Apple Inc

Subterms

    More stories

    • 63 Shares179 Views

      in Elections

      Berkshire Continues Retreat From Stocks

      by

      The conglomerate reported on Saturday that it had cut its holdings in Apple and Bank of America and increased its cash to a record high in the third quarter.Berkshire Hathaway, the conglomerate headed by Warren E. Buffett, extended its retreat from stocks in the third quarter, cutting its holdings in Apple and Bank of America and increasing its cash to a record $325.2 billion.Berkshire also reported on Saturday a 6 percent decline in quarterly operating profit, largely the result of higher liabilities for its insurance companies, including for Hurricane Helene, and currency losses from a strengthening U.S. dollar.These costs offset improved profitability at the Geico car insurer, where accident claims and expenses fell. Profit also rose at the BNSF railroad, which shipped more consumer goods, and Berkshire Hathaway Energy, where operating expenses declined.In its quarterly report, Berkshire said it sold about 100 million of its Apple shares, or 25 percent, over the summer, ending with about 300 million shares.It has now sold more than 600 million Apple shares this year, though Apple remained Berkshire’s largest stock holding, at $69.9 billion.The sales represented a large portion of the $36.1 billion of stock, including several billion dollars of Bank of America shares, that Berkshire sold in the quarter.Mr. Buffett said in May that he expected Apple to remain Berkshire’s largest stock investment, but selling made sense because the 21 percent federal tax rate on the capital gains was likely to increase.Berkshire bought just $1.5 billion of stock in the quarter, the eighth straight quarter when it was a net seller of stocks.It also repurchased none of its own stock, suggesting that Mr. Buffett doesn’t view even his own company’s shares as a bargain.Operating profit from Berkshire’s dozens of businesses fell to $10.09 billion, from $10.76 billion a year earlier.Insurance underwriting profit fell 69 percent, hurt by rising claims, $565 million of losses from Helene and a bankruptcy court settlement related to the defunct talc supplier Whittaker Clark & Daniels. The costs more than offset a near doubling of underwriting profit at Geico. Berkshire also projected $1.3 billion to $1.5 billion in pretax losses in the fourth quarter from Hurricane Milton, which hit Florida in October.Net income for Berkshire totaled $26.25 billion compared with a loss of $12.77 billion a year earlier when falling stock prices reduced the value of Berkshire’s investments.Mr. Buffett has said operating results better reflect Berkshire’s performance. Accounting rules require Berkshire to report unrealized investment gains and losses when it reports net income, adding volatility that Mr. Buffett counsels investors to ignore.Mr. Buffett, 94, has led Berkshire since 1965, and is expected to eventually transfer leadership to Berkshire’s vice chairman, Greg Abel, 62.Berkshire, based in Omaha, owns and operates an array of businesses, including Berkshire Hathaway Energy, many industrial and manufacturing companies, a big real estate brokerage, and retail businesses like Dairy Queen, See’s Candies and Fruit of the Loom. More

    • 113 Shares139 Views

      in Elections

      Microsoft and OpenAI’s Close Partnership Shows Signs of Fraying

      by

      The “best bromance in tech” has had a reality check as OpenAI has tried to change its deal with Microsoft and the software maker has tried to hedge its bet on the start-up.Last fall, Sam Altman, OpenAI’s chief executive, asked his counterpart at Microsoft, Satya Nadella, if the tech giant would invest billions of dollars in the start-up.Microsoft had already pumped $13 billion into OpenAI, and Mr. Nadella was initially willing to keep the cash spigot flowing. But after OpenAI’s board of directors briefly ousted Mr. Altman last November, Mr. Nadella and Microsoft reconsidered, according to four people familiar with the talks who spoke on the condition of anonymity.Over the next few months, Microsoft wouldn’t budge as OpenAI, which expects to lose $5 billion this year, continued to ask for more money and more computing power to build and run its A.I. systems.Mr. Altman once called OpenAI’s partnership with Microsoft “the best bromance in tech,” but ties between the companies have started to fray. Financial pressure on OpenAI, concern about its stability and disagreements between employees of the two companies have strained their five-year partnership, according to interviews with 19 people familiar with the relationship between the companies.That tension demonstrates a key challenge for A.I. start-ups: They are dependent on the world’s tech giants for money and computing power because those big companies control the massive cloud computing systems the small outfits need to develop A.I.No pairing displays this dynamic better than Microsoft and OpenAI, the maker of the ChatGPT chatbot. When OpenAI got its giant investment from Microsoft, it agreed to an exclusive deal to buy computing power from Microsoft and work closely with the tech giant on new A.I.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 75 Shares189 Views

      in Elections

      Did Apple Just Kill Social Apps?

      by

      This year, when Apple announced iOS 18, the latest version of its mobile operating system, most of the attention went to its slate of new artificial intelligence features.But a lesser-noticed change in iOS 18 — a tweak to an obscure feature that allows users to share their contact lists with various apps — may wind up being more important.That’s because “contact sync,” as the feature is known by some developers, has played a critical role in the growth of many social and messaging apps for the past two decades. It’s how apps like Instagram, WhatsApp and Snapchat were able to find their footing, by quickly connecting millions of iPhone users to people they already knew, and suggesting other users for them to follow. That early momentum helped kick-start their viral growth, propelling them to the top of the App Store charts.Now, some developers are worried that they may struggle to get new apps off the ground. Nikita Bier, a start-up founder and advisor who has created and sold several viral apps aimed at young people, has called the iOS 18 changes “the end of the world,” and said they could render new friend-based social apps “dead on arrival.”That might be a little melodramatic. I recently spent some time talking to Mr. Bier and other app developers and digging into the changes. I also heard from Apple about why they believe the changes are good for users’ privacy, and from some of Apple’s rivals, who see it as an underhanded move intended to hurt competitors. And I came away with mixed feelings.On one hand, I’m sympathetic to the uphill battle faced by any developer trying to build a new social app today. The contact sharing changes in iOS 18 will undoubtedly make it harder for some fledgling apps to break through. And in a world where it’s harder for smaller apps to succeed, incumbents like Facebook and Instagram — which already have network effects, and don’t have to ask existing users for permission to keep collecting their contacts — obviously stand to benefit.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 163 Shares169 Views

      in Elections

      Hey, Siri! Let’s Talk About How Apple Is Giving You an A.I. Makeover.

      by

      Apple, a latecomer to artificial intelligence, has struck a deal with OpenAI and developed tools to improve its Siri voice assistant, which it is set to showcase on Monday.Each June, Apple unveils its newest software features for the iPhone at its futuristic Silicon Valley campus. But at its annual developer conference on Monday, the company will shine a spotlight on a feature that isn’t new: Siri, its talking assistant, which has been around for more than a decade.What will be different this time is the technology powering Siri: generative artificial intelligence.In recent months, Adrian Perica, Apple’s vice president of corporate development, has helped spearhead an effort to bring generative A.I. to the masses, said two people with knowledge of the work, who asked for anonymity because of the sensitivity of the effort.Mr. Perica and his colleagues have talked with leading A.I. companies, including Google and OpenAI, seeking a partner to help Apple deliver generative A.I. across its business. Apple recently struck a deal with OpenAI, which makes the ChatGPT chatbot, to fold its technology into the iPhone, two people familiar with the agreement said. It was still in talks with Google as of last week, two people familiar with the conversations said.That has helped lead to a more conversational and versatile version of Siri, which will be shown on Monday, three people familiar with the company said. Siri will be powered by a generative A.I. system developed by Apple, which will allow the talking assistant to chat rather than just respond to one question at a time. Apple will market its new A.I. capabilities as Apple Intelligence, a person familiar with the marketing plan said.Apple, OpenAI and Google declined to comment. Apple’s agreement with OpenAI was previously reported by The Information and Bloomberg, which also reported the name for Apple’s A.I. system.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 138 Shares119 Views

      in Elections

      Apple’s New iPad Ad Leaves Its Creative Audience Feeling … Flat

      by

      An ad meant to show how the updated device can do many things has become a metaphor for a community’s fears of the technology industry.The trumpet is the first thing to be squished. Then the industrial compressor flattens a row of paint cans, buckles a piano and levels what appears to be a marble bust. In a final act of destruction, it pops the eyes out of a ball-shaped yellow emoji.When the compressor rises, it reveals Apple’s latest commodity: the updated iPad Pro.Tim Cook, Apple’s chief executive, posted the advertisement, called “Crush,” on Tuesday after the company held an event to announce new tablets. “Meet the new iPad Pro: the thinnest product we’ve ever created,” Mr. Cook wrote, adding, “Just imagine all the things it’ll be used to create.”Meet the new iPad Pro: the thinnest product we’ve ever created, the most advanced display we’ve ever produced, with the incredible power of the M4 chip. Just imagine all the things it’ll be used to create. pic.twitter.com/6PeGXNoKgG— Tim Cook (@tim_cook) May 7, 2024

      For decades, Apple has been the toast of the creative class. It has won over designers, musicians and film editors with promises that its products would help them “Think Different.”But some creators took a different message from the one-minute iPad ad. Rather than seeing a device that could help them create, as Mr. Cook suggested, they saw a metaphor for how Big Tech has cashed in on their work by crushing or co-opting the artistic tools that humanity has used for centuries.The image was especially unnerving at a time when artists fear that generative artificial intelligence, which can write poetry and create movies, might take away their jobs.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 150 Shares199 Views

      in Elections

      Beeper Messaging App Is Acquired as a Bet on a Regulatory Shift

      by

      Automattic, the company behind WordPress.com, bought Beeper in an effort to build a system that works across Android and Apple devices.Beeper, the app that brought iPhone messaging features to Android smartphones, has been acquired by Automattic, the company behind WordPress.com, to support the development of a single service for sending and receiving chats from WhatsApp, Signal, LinkedIn and others.The deal, which is valued at about $125 million, was announced on Tuesday. It comes as regulators in Europe and the United States pressure the biggest tech companies to open their messaging services to third parties. Regulators believe doing so will make it easier for people to communicate with friends and family and to switch messaging providers.Automattic is betting that the changing regulatory environment will make people more interested in finding a unified messaging system like Beeper, said Toni Schneider, Automattic’s interim chief executive.Beeper is Automattic’s second messaging service acquisition. Last year, it bought Texts, an iPhone app that brings together messages from Instagram, iMessage and others. Mr. Schneider said Beeper and Texts employees would combine their systems into a single app that worked on iPhones and Android smartphones as well as computers.“Everyone has this problem where they say, ‘I know I had this conversation with this person, but I can’t remember where,’” Mr. Schneider said. “We think we can innovate a lot in this space.”Eric Migicovsky, who co-founded Beeper in 2020, said Beeper and Texts would deliver their combined service this year. The teams that built those companies will meet in two weeks in Portugal to begin that process.“The real thing we have been competing against was apathy about new experiences in chat,” Mr. Migicovsky said.Last year, Beeper released an app that offered Android phone users the ability to send encrypted messages and high-resolution videos to iPhones. The app added more than 100,000 users in three days before Apple blocked it by changing its iMessage system.Though a Justice Department lawsuit accusing Apple of maintaining an iPhone monopoly did not refer specifically to Beeper, the problems highlighted by Beeper’s conflict with Apple were mentioned in the complaint, which was filed in March. The department faulted Apple for making “iPhone users less secure than they would otherwise be” by “rejecting solutions” for smartphone messaging like those provided by Beeper.Beeper will soon be open to anyone who wants to download it after a testing period that limited the app to about 100,000 users, Mr. Migicovsky said. The company had 466,000 people on a waiting list. About 60 percent of its users are on Android smartphones.Automattic was an early investor in Beeper, which had raised $16 million from investors that included Y Combinator and Initialized Capital, Mr. Migicovsky said. Last week, Beeper’s 27 employees officially began work at their new company. More

    • 113 Shares179 Views

      in Elections

      Tesla Settles Lawsuit Over a Fatal Crash Involving Autopilot

      by

      A Tesla driver’s family had sought damages for the 2018 crash, which happened while the carmaker’s driver-assistance software was in use.Tesla on Monday settled a lawsuit that blamed the automaker’s driver-assistance software for the death of a California man in 2018, averting a trial that would have focused attention on the company’s technology several months before it plans to unveil a self-driving taxi.The trial stemming from the death of Wei Lun Huang, an Apple software engineer who went by Walter, was scheduled to start Monday with jury selection. The case was one of the most prominent involving Tesla’s Autopilot software, attracting significant public attention and prompting an investigation by the National Transportation Safety Board.Terms of the settlement with Mr. Huang’s children and other members of his family were not disclosed, and Tesla filed court documents seeking to prevent them from being made public.Testimony in the trial would have put Tesla’s autonomous driving software under close scrutiny, further fueling a debate about whether the technology makes cars safer or exposes drivers and others to serious injury or death.Elon Musk, the chief executive of Tesla, has said the company’s self-driving software will generate hundreds of billions of dollars in revenue. Investors have used his claims to justify the company’s lofty stock market valuation. Tesla is worth more than any other carmaker even though its shares have plunged in recent months.Mr. Musk said on X last week that Tesla would introduce a self-driving taxi, Robotaxi, in August. If Tesla has in fact perfected a vehicle that can ferry passengers without a driver — which many analysts doubt — the development will help answer criticism that the company has been slow to follow up its Model 3 sedan and Model Y sport utility vehicle with new products.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 150 Shares179 Views

      in Elections

      Can Xerox’s PARC, a Silicon Valley Icon, Find New Life with SRI?

      by

      Two research labs known for some of the tech industry’s most important innovations have merged in hopes of recapturing their glory days. It is one of Silicon Valley’s enduring legends. In 1979, a 24-year old Steve Jobs was permitted to visit Xerox’s Palo Alto Research Center (PARC) to view a demonstration of an experimental personal computer called the Alto. Mr. Jobs took away a handful of ideas that would transform the computing world when they became the heart of Apple’s Lisa and Macintosh computers. More