold from a year ago, on record sales of $89.6 billion, blowing past analysts’ expectations as iPhone sales remained strong after a record end to 2020.</p>



<h3 class="wp-block-heading" id="h-key-facts">KEY FACTS</h3>



<ul><li>Apple’s sales were up 53.7% jump from the same quarter last year, exceeding the $77.4 billion <a href="https://finance.yahoo.com/quote/AAPL/analysis?p=AAPL" target="_blank" rel="noreferrer noopener">expected by analysts</a>.</li></ul>



<ul><li>Net earnings were $1.40 per share, also well ahead of the consensus analyst expectation of 99 cents per share.</li></ul>



<ul><li>iPhone sales totaled $47.9 billion, accounting for 53% of Apple’s total revenue, far surpassing the $29 billion reported in the first quarter of 2020 and the $41.7 billion predicted by Wall Street analysts.</li></ul>



<ul><li>Revenue from services like iTunes and the App Store grew 27% to $16.9 billion, and sales of Mac computers, iPads and accessories like AirPods and watches also increased from last year.</li></ul>



<h3 class="wp-block-heading" id="h-crucial-quote">CRUCIAL QUOTE</h3>



<p>“Success was broadly distributed across our product categories,” Apple CEO Tim Cook said in a Wednesday evening conference call.</p>



<h3 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h3>



<p>In the final three months of last year, Apple logged the&nbsp;<a href="https://www.forbes.com/sites/johnkoetsier/2021/01/27/apples-biggest-quarter-ever-all-the-insane-numbers/">best quarter</a>&nbsp;in its 45-year history, topping $100 billion in total sales and growing revenue for&nbsp;<a href="https://www.cnbc.com/2021/01/27/apple-aapl-earnings-q1-2021.html" target="_blank" rel="noreferrer noopener">virtually every product line</a>. Over&nbsp;<a href="https://www.apple.com/newsroom/pdfs/q4fy15datasum.pdf" target="_blank" rel="noreferrer noopener">the last</a>&nbsp;<a href="https://www.apple.com/newsroom/pdfs/Q1FY17DataSummary.pdf" target="_blank" rel="noreferrer noopener">decade</a>, iPhones have served as the Cupertino, Calif.-based company’s largest driver of revenue. Some&nbsp;<a href="https://www.forbes.com/sites/timbajarin/2020/11/01/will-5g-kick-off-a-smartphone-upgrade-supercycle/?sh=9fcbe876fd2b">observers</a>&nbsp;expected iPhone sales to remain fairly strong at the start of this year, as consumers continue&nbsp;<a href="https://www.wsj.com/articles/apple-aapl-2q-earnings-report-2021-11619572929" target="_blank" rel="noreferrer noopener">upgrading to pricier</a>&nbsp;5G-enabled smartphones. But the company has also&nbsp;<a href="https://www.apple.com/newsroom/pdfs/Q1FY17DataSummary.pdf" target="_blank" rel="noreferrer noopener">rapidly</a>&nbsp;<a href="https://www.apple.com/newsroom/pdfs/FY21%20Q1%20Consolidated%20Financial%20Statements.pdf" target="_blank" rel="noreferrer noopener">increased</a>&nbsp;the share of its revenue from online services, and sales have grown for accessories like watches and AirPods.</p>



<h3 class="wp-block-heading" id="h-tangent">TANGENT</h3>



<p>It’s&nbsp;<a href="https://www.forbes.com/sites/chuckjones/2021/04/28/the-two-most-important-numbers-in-apples-earnings-announcement/?sh=6df247e93b49">not unusual</a>&nbsp;for Apple’s revenue to drop significantly from the end of one year to the beginning of the next, as holiday shopping brings&nbsp;<a href="https://www.apple.com/newsroom/2021/01/apple-reports-first-quarter-results/" target="_blank" rel="noreferrer noopener">consumers into stores</a>&nbsp;and drives&nbsp;<a href="https://www.cnbc.com/2021/01/06/apple-app-store-customers-spent-record-540-million-on-new-years-day.html#:~:text=On%20top%20of%20that%2C%20Apple,for%20its%20Apple%20Books%20app." target="_blank" rel="noreferrer noopener">digital sales</a>.</p>



<h3 class="wp-block-heading" id="h-further-reading">FURTHER READING</h3>



<p><a href="https://www.forbes.com/sites/chuckjones/2021/04/28/the-two-most-important-numbers-in-apples-earnings-announcement/?sh=6df247e93b49">The Two Most Important Numbers In Apple’s Earnings Announcement (Forbes)</a></p>



<p><em><strong>By Joe Walsh, Forbes Staff</strong></em></p>


Tag: Apple

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