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Top stories today: - Apple unveils iPhone 16 family, new Watch, AirPods models
- Apple, Google lose EU court fights over antitrust fines
- SpaceX's Polaris Dawn launches, carrying 4 astronauts for spacewalk
- Huawei unveils $2,800 tri-fold phone just hours after iPhone 16 launch
- Google used "classic monopolist playbook," prosecutor says as trial begins
- Oracle's revenue +7% to $13.31B in Q1 FY25, topping estimates
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0. Data and calendar |
 | All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT). |
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 | All times are ET. |
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1. Apple unveils iPhone 16 family, new Watch, AirPods models, in line with expectations |
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iPhone 16 Pro and iPhone 16 Pro Max featured larger, 6.3" and 6.9" displays, respectively. iPhone 16 series included touch-sensitive Camera Control and Action button. Apple Watch 10 carried the biggest display & thinnest design ever on an Apple Watch.
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Apple Watch Ultra 2 now has a Satin Black finish |
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AirPods 4 has been redesigned with a bud shape and an active noise cancellation option |
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Apple Intelligence will come in beta on all iPhone 16s and on iPhone 15 Pro models in October |
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3. Apple, Google lose EU court fights over antitrust fines |
Apple stock, which didn't move after the iPhone 16 launch, is -1% in the pre-market: |
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$14.4B Irish tax bill fight lost by Apple. 2016 decision on Apple getting unfair advantage was upheld by the EU's top court. Google failed to overturn the $2.6B EU antitrust fine. 2017 decision over Google's search dominance was backed by the EU's top court.
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4. SpaceX's Polaris Dawn mission launches, carrying 4 nonprofessional astronauts for spacewalk |
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Spacewalk is scheduled for Thursday to test SpaceX-developed spacesuits. 5.23 AM ET: when the crew lifted off using a Falcon 9 rocket. After a series of delay, the mission took off for a 5-day excursion. SpaceX and billionaire Jared Isaacman conceptualized Polaris Dawn.
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5. Huawei unveils $2,800 tri-fold phone just hours after iPhone 16 launch |
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Mate XT can work as a 10.2-inch tablet and a smartphone. Harmony OS backs the software on the new phone. Huawei is likely to fight Apple in China's premium smartphone market this holiday season.
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7. Google used "classic monopolist playbook," prosecutor says as trial begins |
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Google dominated supply and demand sides of ad tech. "Google acquired its way to success," Justice Department's trial attorney said. U.S. and 8-state coalition accused Google of harming publishers and advertisers.
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-1.57%: Google's share price dropped to $149.54 from the previous close of $151.93 |
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8. Oracle's revenue +7% to $13.31B in Q1 FY25, topped Wall Street estimates |
The stock was around +9% in trading after the bell: |
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9. Multi-manager hedge funds see $30B in net client withdrawals in 12 months ending June, first since 2016 |
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Hedge funds were ~1/3 of the $30B, returning capital to investors. Allocators like pension funds decided they've invested enough: Goldman. Weaker returns last year have also affected investor enthusiasm. ~2.4K new hires over the past 12 months.
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10. Crypto scam losses +45% to $5.6B+ in 2023: FBI |
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11. Interesting videos, posts, and memes |
 | iPhone 16 event in 16 minutes |
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 | In conversation with JD Vance | All-In Summit 2024 |
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 | In conversation with Elon Musk | All-In Summit 2024 |
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 | Luma's Dream Machine and Reasoning in Video Models |
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12. Other headlines |
AI |
Audible recruits voice actors to train audiobook-generating AI. Anthropic's Mike Krieger interview on new CPO role, copyright issues, AI safety.
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Tech |
iOS 18, macOS Sequoia, watchOS 11, and visionOS 2 to be released on Sep 16. Sequoia completes $861M purchase of Stripe shares from LPs. Permira raises Squarespace takeover offer to $7.2B. Apple supplier Jabil to set up plant in India with $238M investment.
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Tech & law |
Commerce Department proposes detailed reporting for advanced AI, cloud providers. Australia plans social media minimum age limit, sparks backlash.
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Biotech |
AstraZeneca: lung cancer drug trial shows no significant survival improvement. Terns Pharma claims oral weight-loss drug cut weight by 4.9% in study. Candid Therapeutics raises $370M, plans to lead T-cell engager market. FDA lifts partial clinical hold on Rezolute's low blood sugar treatment. Some China biotech firms blacklisted in bill passed by House.
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Business |
Largest U.S. banks would face +9% in capital requirements in new plan. SEC fines 7 companies for violations to whistleblower-protection rules. House votes to bar new DJI drones.
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Crypto |
SEC hits $4.7B in crypto enforcement in 2024, 31x from 2023. FTX finalizes $600M Robinhood shares claim settlement with Emergent. Ether.fi to launch blockchain-based Visa "cash" card on Scroll network.
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U.S. politics |
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World |
U.S., China military officials hold first video call to stabilize ties. UN likely to vote next week on ending Israel's presence in West Bank. Germany tightens border controls in immigration crackdown. Kim Jong Un vows to massively expand North Korea's nuclear arsenal. Ukraine summons diplomat as Tehran denies missile transfer to Russia.
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