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Post-pandemic revenge spending is still continuing, but in one part of the world there's something starkly opposite happening — revenge saving. Rather than splurging on impulsive purchases, China's young are saving ferociously as the world's second-largest economy remains in the doldrums. Revenge saving has become a trend on Chinese social media websites, with Chinese youth setting extreme monthly saving targets. "Chinese youth have a revenge savings mentality," said China Market Research Group's Managing Director Shaun Rein. "Unlike youths in the 2010s who often spent more than they earned and borrowed money to buy fancy items like Gucci handbags and Apple iPhone, young Chinese have started saving more," he told CNBC.
Persons: Zhai Zhai, Shaun Rein, Gucci Organizations: Research, CNBC Locations: China
China's annual 618 mid-year e-commerce festival saw sales drop for the first time in 8 years, according to retail data provider Syntun, signaling consumption recovery in the world's second-biggest economy was still quite slow. It was also the first time sales clocked a decline since Sytun began monitoring the event in 2016, the company told CNBC. It is China's second-biggest annual sales event after "Singles Day" in November — both are seen as a barometer for household consumption. Weak sales this year came despite some companies extending their 618 sales period, according to Sytun's analysis, which covered over 20 platforms. Tmall, for instance, started offering its 618 deals as early as May 20 this year, as opposed to its typical May 31 start date.
Organizations: CNBC, PDD Holdings, Apple
The new Passwords app for iPhone, iPad, Vision Pro, Mac and Windows, lets users store all of their passwords, including verification codes, app passwords, Wi-Fi passwords, Passkeys and more. Its new Passwords app, introduced at Apple's WWDC 2024 earlier this week, is one more solution to help protect online accounts and manage multiple logins. Password managers, like the Apple Password app, log different passwords, passcodes and logins securely under a safe account. You can't underestimate the amount of effort they will put into making sure that is locked down, and those are all tied into Apple IDs, Apple passwords. Apple Intelligence, its entry into AI, will leverage cloud-based models on special servers using Apple Silicon to ensure that user data is private and secure.
Persons: Cser, Gadjo Sevilla, eMarketer, That's, Andras Cser, Forrester, Security.org, LastPass, Sevilla, Siri, Elon Musk, We're, John Giannandrea Organizations: Windows, IBM, Apple, Google, Microsoft, iOS, Facebook, OpenAI, Apple Intelligence, Machine Locations: WWDC
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
At its annual Worldwide Developers Conference next month, it's believed that Apple will share more information about an expected AI-integrated iPhone. Jim Cramer has said that new AI capabilities on devices and for devices will usher in the " greatest refresh cycle in history ." Wireless stands to benefit from the expected increase in iPhone sales because Apple is one of Broadcom's largest customers. If there's a surge in PC sales, in particular, this could boost both Nvidia's Gaming and Professional Visualization segments. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Satya Nadella, it's, Jim Cramer, It's, Tim Cook, Jim, iPhones, Jim Cramer's, Eugene Mymrin Organizations: Microsoft, Developers Conference, Apple, Broadcom, Nvidia, Computing, Windows, Revenue, Shareholders, China Academy of Information, Communications Technology, Broadcom Wireless, Broadcom's Semiconductor, Nvidia's Gaming, Club, HP Inc, Dell, CNBC Locations: China
Read previewApple recently reached a $35 million settlement with iPhone 7 and iPhone 7 Plus users who said their phones had audio problems. It argues the iPhone 7 and iPhone 7 Plus had audio issues related to the "audio IC chip." Apple iPhone 7. AdvertisementHow much money could iPhone customers receive? If customers don't select a payment method and provide payment information, they'll remain in the settlement class but cannot receive payment.
Persons: , Apple, Spencer Platt, Andrea Gold, Greg Coleman, Coleman Organizations: Service, Business, Apple, Getty, United States Locations: United
Apple's upcoming WWDC on June 10 represents its "most important event in a decade," according to Wedbush analyst Dan Ives. Ives expects the company to unveil a host of AI features that will help power an iPhone 16 supercycle. Ives expects the iPhone upgrade cycle could exceed a massive 270 million units. "This adds to our entrenched view that for Apple iPhone builds we will see a lift heading into a highly anticipated iPhone 16 upgrade cycle that kicks off in September. We believe current Street numbers are somewhat conservative for FY25 which is a good setup into this upcoming iPhone cycle," Ives said.
Persons: Dan Ives, Ives, Organizations: Service, Apple, OpenAI, Cook, Co Locations: Taiwan
It looks like Jensen Huang wants to announce a new Nvidia chip ever year too. As demand for Nvidia's AI chips soars, Huang looks set to put chip release on a "one-year rhythm." AdvertisementJensen Huang knows the world simply can't get enough of his chips. Those eye-watering numbers signal that demand for Nvidia's specialty chips, known as GPUs, will not let up anytime soon. This story is available exclusively to Business Insider subscribers.
Persons: Tim Cook, Jensen Huang, Huang, Organizations: Apple iPhone, Nvidia, Service, Companies, Google, Business
"Consumers continue to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending," McDonald's CEO Chris Kempczinski said on the company's conference call in late April. Paul Weaver | SOPA Images | Getty ImagesFor more than two years, consumers have dealt with sharply rising prices. But that doesn't mean the actual prices seen on grocery store shelves or restaurant menus will fall, and shoppers are feeling that pinch. While some CEOs have said that consumers are growing more cautious, others — like those in the airline industry — have celebrated strong and persistent spending. Corporate misfires can also lead to disappointing sales, even if their shoppers aren't necessarily pulling back on their spending.
Persons: Chris Kempczinski, Burger, Paul Weaver, Jerome Powell, Aurelia Concepcion, Concepcion, it's, Joe Raedle, Brett House, John David Rainey, Ramon Laguarta, Ed Bastian, We're, Daniel Slim, Brian Niccol, Calvin McDonald, Laxman Narasimhan, Sara Senatore, Spencer Platt Organizations: DAL, Washington Post, Home, Delta Air Lines, Consumers, of Labor, CPI, KFC, Starbucks, Columbia Business School, Walmart, Finance, CNBC, PepsiCo, Gatorade, Pepsi, United, Delta Airlines Boeing, Owen Roberts International, AFP, Getty, Delta, Target, Bank of America Locations: Manhattan, Bloomsburg , Pennsylvania, New York, Georgia, Ohio, Miami , Florida, U.S, Delta, Europe, Asia, Japan, George Town, Cayman Islands, New York City
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailApple iPhone weakness in China is overdone, says Wells Fargo analystAaron Rakers, Wells Fargo Securities managing director, joins 'Fast Money' to talk the bull case for Apple, iPhones and AI, and what's ahead for the tech company.
Persons: Wells, Aaron Rakers Organizations: Wells Fargo Securities, Apple Locations: China, Wells Fargo
TOPSHOT - The Apple iPhone 15 series is displayed for sale at The Grove Apple retail store on release day in Los Angeles, California, on September 22, 2023. (Photo by Patrick T. Fallon / AFP) (Photo by PATRICK T. FALLON/AFP via Getty Images)Apple's iPhone sales dropped sharply in China in the first quarter of this year as the company saw strong competition from domestic brand Huawei, according to a new report from market research firm Counterpoint Research. Apple saw sales of its iPhones fall 19.1% in the first three months of the year, Counterpoint's data showed, as Chinese telecommunications and consumer electronics giant Huawei saw a resurgence in its smartphone business. The Shenzhen, China-based firm saw sales of its smartphones surge a whopping 69.7% in the first quarter, Counterpoint said. Starting in 2019, the U.S. slapped sanctions on Huawei in an effort to stop it from accessing such technology, nearly wiping out Huawei's smartphone business.
Persons: Patrick T, Fallon, PATRICK T, FALLON Organizations: Apple, Grove Apple, Getty, Huawei, Research Locations: Los Angeles , California, AFP, China, Shenzhen, U.S
Huawei's official website in China listed details of the Huawei Pura 70 series. The Chinese technology giant took the wraps of the Pura 70 series, which replaces the "P series" of devices that the company first launched in 2012. Huawei's latest phones are its latest challenge to Apple, which is the dominant foreign smartphone brand in China. The Pura 70 series as four devices — the Pura 70, Pura 70 Pro, the Pura 70 Pro Plus and the Pura 70 Ultra — according to Huawei's official website. Here are the starting prices in China for each:Pura 70: 5,499 yuanPura 70 Pro: 6,499 yuanPura 70 Pro Plus: 7,999 yuanPura 70 Ultra: 9,999 yuanApple's iPhone 15 in China starts at 5,999 yuan, while the iPhone 15 Pro Max starts at 9,999.
Persons: Max Organizations: Huawei Pura, Huawei, U.S, Pura, Apple, Research, Pro, Android, CNBC Locations: China, Washington, Kirin
Apple shipped 50.1 million units In the first quarter, down 9.6% from the 55.4 million shipments in the same period a year earlier, according to the IDC report. Among the top five smartphone brands in the report, Apple recorded the sharpest decline year on year. Its market share was 22.5% in the first quarter of 2023. Apple, which surpassed Samsung as the largest smartphone maker in 2023, saw its market share drop to 17.3% from 20.7% a year earlier. Xiaomi's shipments rose 33.8% to 40.8 million units in the first quarter, while Transsion saw an 84.9% jump to 28.5 million units.
Persons: Patrick T, Fallon, PATRICK T, FALLON, Xiaomi, Apple, Ryan Reith, Transsion Organizations: Apple, Grove Apple, Getty, International Data Corporation, IDC, Samsung, Huawei, IDC Worldwide Mobility Locations: Los Angeles , California, AFP, China, Xiaomi
Pictured here is a Foxconn factory in Zhengzhou city on Sept. 4, 2021. Apple iPhone manufacturer Foxconn on Friday posted a dip of 9.6% in revenue for the first quarter of 2024, compared to the same period last year. The company, which trades as Hon Hai Precision Industry in Taiwan, recorded a first-quarter revenue of 1.32 trillion New Taiwan dollars ($41.2 billion), which was also 28.58% lower compared to the fourth quarter of last year. It was also below economists' expectations in an LSEG poll. However, the company expects revenue to grow in the second quarter, despite noting that it "remains a traditional off-peak season."
Organizations: Apple, Hai Precision Industry Locations: Zhengzhou, Taiwan
A business card with Steve Jobs' signature sold for $181,183 in an auction on Thursday. A 1983 "Apple Computer," business card signed in black ink by Steve Jobs sold for $181,183 on Thursday, according to RR Auction. The Apple founder's business card sold for $181,183. RR AuctionThe off-white business card was listed as the "extremely rare, perfectly graded Steve Jobs-signed Apple Computer business card from circa 1983." Related storiesRR Auction has previously auctioned 10 Steve Jobs business cards, with only one dating back to 1983.
Persons: Steve Jobs, , Mike Graff, Steven Jobs, Bobby Livingston, Jobs, Stephen Hawking, Steve Wozniak, Ronald Wayne, Eduardo Cisneros Organizations: Apple, Service, Apple Computer, Macintosh Factory, Pirates, Jobs, Apple Computer Corporation Locations: Caribbean
Fed Chair Jerome Powell has a chance to provide more insight when he testifies before Congress on Wednesday and Thursday. Those reports pushed back market bets on when the Fed will start cutting interest rates. Investors will closely listen for any hints from Powell about what the Fed is looking for, data-wise, before it begins to lower interest rates. Powell will also be asked about the economic pain Americans are feeling as a result of elevated inflation and interest rates. When interest rates fall, holding income-paying assets (like bonds) becomes less appealing than owning the precious metal.
Persons: Jerome Powell, there’s, , Powell, , Emanuel Cleaver, Dave Sekera, Claudia Sahm, ” Powell, Krystal Hur, Samantha Murphy Kelly, , ” Mengmeng Zhang Organizations: CNN Business, Bell, New York CNN, Federal, Investors, Missouri Democrat, Politico, Morningstar, Morningstar . New York Community Bank, Fitch, Moody’s Investors Service, Federal Reserve, Costco, Apple, Counterpoint Research, Huawei, Counterpoint Locations: New York, Missouri, Morningstar ., China
Analysts from Counterpoint Research said the overall mobile market in China fell by 7% with companies including Apple, Oppo and Vivo experiencing declines. Customers that once would have considered Apple are now turning to national brands, particularly Huawei, Counterpoint said. The stock has fallen about 11.6% this year on concerns about weakening sales, particularly in China. China remains a very important market for Apple as it is the largest market behind the US. “Apple, to its credit, ended the year at number one, which was extraordinary despite headwinds from China,” he said.
Persons: , ” Mengmeng Zhang, Huawei’s, they’ve, Jeff Fieldhack, Apple, , Fieldhack, CNN’s Krystal Hur Organizations: CNN, Apple, Counterpoint Research, Huawei, Counterpoint Locations: China, United States
Sales of Apple's iPhone plunged in China in the first six weeks of 2024, according to a Counterpoint Research report. The analyst firm said in a note on Tuesday that iPhone sales plunged 24% in the period, as Apple faced stiff competition from local smartphone firms like Huawei, Oppo, Vivo, and Xiaomi. In particular, Apple came under major pressure from Chinese tech giant Huawei, whose consumer business is experiencing a resurgence in China after the launch of its Mate 60 smartphone. Oppo's smartphone shipments dropped 29% year-on-year, while Vivo and Xiaomi logged drops of 15% and 7%, respectively, according to Counterpoint Research. Huawei smartphone unit shipments rose 64% year-over-year in the first six weeks of 2024, according to Counterpoint Research.
Persons: Apple, Neil Shah, Shah, Arjun Kharpal Organizations: Apple, Research, Huawei, Oppo, Counterpoint Research, CNBC Locations: Yantai, East China's Shandong, China, Vivo, U.S, iPhones
As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, TOGETHER WITH OUR DISCLAIMER. NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, chipmaker, Jim, Ford, Wells, Morgan Stanley, Morgan, Jefferies, We've, Tom Jorden, Jim Cramer's Organizations: CNBC, Apple, Nvidia, Samsung, Ford Motor, Computers, Nasdaq, Alto, Procter, Gamble, Wealth Management, P Global, Services PMI, Jim Cramer's Charitable
Shares of two critical chip firms TSMC and ASML fell ahead of U.S.-based artificial intelligence chip designer Nvidia's earnings report. Shares of Taiwan Semiconductor Manufacturing Company dropped more than 1% on Wednesday morning. Nasdaq-listed shares of Dutch semiconductor equipment maker ASML closed 2.09% lower on Tuesday. ASML supplies the likes of TSMC with machines that are critical to manufacturing chips. Other Taiwanese semiconductor companies United Microelectronics Corp .
Persons: ASML, Jensen Huang, MediaTek Organizations: Nvidia, Taiwan Semiconductor Manufacturing Company, Apple, Nasdaq, United Microelectronics Corp Locations: Krakow, Poland, U.S
Arm reported fiscal third-quarter earnings that beat estimates and gave a strong profit forecast for the current quarter. Analysts expect earnings of 21 cents per share on sales of $780 million. Arm makes money through royalties, when companies pay for access to build Arm-compatible chips, usually amounting to a small percentage of the final chip price. Arm said its customers shipped 7.7 billion Arm chips during the September quarter, the most recent period for which figures are available. Arm says companies including Apple, Google , Microsoft and Nvidia use its technology.
Persons: Arm Organizations: SoftBank, Apple, Google, Microsoft, Nvidia Locations: San Jose , California, LSEG
Apple CEO Tim Cook holds a new iPhone 15 Pro during the Wonderlust project launch event at the company's headquarters in Cupertino, California, Sept. 12, 2023. Kuo wrote that Apple's weekly shipments in China have dropped by 30% to 40% from a year earlier in recent weeks, "and this downward trend is expected to continue." "Apple may have the most significant decline among the major global mobile phone brands in 2024," Kuo wrote. Samsung has upped shipments of its new Galaxy S24 series this year by 5% to 10% as it sees "higher-than-expected" demand thanks to its AI-powered features, Kuo wrote. Apple, meanwhile, has lowered its shipment forecast for the iPhone 15 in the first half of 2024, he added.
Persons: Tim Cook, Ming, Chi Kuo, Kuo, Huawei's, Apple didn't Organizations: Apple, International Securities, Samsung Locations: Cupertino , California, China
Apple has sold over 2.3 billion units of the iPhone and has over 1.5 billion active users, according to research from Demand Sage. Apple sold 1.4 million iPhones in 2007 with 80% of the sales coming in Q4. The company hit a major milestone — more than 50 million units sold — in 2011, with the help of the iPhone 4s. By 2015, Apple was selling over 200 million iPhone units yearly. I can't imagine a scenario where Samsung can build a suite of products that is going to disrupt the Apple ecosystem."
Persons: Steve Jobs, Asset's Gene Munster, Uber, Museum's Marc Weber, Apple Organizations: Apple, Demand, Nokia, Asset's, U.S, Samsung, International Data Corp, Android, Microsoft, Google Locations: Munster
Read previewThere's a new online marketplace for used Apple products. On January 25, electronics retailer Newegg launched Newegg Refreshed — which sells refurbished tech gadgets, including a selection of Apple MacBooks, Watches, iPhones, and more. The tech giant has its own space for selling pre-owned tech, and prices are similar to Newegg for most devices. The tech giant began selling used iPhones in 2016, 9to5Mac reported. Newegg; AppleFor those who prefer to use tech from outside the Apple family, Newegg has added refurbished options for computer parts and gadgets as part of its Refreshed program.
Persons: , Newegg, Apple, 9to5Mac Organizations: Service, Business, Apple
5 huge challenges facing Apple this year
  + stars: | 2024-01-25 | by ( Samantha Murphy Kelly | ) edition.cnn.com   time to read: +9 min
Behind in generative AI. A recent Reuters report noted iPhone sales in China dropped 30% in the first week of the year amid pressure from rival Huawei. Still, Barclays downgraded Apple stock earlier this month citing disappointing iPhone 15 sales in China and softening demand for the latest iPhone. Apple also faces challenges around the upcoming rollout of the Vision Pro headset, which will be its riskiest product launch in years. Tim Cook, chief executive officer of Apple Inc., speaks during a launch event for the new Apple iPhone 15 at Apple Park in Cupertino, California, on September 12, 2023.
Persons: , David McQueen, ALY, Dan Ives, Apple, Justin Sullivan, Jitesh, IDC –, that’s, It’s, Siri, McQueen, , Ming Yeung, Tim Cook, Nic Coury, hasn’t, Brian Fung, Clare Duffy Organizations: CNN, Microsoft, Apple, ABI Research, Huawei, Reuters, Apple Watch, International Trade Commission, IDC, Meta, Google, Samsung, Mac, Barclays, Apple Inc, Getty, EU, Markets, Epic Locations: China, Shanghai, Cupertino , California, Milan, Italy, AFP
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