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☆ Cruise will reduce robotaxi fleet by 50% in San Francisco while California DMV investigates ‘incidents’
▼ + stars: | 2023-08-19 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

In an aerial view, Chevrolet Cruise autonomous vehicles sit parked in a staging area on June 08, 2023 in San Francisco, California. Cruise will reduce its robotaxi fleet by 50% in San Francisco, the California Department of Motor Vehicles told CNBC. "The DMV is investigating recent concerning incidents involving Cruise vehicles in San Francisco," a DMV spokesperson said in a statement. In addition to the crash with a firetruck, one Cruise vehicle reportedly got stuck in concrete, and an autonomous vehicle with a passenger got hit by a driver. Last weekend, a slew of Cruise vehicles stalled and slowed traffic outside an outdoor music festival.

Persons: Alphabet's Waymo, Cruise, Greg Dietrerich, Dietrerich, — CNBC's Lora Kolodny Organizations: Chevrolet Cruise, Cruise, California Department of Motor Vehicles, CNBC, General Motors, San, DMV, Cruises Locations: San Francisco , California, Autonomous, San Francisco

☆ The iPhone 15 could get one of the biggest upgrades in years: A new charging port
▼ + stars: | 2023-08-18 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

The next iPhones, expected in September as usual, could have a feature that no iPhone has ever had: a generic charging port. The new iPhone models could include a USB Type-C charger port on the phone's bottom, according to analysts and media reports. That's the same charging port that's used on nearly every laptop sold in the past few years, as well as Android phones, iPads, and other gadgets from Kindles to headphones to drones and heated blankets. The USB-C connector would replace Apple's proprietary port, the Lightning port, which has graced the bottom of every iPhone model released since 2012. While Apple hasn't confirmed that its new iPhones will feature a USB-C charging port, and didn't respond to a request for comment, the change is bound to happen.

Persons: Greg Joswiak, Apple's, Apple hasn't, Apple Organizations: Apple, Union, European Union, EU Locations: EU

☆ Apple reverses course, moves iPhone 'end call' button back to middle in latest beta
▼ + stars: | 2023-08-15 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

In Apple's latest iOS developer beta, the end call button has moved back to the middle of the screen, as seen by CNBC on Tuesday. Apple has moved the end call button back to the middle of the screen in the the newest developer version of iOS 17 released on Tuesday. However, in the most recent developer beta, the red end call button is centered vertically, in the middle of three buttons close to the bottom of the screen. The new photos take up most of the screen during a phone call, so Apple moved the buttons to the bottom. Apple has also moved where push notifications appear to the bottom of the iPhone's screen in recent years.

Persons: they're Organizations: CNBC, Apple

☆ CNBC Daily Open: There’s a new narrative in markets
▼ + stars: | 2023-08-14 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Losing week for stocksU.S. stocks were mixed Friday, with the Dow Jones Industrial Average the only major index to eke out a gain. On a year-over-year basis, the producer price index was up 0.8%. The PPI tends to reflect price changes before they filter into the consumer price index, so this could dampen the enthusiasm over July's cooler-than-expected CPI.

Persons: Europe's, That's, SBF FTX, Sam Bankman, Fried, Coraline Ellison, Leswing, Kate Spade, They'll Organizations: CNBC, Dow Jones, SBF, New York Times, Nvidia, TJX Locations: U.S

☆ Nvidia's AI-driven stock surge pushed earnings multiple three times higher than Tesla's
▼ + stars: | 2023-08-11 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

They're widely viewed as the best chips for training AI models, and Nvidia's financial forecasts suggest insatiable demand. Even with all that momentum and seemingly insatiable demand, baked into Nvidia's stock price is a slew of assumptions about growth, including the doubling of sales in coming quarters and the almost quadrupling of net income this fiscal year. Looking at the last 12 months of company earnings, Nvidia has a price-to-earnings ratio of 220, which is stunningly rich even compared with notoriously high-valued tech companies. Should Nvidia meet analysts' projections, the current price still looks high compared to most of the tech industry, but certainly more reasonable. It's the steepest weekly decline for Nvidia's stock since September of last year.

Persons: Jensen Huang, Piper Sandler, Harsh Kumar, Amazon's, There's, Christopher Gannatti Organizations: Nvidia, Apple, Microsoft, Amazon, Tesla, Google, AMD, Nasdaq Locations: Taipei, Silicon, Friday's, U.S

☆ Apple is planning to move the button to hang up a call in new iPhone software
▼ + stars: | 2023-08-08 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

Apple CEO Tim Cook holds a new iPhone 14 Pro during an Apple special event on September 07, 2022 in Cupertino, California. Apple's iOS 17 will include one of the biggest revamps to the iPhone's phone app in years. But one tweak will require longtime iPhone users to retrain their muscle memory. In beta versions of iOS 17, Apple has moved the "End Call" button. Here's what the new call screen looks like on a beta version of iOS 17:

Persons: Tim Cook, It's Organizations: Apple Locations: Cupertino , California

☆ Nvidia reveals new AI chip, says costs of running LLMs will 'drop significantly'
▼ + stars: | 2023-08-08 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

Currently, Nvidia dominates the market for AI chips with over 80% market share, according to some estimates. But Nvidia's chips are in short supply as tech giants, cloud providers and startups vie for GPU capacity to develop their own AI models. Nvidia's new chip, the GH200, has the same GPU as the company's current highest-end AI chip, the H100. Oftentimes, the process of working with AI models is split into at least two parts: training and inference. Companies including Google and Amazon are also designing their own custom AI chips for inference.

Persons: Jensen Huang, Walid Berrazeg, Bard, OpenAI's, Huang, Ian Buck, Buck Organizations: Getty, Nvidia, AMD, Google, ARM Locations: Taiwan

☆ Apple shares fall most since September 2022 after third-quarter earnings report
▼ + stars: | 2023-08-04 | by ( Kif Leswing | ) www.cnbc.com time to read: +1 min

Apple shares fell 4.8% Friday, the day after the company shared its fiscal third-quarter earnings report that saw the company forecast a decline in revenue in the September quarter, which would be the company's fourth in a row. Apple's decline Friday was its worst day so far in 2023, and its largest loss since Sept. 29 last year. Apple's earnings beat soft expectations on both profit and revenue, but overall sales declined 1% as iPhone, iPad and Mac sales flagged. The stock slid after the company said it expected similar sales in the September quarter, although it signaled that iPhone sales would do better than a 2% year-over-year decline. The declines in Apple's hardware overshadowed strong performance in the company's profitable services division, which grew 8% and is expected to grow even faster in the current quarter.

Persons: Tim Cook, Joe Biden Organizations: Apple, White, Washington , D.C Locations: Washington ,

☆ Apple shares slide after it reports decreased revenue for iPhone and other hardware
▼ + stars: | 2023-08-04 | by ( Lauren Feiner | ) www.cnbc.com time to read: +1 min

Apple CEO Tim Cook speaks with media members at a viewing area for new products during Apple's Worldwide Developers Conference (WWDC) at the Apple Park campus in Cupertino, California, on June 5, 2023. Shares of Apple fell 4.8% Friday after the company reported lower year-over-year revenue for its flagship products in its third quarter earnings report. Apple said revenue for its iPhone, Mac and iPad lines was down from the year before. Still, Apple beat estimates on earnings per share, which came in at $1.26 compared to the $1.19 analysts had expected, according to Refinitiv. During the company's earnings call Thursday, Apple's stock dipped lower when CFO Luca Maestri told analysts they expected similar sales results in the following quarter.

Persons: Tim Cook, Luca Maestri, Maestri, —, Kif Leswing Organizations: Apple, Apple's Worldwide, Revenue Locations: Cupertino , California, Refinitiv, iPhones, India

☆ Apple's most profitable line of business is making up for some hardware struggles
▼ + stars: | 2023-08-03 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

Apple's third-quarter earnings report on Thursday showed a revenue decline in the company's most iconic hardware products — iPhone, iPad and Mac. But offsetting the hardware softness is accelerating growth in services, Apple's most profitable business. In the June quarter, services grew over 8% to $21.2 billion in sales, speeding up from 5.5% the prior period. Gross margin for services in the June quarter was 70.5%, almost double the 35.4% margin for all of Apple's hardware products. Apple won't set growth records for its services business, which topped 38% at one point during the pandemic.

Persons: Tim Cook, Luca Maestri, they're, Maestri Organizations: Apple

☆ Apple earnings live updates: What analysts are looking for
▼ + stars: | 2023-08-03 | by ( Kif Leswing | ) www.cnbc.com time to read: +1 min

Apple CEO Tim Cook next to Apple's new Vision Pro virtual reality headset, at the Apple Park campus in Cupertino, California, on June 5, 2023. Apple is expected to post its third consecutive year-over-year decline in quarterly revenue on Thursday, according to FactSet estimates, with declines in iPhone, iPad, Wearables, and Mac sales. However, analysts expect the company's profitable services division to be a bright spot, rising over 5%. Apple's forward-looking statements may also give clues to the state of global economies, and whether consumer confidence is wavering or strengthening. Apple hasn't provided guidance since 2020, citing uncertainty, but it gives investors data points that they can use to figure out whether Apple expects sales to rise or fall.

Persons: Tim Cook, Apple hasn't Organizations: Apple Locations: Cupertino , California

☆ Qualcomm stock drops 10% as phone chip sales dive
▼ + stars: | 2023-08-03 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Amon Cristiano, CEO of Qualcomm, speaks on "Squawk Box" at the WEF in Davos, Switzerland, on Jan. 17, 2023. Qualcomm's third-quarter earnings beat on the top line, reporting adjusted earnings per share of $1.87 versus a Refinitiv consensus estimate of $1.81 per share. Qualcomm expects earnings of between $1.80 and $2 per share on sales ranging from $8.1 billion to $8.9 billion. Analysts had been hoping for $1.91 per share earnings and $8.7 billion in revenue, according to a Refinitiv survey of analysts. Qualcomm is more exposed than most because of its heavy reliance on high-end and low-end Android phone sales.

Persons: Amon Cristiano, Ross Seymore, —, Leswing, Michael Bloom Organizations: Qualcomm, Deutsche Bank Locations: Davos, Switzerland

☆ Qualcomm sales and forecast come up light as smartphone chip sales fall 25%
▼ + stars: | 2023-08-02 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

Qualcomm reported third-quarter earnings on Wednesday that beat Wall Street expectations, but revenue and guidance for the fourth quarter came up short. Here's how the chipmaker did for the quarter ending on June 25:Earnings : $1.87 per share, adjusted, versus $1.81 per share expected by Refinitiv consensus estimates. : $1.87 per share, adjusted, versus $1.81 per share expected by Refinitiv consensus estimates. Revenue: $8.44 billion, versus $8.5 billion expected by Refinitiv consensus estimates. QCT, Qualcomm's biggest division that sells processors for smartphones, cars, and other smart devices, reported $7.17 billion in sales, down 24% on an annual basis.

Persons: Cristiano Amon Organizations: Qualcomm, Qualcomm's, Meta, Quest, San Diego, San Diego Union, Tribune Locations: Las Vegas , Nevada, China, QCT

☆ Here's the trade on Apple ahead of Thursday’s earnings, according to analysts
▼ + stars: | 2023-08-02 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Several analysts remain bullish, hiking their price targets in the weeks leading up to Apple's earnings report — despite the stock's 50% runup so far this year. His $220 price target suggests the stock can rally more than 12% from Tuesday's close. Bank of America remains neutral on the stock, but boosted its price target to $210 on July 19. His price target of $149 suggests nearly 24% downside. Her price target of $190 suggests roughly 3% downside from Tuesday's close.

Persons: Samik Chatterjee, Chatterjee, Morgan Stanley, Erik Woodring, Goldman Sachs, Michael Ng, Apple, Wamsi Mohan, Mohan, Tim Long, Grace Chen, Chen, Piper Sandler, TD Cowen, Baird, — CNBC's Michael Bloom, Kif Leswing Organizations: Apple, JPMorgan, Services, Bank of America, Barclays Locations: Apple's, Tuesday's, Asia

☆ Here's the trade on Apple ahead of Thursday's earnings, according to analysts
▼ + stars: | 2023-08-02 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

☆ AMD reports better-than-expected results even as PC market shows continued weakness
▼ + stars: | 2023-08-01 | by ( Kif Leswing | ) www.cnbc.com time to read: +4 min

Here's how the company did:Earnings : 58 cents per share, adjusted, versus 57 cents per share expected by Refinitiv consensus estimates. For the third quarter, AMD said it expects $5.7 billion in sales, while analysts were looking for revenue of $5.81 billion. "Our goal is to make this a significant growth driver for AMD," Su said. AI could also help PC chip sales, AMD said. During the quarter, AMD announced a new chip that's intended to build and run the kind of AI models that are at the heart of applications like ChatGPT.

Persons: Lisa Su, Su Organizations: AMD, Data Center, Intel, Microsoft Locations: Vegas, Las Vegas , Nevada

☆ Apple expected to post third consecutive down quarter, but its forecast is more important
▼ + stars: | 2023-08-01 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

David A. Grogan | CNBCEmerging markets and ChinaSome analysts are eager to see Apple give data points on India sales. India became one of Apple's top five iPhone markets during the quarter, according to analyst estimates. If Apple stockpiled parts and has enough to make what it needs to produce, it could help margins, analysts say. Wall Street likes to see Apple's services business grow regularly and smoothly, because the margins on services are so much higher than when Apple sells hardware. Apple suggested a 5% year-over-year increase in services, and FactSet's estimates more than $20.7 billion in revenue.

Persons: Tim Cook, Valley's Allen, David A, Cook, D.A, Davidson, Tom Forte, Piper Sandler, Harsh Kumar, Kumar, Apple, Sidney Ho, Wells, Aaron Rakers Organizations: Company, Grogan, CNBC, Apple, Google, Apple Pay, Services, Deutsche Bank, Bloomberg Locations: Sun Valley , Idaho, China, India, Hong Kong, Taiwan

☆ Elon Musk's X Corp. seen taking down giant glowing sign in San Francisco
▼ + stars: | 2023-07-31 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

SAN FRANCISCO — Elon Musk marked San Francisco as the spot for X Corp. over the weekend, erecting a giant lighted X sign on top of the company's headquarters Friday. The saga over the glowing sign is the latest example of Musk's impulsive approach to running the company formerly known as Twitter. City officials Friday issued a notice of violation to X Corp. for installing the sign without approval. According to public records on the department's website, representatives for X Corp. repeatedly declined to "provide access" to inspectors who visited the building. This is not the first time X has clashed with San Francisco building inspectors.

Persons: Elon Musk, Musk, Linda Yaccarino, riskiest, Yaccarino, X Organizations: FRANCISCO, X Corp, CNBC, San Francisco's Department, Twitter, San Locations: San Francisco

☆ Tech investor Paul Meeks says Apple is getting 'really expensive' and needs to 'get aggressive' on A.I.
▼ + stars: | 2023-07-31 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Apple will need to "get aggressive" communicating its artificial intelligence strategy to justify its valuation, tech investor Paul Meeks said. "At some point, they're going to have to join the rest of the FAANGs and be much more aggressive about articulating their AI strategy." During May's Apple earnings call CEO Tim Cook mentioned AI just twice, in part because the company generates the bulk of its sales from iPhones. "I think what they'll do is they'll talk about the efficiencies internally that AI brings," Meeks said. If they don't do it soon, they'll have an upcoming analyst meeting and I bet that will be a focus."

Persons: Paul Meeks, Meeks, CNBC's, Tim Cook, Kif Leswing Organizations: Apple, Independent Solutions Wealth Management, Microsoft, CNBC, iPhones, Web Services

☆ Google, Microsoft, and Meta can't stop talking about A.I. — here's why Apple rarely mentions it
▼ + stars: | 2023-07-28 | by ( Kif Leswing | ) www.cnbc.com time to read: +6 min

Stefani Reynolds | AFP | Getty ImagesMicrosoft, Google and Meta are rallying everyone around AI, even though the future is murkyGoogle launched Bard AI, it's own chatbot to rival Microsoft and OpenAI's ChatGPT. Google, for example, has announced its plans to revamp its search engine using an AI model called Search Generative Experience. Google and Pichai say that the company's text-generating AI models will make its search engine better and could even answer questions that normal Google search can't. Zuckerberg was effusive about AI technology and its applications in virtual reality, ad targeting and recommending content from accounts users don't follow. UBS analyst Lloyd Walmsley wrote this week that generative AI was still an "overhang" over Google.

Persons: Tim Cook, Narendra Modi, Stefani Reynolds, ChatGPT, Jonathan Raa, OpenAI's, Amy Hood, we'll, Nadella, Pichai, it's, Zuckerberg, Meta, Bing, Gartner, Mark Murphy, Laura Martin, Lloyd Walmsley, monetization, Walmsley, Scott Olson Organizations: India's, White, AFP, Getty, Microsoft, Google, Nurphoto, Meta, Apple, Big Tech, Nvidia, Venture, JPMorgan, UBS Locations: Washington ,, iPhones, Brussels, Belgium, Chicago

☆ Analysts see hope in Intel's earnings but remain wary of structural issues
▼ + stars: | 2023-07-28 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

"Good results," Citi analyst Christopher Danely said in a Friday note, "but structural issues remain." Citi reiterated a neutral rating and a $34 price target. Deutsche Bank, which described Intel's numbers as "more than marginal," maintained its Hold rating but increased its price target from $32 to $38, citing "abated" inventory challenges. Analysts increased Intel's price target from $30 to $35 and lauded the company's "better-than-expected results. He also said cloud companies were focusing more on securing graphics processors for AI instead of Intel's central processors.

Persons: Christopher Danely, Danely, Ross Seymore, Pat Gelsinger, Leswing, Michael Bloom Organizations: Intel, Wall Street, Citi, Nvidia, AMD, Deutsche Bank, JPMorgan

☆ Intel jumps 6% as it returns to profitability after two quarters of losses
▼ + stars: | 2023-07-27 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

Intel reported second-quarter earnings on Thursday, including a return to profitability after two straight quarters of losses, and a stronger-than-expected forecast. Here's how Intel did versus Refinitiv consensus expectations for the quarter ending July 1:Earnings per share : $0.13, adjusted. That may not compare with the 3 cents loss per share expected by Refinitiv. That may not compare with the 3 cents loss per share expected by Refinitiv. In the first quarter, Intel posted its largest loss ever as the PC and server markets slumped and demand declined for Intel's central processors.

Persons: Pat Gelsinger, David Zinsner, TSMC Organizations: Intel Corporation, Senate Commerce, Science, Innovation, Russell, Intel, Refinitiv, Refinitiv ., Revenue, Data Center

☆ Meta, Microsoft and Amazon team up on maps project to crack Apple-Google duopoly
▼ + stars: | 2023-07-26 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

Overture is aiming to establish a baseline for maps data so that companies can use it to build and operate their own maps. For many companies, Google 's and Apple 's maps aren't ideal, because they don't provide access to the underlying data. For example, app makers pay per thousand Google Maps lookups through an application programming interface (API). Apple allows access to Apple Maps for free for native app developers, but web app developers need to pay. Overture is only offering the underlying map data, leaving it up to companies to build their own software on top of it.

Persons: Marc Prioleau, Prioleau Organizations: Google, Apple, Meta, Microsoft, Amazon Web Services, CNBC

☆ Apple opens Vision Pro headset applications for developers, but they can't talk about it
▼ + stars: | 2023-07-24 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

Apple CEO Tim Cook stands next to a new Apple Vision Pro headset displayed during the Apple Worldwide Developers Conference in Cupertino, California, June 5, 2023. Apple opened up Vision Pro developer kit applications on Monday, ahead of a planned 2024 launch for the $3,499 headset. The device is a loan, not a sale, and it will remain Apple property to be returned after the Vision Pro headset launches. Apple revealed the Vision Pro, its new virtual reality product that the company says is its first "spatial computer," in June. Apple is interested in developers porting VR apps from other platforms and building new apps just for the Vision Pro.

Persons: Tim Cook, it's, It's Apple's, Apple Organizations: Apple, Apple Vision, Apple Worldwide, Conference, Vision Pro, Pro, Apple Watch, Vision Locations: Cupertino , California, London, Shanghai, Tokyo

☆ Apple reportedly considers raising the price of its new iPhone Pros
▼ + stars: | 2023-07-24 | by ( Kif Leswing | ) www.cnbc.com time to read: +1 min

Apple is considering raising the price of its high-end iPhone Pros when new models come out this fall, according to Bloomberg. Since 2019, Apple has sold a high-end iPhone Pro that starts in the U.S. at $999 and a Max model with a bigger screen for at least $1099. Now, Apple's newest high-end models could reportedly receive a price increase that would boost Apple's overall revenue by increasing the average selling price of a new iPhone. The new iPhone models could have a USB-C charger, instead of a proprietary Lightning charger, after new European regulations passed last year. The new Pro models could come with a titanium case and thinner bezels, according to supply chain analyst Ming-Chi Kuo.

Persons: Ming, Chi Kuo, Sidney Ho Organizations: Apple, Bloomberg, Deutsche Bank Locations: Kolkata, U.S

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