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☆ Legendary iPhone designer Jony Ive opens up about what it was like working with Steve Jobs
▼ + stars: | 2024-07-02 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

Read previewFormer Apple design chief Jony Ive spent decades at the tech titan, but he said his best years were with late cofounder Steve Jobs. AdvertisementBut, those "very difficult years" were necessary for him to become the renowned designer he is today, according to Ive. Jony Ive was Apple's head of design during Jobs' second tenure at the company and led the development of the iPhone under the CEO. Alessia Pierdomenico / ReutersIve described his time working with Jobs at Apple from 1997 to 2011 as "the most joyful and extraordinary 15 years of my life." Unlike his first few years without Jobs, he said that learning at Apple became clearer and more focused on "what we were creating" with Jobs at the helm.

Persons: —, Jony, Steve Jobs, Jobs, Steve, Alessia Pierdomenico, I'm Organizations: Service, Apple, Business

☆ Releasing ChatGPT made OpenAI the poster company of the AI race. But winning it is proving really hard.
▼ + stars: | 2024-06-27 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

Read preview"Try talking with it here," Sam Altman wrote on X, linking to an "early demo" of ChatGPT. AdvertisementIt made OpenAI the poster child of the race to create human-like artificial general intelligence, which has become Altman's stated mission. OpenAI still has no release date for Sora, the model that generates videos based on users' text prompts and was first demonstrated publicly in February. AdvertisementThis month did give OpenAI something to celebrate; Apple announced that it was partnering with the company to bring ChatGPT to iPhones, iPads, and Macs. ChatGPT gave OpenAI a headstart in the race to make AGI.

Persons: —, Sam Altman, ChatGPT, Altman's, OpenAI, Scarlett Johansson, Altman, Sora, Sundar Pichai, Claude, OpenAI isn't Organizations: Service, Business, Tech, Microsoft, Apple, Google, Meta, ChatGPT, Chatbot Locations: Silicon Valley, GPT

☆ People thought they might die when oxygen masks deployed on a United flight to Maui, passenger says
▼ + stars: | 2024-06-25 | by ( Kelsey Vlamis | Amanda Goh | ) www.businessinsider.com time to read: +4 min

This story is available exclusively to Business Insider subscribers. AdvertisementScott's wife, Lesley Scott, said the flight attendants urgently asked passengers to put the oxygen masks on, which they thought meant this was not a mistake and that something was actually wrong. AdvertisementIn a statement provided to Business Insider, United said: "A small number of oxygen masks inadvertently deployed during the flight. About a week prior, oxygen masks also "inadvertently deployed" on a transatlantic United flight from Paris to Washington, DC. AdvertisementBoeing did not immediately respond to a request for comment from Business Insider sent outside regular hours.

Persons: —, Ryan Scott, Scott, Lesley Scott, United Organizations: Service, Business, United, Kahului, Boeing, Business Insider Locations: Marin County , California, Hawaii, San Francisco, Maui, hyperventilating, Paris, Washington

☆ Southeast Asia is a top choice for firms diversifying supply chains amid U.S.-China tensions
▼ + stars: | 2024-06-24 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +5 min

Skyline, Ho Chi Minh City, Vietnam John Harper | Photodisc | Getty ImagesSoutheast Asia has emerged as a top choice for firms looking to diversify production away from China, including Chinese companies, amid escalating tensions between Washington and Beijing. "Southeast Asia is well-placed to benefit significantly from the China+1 phenomenon as both foreign and Chinese companies diversify their supply chains and operations," said Kuo-Yi Lim, co-founder and managing partner of Southeast Asian venture capital firm Monk's Hill Ventures. "The ASEAN-6 region has benefited from a diversification of global and regional supply chain as well as the adoption of 'China+1' strategies. MalaysiaMalaysia has seen semiconductor firms including Intel, GlobalFoundries and Infineon setting up or expanding operations in the country over the last few years amid U.S.-China tensions. Chinese electric vehicle maker BYD plans to start commercial production of EVs in Indonesia in 2026, according to local reports.

Persons: Vietnam John Harper, Kuo, Yi Lim, Lim, Yinglan Tan, Kai Wei Ang, CNBC's, It's, Ang, Anders C, Johansson, –, Sokon – Organizations: Photodisc, Getty, Monk's Hill Ventures, ASEAN, Hong Kong SAR, Apple, Ventures Partners, Samsung, BofA Securities, Intel, GlobalFoundries, Infineon, U.S, Monk's Hill Ventures . Industry, Malaysia that's, Stockholm China Economic Research, Stockholm School of Economics, Chery, Singapore Locations: Chi Minh City, Vietnam, Asia, China, Washington, Beijing, Monk's, Indonesia, Malaysia, Philippines, Thailand, Singapore, U.S, Japan, European Union, China & Hong Kong, Hong Kong, Vietnam Vietnam, ASEAN, Malaysia Malaysia, Stockholm China, EVs

☆ My internship at Bridgewater Associates felt like a 'Black Mirror' episode
▼ + stars: | 2024-06-23 | by ( Jane Zhang | ) www.businessinsider.com time to read: +11 min

The summer after my sophomore and junior years at Harvard University, I interned at Bridgewater Associates, the world's largest hedge fund. AdvertisementAnd while I definitely see parallels between my time at Bridgewater and that "Black Mirror" episode, I look back fondly on my time there. AdvertisementAuthenticity is a big thing at Bridgewater, so I went into the interview wanting to be completely myself. I worked on a lot of diversity initiatives, figuring out how to make Bridgewater more streamlined and accessible to employees. It helped shape who I am today, especially how I think about feedback, work, and the relationships I have at work.

Persons: Daria Rose, Ray, , I've, Ray Dalio, would've, She'd, Myers, —, we'd, I'd, It's, Dalio, it's, it'd, Ray Dalio isn't, We'd, Jane Zhang Organizations: Bridgewater Associates, Business, Harvard University, Bridgewater, Harvard, Briggs Locations: Ray Dalio's, Bridgewater, Westport , Connecticut, janezhang@businessinsider.com

☆ Jensen Huang's Nvidia sure hopes the AI bubble doesn't burst anytime soon
▼ + stars: | 2024-06-22 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

AdvertisementHowever, Nvidia's run faces one big risk: it depends on the generative AI boom lasting. Though tech giants, including Apple, Google, Meta, and Microsoft, now appear to have made generative AI their priority, there appears to be awareness of the technology's weaknesses. Google, for instance, was forced to apologize earlier this year after its generative AI image generator created historically incorrect images in response to user requests. For now, though, the industry seems intent on moving ahead with LLM-enabled generative AI. That should keep Nvidia in the race with Microsoft and Apple to a $4 trillion valuation.

Persons: —, Jensen Huang, they've, Dan Ives, Huang, Tim Cook, Yann LeCun Organizations: Service, Nvidia, Microsoft, Apple, Business, Meta, Google, Blackwell, Apple Intelligence, Financial Locations: Taipei

☆ Apple Intelligence won't launch in EU in 2024 due to antitrust regulation, company says
▼ + stars: | 2024-06-21 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Tim Cook, chief executive officer of Apple Inc., during the Apple Worldwide Developers Conference at Apple Park campus in Cupertino, California, US, on Monday, June 10, 2024. Apple said Friday it won't release three recently announced features, including its flagship "Apple Intelligence" AI product, in the European Union in 2024 due to "regulatory uncertainties" stemming from the bloc's Digital Markets Act antitrust regulation. Apple Intelligence can proofread writing or even rewrite it in a friendly or professional tone. Apple saw 2023 net sales of $94.3 billion in Europe, just under a quarter of its worldwide net sales. Apple Intelligence also won't be available in Greater China, which accounted for $72.6 billion of its 2023 sales.

Persons: Tim Cook, Apple Organizations: Apple Inc, Apple Worldwide, Apple, Apple Intelligence, European Union, bloc's, EU, Microsoft, OpenAI, European Locations: Cupertino , California, Europe, Greater China

☆ My husband and I used a 'Cinderella' rule to limit our kids' screen time. We don't regret it.
▼ + stars: | 2024-06-20 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +4 min

Read previewThis as-told-to essay is based on a conversation with Maria Estrada, 51, who is a plant-science lecturer at Fresno State and the mother of two teenagers. But when they were in middle school and younger, we had a Cinderella thing: At midnight, all the wifi would disappear. How we locked their devices at midnightLeft to right: Maria Estrada, her kids Pauline and John, and her husband Dexter, after the kids won first place in the plant science category at a science competition. Maria EstradaMy husband, Dexter, used two different apps to lock our kids' devices so they couldn't stay up late texting, watching videos, and playing games. Our kids have both excelledI don't do anything to restrict my kids' screen time anymore.

Persons: —, Maria Estrada, It's, I've, Estrada, Pauline, John, Dexter, John Benedict Estrada, he'd, Pauline Estrada, Maria Estrada Pauline, they've Organizations: Service, Fresno State, Business, YouTube, Microsoft, Safety, University of California Locations: Berkeley

☆ Apple exec explains why you wouldn't want to run Apple Intelligence on your older iPhone
▼ + stars: | 2024-06-18 | by ( Jaures Yip | ) www.businessinsider.com time to read: +1 min

The phone cutoff for Apple's gen AI system, Apple Intelligence, is the iPhone 15 Pro and Pro Max. Apple's AI head, John Giannandrea, said older iPhones can't handle the computational demands of AI. Apple Intelligence will roll out with iOS 18 and the new iPhone 16 lineup this fall. AdvertisementWhy can't you run Apple's fancy new AI features — collectively called Apple Intelligence — on your old iPhone? The company limited its highly anticipated generative AI system to only the latest iPhones — the iPhone 15 Pro and the iPhone 15 Pro Max and the upcoming lineup, presumably called the iPhone 16.

Persons: Pro Max, Apple's, John Giannandrea, —, Max Organizations: Apple Intelligence, Pro, Service, Apple, Business

☆ My son's video game habit worried me but it fueled his interest in coding, robots, and AI. At age 16, he won $55,000 at a science fair.
▼ + stars: | 2024-06-17 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +5 min

It helped him, especially in his science fair projects. They both used their coding skills later when they developed AI models for their science fair projects. But video games might have taken my son a step further. John and Pauline did their next science fair project together, expanding on the concept with tomato plants and a rover. John Benedict Estrada and Pauline Estrada stand in front of their science fair project at Regeneron ISEF.

Persons: —, Maria Estrada, It's, they've, John, Mario, Pauline, Dexter, Estrada's, Gordon E, Moore, John Benedict Estrada, Pauline Estrada, ISEF Organizations: Service, Fresno State, Business, Nintendo, PlayStation, Regeneron, Science, Engineering, University of California Locations: ISEF, Berkeley

☆ Apple just formed a bullish golden cross chart pattern
▼ + stars: | 2024-06-14 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

The maker of iPhones and iPads has formed a "golden cross," a technical indicator signaling when a stock's moving average over the last 50 days rises above the same moving average tracking the last 200 days. It's the first time since March that Apple's 50-day moving average trades above its 200-day counterpart. Despite the outperformance, Apple shares have advanced less than 11% this year, underperforming both the broad S & P 500 and technology-heavy Nasdaq Composite . While the golden cross can indicate upside momentum, Wall Street expects a correction ahead. AAPL 5D mountain Apple, 5-day Correction: A previous version misstated when Apple's previous golden cross pattern took place.

Persons: Siri, LSEG Organizations: Apple, Apple Intelligence, Nasdaq Locations: Silicon Valley

☆ Elon Musk threatens to ban iPhones at his companies if Apple integrates ChatGPT
▼ + stars: | 2024-06-11 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Elon Musk is not happy about a new partnership between Apple and ChatGPT creator OpenAI. “Apple has no clue what’s actually going on once they hand your data over to OpenAI,” Musk said in a separate post. OpenAI’s technology will support some of these new tools — for example, allowing users to direct questions to ChatGPT via their Apple devices. Greg Brockman, OpenAI president, said late Monday that ChatGPT would be integrated into Apple’s operating systems for iPhones, iPads and Mac computers. So Musk’s employees may have limited options if he wants to ban rival AI — or even OpenAI — from his companies.

Persons: London CNN — Elon Musk, OpenAI, ” Musk, Apple, Musk’s, Siri, Greg Brockman, We’re, Will, Sam Altman, ”, Catherine Flick, ” OpenAI, ” Matt Britzman, Hargreaves Lansdown Organizations: London CNN, Apple, SpaceX, Bluetooth, ” CNN, OpenAI, Developers, Apple Intelligence, Google, Samsung, Microsoft, Windows, Staffordshire University Locations: OpenAI, ”, England

☆ Apple's iPad calculator looks freaking awesome
▼ + stars: | 2024-06-11 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +2 min

The new OS18 also brings a calculator app to the iPad — a feature the device never had. The app looks a lot like the iconic orange and white calculator users have long seen on the iPhone. Math Notes will automatically be accessible in the preexisting Notes app. New calculator feature revealed at Apple WWDC 2024. Apple's calculator seems less impressive than OpenAI's GPT-4o, which can look at a math problem and verbally talk the user through the solution step-by-step.

Persons: —, iPads, Apple, Gene Munster Organizations: Service, Conference, Apple Intelligence, Business, Apple, Big Tech, Deepwater Asset Management

☆ Stocks making the biggest moves midday: Affirm, General Motors, Apple and more
▼ + stars: | 2024-06-11 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

Affirm Holdings – The stock popped nearly 7% following the announcement that its buy now, pay later loans will be embedded into Apple Pay as an option for purchases. U.S. Apple Pay users on iPhones and iPads will be able to use the option later this year, the company said in a filing. General Motors – The automaker's stock added about 2% after announcing a $6 billion share repurchase program. Apple – The stock jumped around 6% one day after the iPhone maker announced its artificial intelligence strategy at its Worldwide Developers Conference . GameStop – The stock rose about 2%, trimming losses after its recent slide.

Persons: General Motors, Siri, Keith Gill, Pierre Brondeau, Mark Douglas, Ronaldo Pereira, Elliott, Lee Cole, FactSet, —, Alex Harring, Samantha Subin, Lisa Kailai Han, Pia Singh, Sarah Min, Jesse Pound Organizations: Apple Pay, Apple, General, GM, Worldwide Developers, OpenAI, GameStop, FMC, JPMorgan, Reuters, Apollo, Kyndryl Holdings, Southwest Airlines –, Academy Sports, Bank of America Locations: Southwest

☆ Apple's big keynote should make plenty of startups nervous
▼ + stars: | 2024-06-11 | by ( Ana Altchek | ) www.businessinsider.com time to read: +1 min

Apple's WWDC event unveiled AI features that should make some startups nervous. Apple has a history of making a particular app or service seem irrelevant by building a rival feature into iPhones or Macs. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . That was certainly the case during Apple's WWDC event this week, during which CEO Tim Cook and other executives detailed a host of AI features coming to iPhones, iPads, and Macs. This story is available exclusively to Business Insider subscribers.

Persons: Apple's, —, Tim Cook Organizations: Apple, Apple Intelligence, Service, Business

A.I., the Apple wayAfter months of anticipation, Apple finally introduced its plan to infuse its products with artificial intelligence: Meet Apple Intelligence, which weaves the technology into core features of iPhones, iPads and Macs. But while the tech giant announced a slew of new features, the announcement reflected a very Apple-like cautious approach to A.I. Yes, the company will add OpenAI’s ChatGPT to Siri — but it’s leaving the door open for adding other chatbots. It all suggests that Apple is hedging its bets (or is simply behind its rivals), while slowly ramping up what A.I. iPhone users will be able to direct queries to the latest version of ChatGPT if Siri can’t handle them on its own.

Persons: Siri —, OpenAI, Siri can’t Organizations: Apple, Apple Intelligence, Worldwide

☆ AI is getting very popular among students and teachers, very quickly
▼ + stars: | 2024-06-11 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +7 min

Khan recently told CNBC that its AI tool will expand from 65,000 students to one million students next year. It also recently announced that Microsoft is paying so that AI can be offered to teachers across the U.S. free of charge. In fact, teachers were the only demographic polled where year-over-year favorability declined, though a majority (59%) still have a positive view of AI chatbots. Minority groups are adopting AI for education at higher rates, including the teachers and parents who are using AI to help children. Black and Hispanic K-12 students and undergraduates were more likely to use AI for school.

Persons: Hyoung Chang, ChatGPT, Ethan Mollick, Sal Khan, Khan, CNBC's, Sam Altman, Greg Brockman, zeroed, Mollick, It's, Nadia, Alan Turing's Organizations: Getty, Microsoft, Apple, Impact Research, Walton Family Foundation, Learning, University of Pennsylvania's Wharton School, Khan Academy, CNBC, Teachers Locations: Denver, Newark , New, U.S

☆ Affirm buy now, pay later loans will be embedded into Apple Pay later this year
▼ + stars: | 2024-06-11 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Apple device users will soon be able to tap into buy now, pay later loans from Affirm for purchases, the companies said Tuesday. Affirm will surface as an option for U.S. Apple Pay users on iPhones and iPads later this year, the San Francisco-based fintech company said in a filing. "This provides users with additional payment choices, and offers the ease, convenience and security of Apple Pay alongside the features users love in Affirm – flexibility, transparency and no late or hidden fees," Affirm said in an email statement. The move is a boost to Affirm and the buy now, pay later sector in general. But the fact that Apple decided to also allow Affirm products in its ecosystem shows that the fintech company has something unique to offer.

Persons: iPads, Apple's, Dan Dolev Organizations: Apple, Mizuho Securities Locations: San Francisco

☆ Can Tim Cook sell you a new iPhone based on Apple's new AI features? It's a huge question for the company.
▼ + stars: | 2024-06-10 | by ( Peter Kafka | ) www.businessinsider.com time to read: +6 min

That's the scenario Apple sketched out Monday, when it tried to explain how it was integrating AI into its ecosystem. But it's also a very real problem for Apple since Apple is in the business of selling expensive, high-margin hardware. AdvertisementBut I do have a third, vibes-based theory about why the AI that Apple showed off didn't blow me away. And during Apple's Monday demo, the company played on both sides of that line: It would tell you that Apple's AI could instantly make your writing better. In Apple's framing, that's AI that's helpful, but not creepy; immediately useful, but not too disruptive.

Persons: —, Apple, it's, we've, Tim Cook, Craig Federighi Organizations: Service, Business, Apple, iPhones, AIs Locations: emojis

☆ Here's what to expect from Apple's AI event and how to trade it
▼ + stars: | 2024-06-10 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

The pressure is heating up on Apple to flaunt its AI potential at its annual Worldwide Developers Conference Monday. Shares of Apple have lagged major technology peers since the start of the year, rising just 1.5%. While the Apple event isn't typically regarded as a big market-moving stock catalyst, the highly anticipated announcement of new generative AI-enabled features changes the narrative this year, Woodring said. He added that shares tend to underperform the S & P 500 by 10 basis points on average on the day of the event. The analyst retained a $225 price target on Apple shares, implying 14% upside from Friday's close.

Persons: Morgan Stanley's Erik Woodring, Woodring, Siri, Tim Cook, Samik Chatterjee, Atif Malik, AAPL, Toni Sacconaghi Organizations: Apple, Developers, Nvidia, Microsoft, Mac, Citigroup, Google, Samsung

☆ Check out the coolest things Apple's AI can do
▼ + stars: | 2024-06-10 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +4 min

Read previewApple finally showed off its contribution to the AI wars, and there are some pretty cool use cases for it. The company made a splash with its AI announcement for Apple Intelligence during a keynote Monday at its annual WWDC event. CEO Tim Cook called Apple Intelligence "the new personal intelligence system that makes your most personal products even more useful and delightful." AppleApple Intelligence can also help with tasks that require knowledge of your "personal context," said Craig Federighi, Apple's senior vice president of software engineering. Apple Intelligence will also open up a new world of possibilities for Siri, said Kelsey Peterson, Apple's director of machine learning and AI.

Persons: —, Tim Cook, Craig Federighi, Apple's, Federighi, Siri, Kelsey Peterson, you'll, Stacey Organizations: Service, Apple Intelligence, Business, . Apple Intelligence, Apple Apple Intelligence Locations: New York

☆ Best Buy posts another quarter of sluggish consumer electronics demand
▼ + stars: | 2024-05-30 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

A Best Buy store stands outside of a Brooklyn mall on August 29, 2023 in New York City. Best Buy on Thursday missed Wall Street's quarterly sales expectations, but stressed higher profits and lower costs as softer demand for consumer electronics continues. Adjusting for one-time items, including restructuring charges, Best Buy reported earnings of $1.20 per share. She did not specify the number of layoffs, but said Best Buy would invest in areas that could drive growth, like artificial intelligence. Best Buy on Thursday adjusted its full-year capital expenditures forecast to an estimate of $750 million, down from as much as $800 million.

Persons: Corie Barry, Barry, Matt Bilunas Organizations: LSEG, Apple, Microsoft Locations: Brooklyn, New York City, U.S, Minneapolis

Here's a rapid-fire update on all 33 stocks in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. Below $200 a share is the level we'd get interested in buying more Salesforce stock, Jim said. The industrial name will continue to be a beneficiary of the AI trade due to Eaton's booming data center business. Alphabet : If this mega-cap name experiences a move lower, investors should scoop up shares, Jim said. Nvidia : There's not much more to say about Nvidia in light of another blowout earnings report and the strong guidance accompanying it.

Persons: Jim Cramer's, Jim, Apple's, Goldman Sachs, Salesforce, We've, Danaher, he'd, Walt Disney, We're, Estee Lauder, Eaton, Ford, Motors, Mary Dillon's, It's, Linde, Eli Lilly, Mark Zuckerberg's, Morgan Stanley, we're, Stanley Black, we've, Wynn, Jim Cramer, Michael M Organizations: Jim Cramer's Charitable Trust, CNBC, Club, Apple, Abbott Laboratories, Abbott Labs, Amazon Web Services, Broadcom, Dell, Samsung, Costco Wholesale, Coterra Energy, DuPont De Nemours, DuPont, The, Eaton, Ford, GE Healthcare, Honeywell, Jim, Linde, Microsoft, Nvidia, Palo Alto Networks, Palo Alto, Change, Procter & Gamble, Constellation Brands, Constellation, Modelo, Corona, Federal Reserve, TJX, Marshalls, Wynn Resorts, Jim Cramer's Charitable, Traders, New York Stock Exchange, Santiago, Getty Locations: China, Dover, Eaton, U.S, Maxx, HomeGoods, Wells Fargo, Macau, New York City

☆ Best Buy surges on signs that the expected AI-driven PC and smartphone refresh is starting
▼ + stars: | 2024-05-30 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Bottom Line This was a better-than-feared quarter from Best Buy. Services are an area that Best Buy can lean into and leverage to differentiate from online retailers like Amazon . Importantly, she noted that not only will Best Buy have the largest assortment of AI-enabled PCs but over 40% of that assortment will be exclusive to Best Buy. Going back to how Best Buy can compete with the likes of Amazon, Best Buy is working closely with vendors on marketing strategies and demonstrations to offer a "unique educational and interconnected digital shopping journey." Bimal Tandel photographs Bhavin Tandel and Dinesh Tandel, crew members on the Klara Oldendorff, in front of a Best Buy in Timonium, Maryland, U.S., March 29, 2024.

Persons: Corie Barry, we're, Barry, FactSet, Jim Cramer's, Jim Cramer, Jim, Bimal, Bhavin Tandel, Dinesh Tandel, Klara Oldendorff, Julia Nikhinson Organizations: LSEG, Services, Amazon, Computer, Target, Walmart, Costco, Barry, Apple, CNBC Locations: Timonium , Maryland, U.S

☆ China’s 618 shopping festival begins with biggest-ever Apple price cuts and a boycott
▼ + stars: | 2024-05-22 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Apple is offering unprecedented price cuts in China as big brands and retailers launch promotions for the annual “618” shopping festival in the face of sluggish consumer demand. The JD.com Inc. headquarters during a ceremony marking company's 20th anniversary and 618 shopping event in Beijing, China, on Sunday, June 18, 2023. The 618 shopping festival, a key barometer of consumption in the country, has seen growing competition by e-commerce sites and retailing brands to offer discounts. One statement, issued by 10 publishing houses in Beijing, said the boycott was a necessary move to “maintain the stability and prosperity” of the book publishing market. Even major state-owned publishing companies voiced opposition to “chaotic” price wars.

Persons: Apple, Alibaba —, Alibaba, Rihanna, iPads, ”, Jefferies Organizations: Hong Kong CNN, Apple, Huawei, Vivo, JD.com, Inc, Bloomberg, Getty, Counterpoint Research, Xiaomi, Shanghai Century Publishing Locations: Hong Kong, China, Shanghai, Beijing

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