35 Burst results for "Tim Cook"
Monitor Show 12:00 11-09-2023 12:00
"Business stories aren't just about business, they're also about policy, politics, finance, and more. With Bloomberg, you stay informed on global coverage that connects the dots. The Bloomberg mobile app now features Apple CarPlay and Android Auto, so you can get the latest live radio, podcasts, and audio articles in the car. Download the Bloomberg mobile app now to get started. Find it in the Apple App Store or on Google Play. Bloomberg in -car apps are sponsored by Interactive Brokers. Broadcasting 24 hours a day at Bloomberg .com and the Bloomberg Business Act. This is Bloomberg Radio. This is Bloomberg Markets with Paul Sweeney and Matt Miller. Why were the economists so wrong? What are the economists getting wrong? Isn't this a slam dunk time to buy U .S. treasuries? Soft landing, hard landing, no landing. I don't know. True. What the heck does that mean? I don't know. Breaking market news and insight from Bloomberg experts. We're going to be in an environment with higher rates for longer. The five day in office work week is effectively dead. It's definitely a good sign that we're not ready to land this economy just yet. This is Bloomberg Markets with Paul Sweeney and Matt Miller on Bloomberg Radio. Matt Miller here in the Interactive Brokers studio with Bailey Lipschultz. Paul Sweeney has stepped out. He is flying down to Duke in order to, I think he's going to watch a basketball game. Is it season started? Yeah, it started. Watch a football game. He's got a board meeting. Apparently he promised me if he sees Tim Cook down there, because I think he's a board member as well, he's going to demand that Apple pay a dividend. He brings that up every time. Every time we talk Apple stocks, he's always like, get that dividend number higher. It's on his list. We're also going to talk to some really interesting guests.
A highlight from The Mike and Mark Davis Daily Chat - 11/7/23
"The United States Border Patrol has exciting and rewarding career opportunities with the nation's largest law enforcement organization. Earn great pay with outstanding federal benefits and up to $20 ,000 in recruitment incentives. Learn more online at cbp .gov slash careers slash USBP. No more annoying figure politically, but there's Barbra Streisand news that has nothing to do with her weird politics. Did you catch this yesterday? Barbra Streisand. Go ahead. I know the news. Well, I think I know the news that she's being interviewed by Howard Stern. Oh, Lord. OK, well, that'll be something. No, this is a much tinier thing that nonetheless I got it kind of a kick out of. If you ask here, hang on a sec. Let's see if they fix this. Hang on a sec. If it wasn't it wasn't it was Siri. Who is married to James Brolin? Hang on. My phone's not on anyway. It pronounced her name wrong. It gave it a soft S. It would say James Brolin is married to Barbra Streisand. Get it? Streisand. Streisand. Right. Exactly. It's not. Her point was it's not a Z. It's an S. It needs to be Streisand. So guess what she did? She sued them. Much, much simpler. She called Tim Cook. Oh, well, yeah. And he fixed it. You know, there was a there was a have you ever studied the Streisand effect? You know what the Streisand effect is? It's fascinating. And this is something that has become kind of part of the it's sort of the lexicon. The Streisand effect means she was once livid that somebody took pictures of her Malibu estate. And of course, she lives in a palatial mansion right on the water. You know, she's got more money than Fort Knox. Incidentally, speaking of people with more money than Fort Knox, can I share what it's like to rub elbows to somebody with a lot of money? By all means. Don't worry. It's like me. Focus, focus, focus. I'll go back. If Streisand is going to be interviewed by Stern, she has a memoir coming out called My Name is Barbara, I believe. So I think that's why she'll be interviewed all over the place, probably. And that's an interview I'd listen to because, you know, he's a master interviewer. He is an absolute master into the guy is brilliant at that. I mean, if he could lose all the filthy stuff that he does in the you know, the idiocy and lose the covid idiocy. He's gone hard left. independent The fiercely rule breaker, bold Howard Stern is dead, but he remains a very good interviewer. A hundred million dollars a year might do that to you or whatever he gets. He gets some crazy amount of money. And as I was rubbing shoulders with, I'm just going to say, somebody we all know who's got a very familiar face, I rubbed elbows with them at the Job Creators Network event. And this particular person was, I was told, lived in Palm Beach, which I didn't know. And I've known this person for a while. I'm not going to mention the name because I don't want to embarrass anybody. But I said to this person, I'll have this figured out by 830. I said, well, you probably know now if you think about it, if you do the math, I told you who was there. But anyway, I said to this particular person who I love, I said, hey, I didn't know you lived here in Palm Beach. The answer was, well, I don't actually live here. I do have a home here. And I thought, now that's money. Just one of many. That's money. And Palm Beach. Listen, it ain't a double wide. I mean, there's nothing in Palm Beach under about 10 mil. Anyway, so the Streisand effect is that Barbara Streisand sued somebody because she was upset that the pictures they took of her estate weren't authorized, because she's a notorious control freak, and she didn't want people to know where she lived. She sued based on the pretense of security measures, right? Okay. I understand that wish, but go ahead, all right, go ahead. Here's the Streisand effect. So the Streisand effect is the lawsuit had the opposite effect of what she intended, because after she sued, then it was very public where she lives, then the whole world knew. And so there's something in the legal jargon now that has become known as the Streisand effect that sometimes litigation, you know, emphasizes or puts an unwanted spotlight on something you're trying to quelch, to quelch, to quelch. So anyway, that's that. But I would love it. I am. I'm going to try to listen to the stern Streisand interview. I can't wait. And speaking of South Florida, aren't you packing for South Florida as we speak? Indeed. On the stage, DeSantis, Haley, Scott, Ramaswamy, Christie, oh my gosh, poor Chris Christie. I know. Gosh. I played that clip yesterday. Me too. Do you feel sorry for him a little bit? No, I do not, because he is an absolute virulent idiot. This is a willful thing that he's doing. It is a, as I said on Twitter, if he's just on a speaking tour and trying out some Trump hatred as a thought experiment to see how it works and what is still Trump's GOP, whatever, free country, free speech. But in an attempt to supposedly win votes in a campaign for president, it is an act of stunning malice, stunning idiocy. He is a self -absorbed fool and I have zero, zero empathy for that. I can't see him. I can't even picture him without the image of like a pro wrestling mask on his head. He's like a wrestler now. He's become to me a cartoon caricature. Do you hear what he said? Your aversion to the truth is not deplorable. Your aversion to the truth, as if I'm the sole arbiter of truth, is reprehensible. And then he said, you know, your cat calls, you're booing. That doesn't make anything better. That doesn't solve problems. But in an indirect way, yes, it does, because it is a crowd showing disapproval for him in their approval of Trump, who will make multiple things better if he were president again. Well, he's clearly rattled at this stage of the game. He's not liking any of this. He really is very unhappy with the – and what did you think was going to happen? What did you think was going to happen? What in the world did he think was going to be the end result of his vicious attacks on Trump? Look at what's happening to Trump right now. I was reading an article. I just talked about this, what he stands to lose in this New York civil fraud trial. He's at the risk of losing his entire New York empire that his whole life, his whole career was built on. This vicious Soros attorney general, who's trolling him regularly on social media, who's taunting him, who's strutting around like a peacock, bragging about how they've got him, and incidentally, that's how she campaigned. She said – she campaigned on it. I'm going to take him down. I'm going to get him. We're going to get Trump. That was her campaign promise and she thinks she's got him down. She's got this – they got this whack job judge. The judge literally said in the courtroom yesterday, I don't want to hear what you have to say. Also said, control your client or I will. Or I will. But I don't want to hear what you have to say. Well, then what's he on the stand for? You got him on the witness stand ostensibly to hear what he has to say. But they don't want to hear what he has to say. Of course, that was a revealing moment. This is so reprehensible and – but here's the thing, Letitia James could lose by winning. If Trump does lose his business empire, and he could, I mean they – and what he stands – I mean, for example, permanent disbarment of Trump being able to serve as officers or directors in any business headquartered, registered or licensed in New York, Mark, that's the goal here is to crush him financially. Of course it is. Financially, politically, reputationally, and in the midst of us talking about this courtroom appearance. And of course I've become fairly intrigued and amused by the various courtroom sketch artists. I mean, are they doing him a favor or not a favor? But I take you to a larger issue for just a moment because I don't know what your thought is on this. It was a bit of a debate yesterday. Speaking of things that are an outrage, it is an outrage that we didn't get to see this for ourselves, that we have to rely on reporters and courtroom sketch artists. Every courtroom in America contains the public's business being done. There should be cameras in every courtroom. Are you with me? A hundred percent. If we could see what is actually happening in this particular trial, it would only elevate his standing.
A highlight from 1197. Elizabeth Warren Demands More Crypto Taxes Pro-CBDC Army vs Stablecoins
"So, Elizabeth Warren up to her antics again, this time using taxes, using CBDC, and many other tools to her disposal to try to take a position against crypto. We're going to be breaking down all of this for you guys today. My name is Paul Baron. Welcome back into Tech Path. I want to get into the first story here. Democrat senators want Treasury, IRS, to pick up the pace on crypto tax rules. So a few things that I want to break down in this article so you kind of know who the players are. I'm going to zoom in on this one. Elizabeth Warren, Bernie Sanders, Robert Casey, and then Richard Blumenthal, all involved in this. The idea is pretty simple. Treasury and IRS have until the end of the year to finalize new rules to help close the estimated $50 billion crypto tax gap. Now, this is something we'll break down because this is not necessarily the real scenario. It's what they're proposing out there. The other thing they want to put in here is, without quick action, your agencies are at risk of failing to meet congressionally mandated deadlines and the implementation of the final rule. We urge that you act swiftly and implement strong crypto tax reporting rules for cryptocurrency brokers. All of this, which we'll get into, one of the things the industry has said has become very antsy waiting on guidance, particularly with regards to the IRS defines a broker. Industry observers have claimed that the broker definition is very broad. We all know that because it could include miners and also software developers. That's another problem that already exists in crypto of who is a broker. And then secondly, or additionally, what are we hoping for? An industry perspective that is updated with the 6045 regulation, which basically gives different qualifications based on type of activity. The other thing they break down is it'll hopefully make it clear that not everyone effectuating a transfer of a digital asset would be subjected to a broker reporting. So this gets into some of the details of when taxes do apply, and we'll show a little bit more about this. The letter, the senatorial letter, comes days after the IRS issued new guidance update in 6045 regarding crypto staking, which is the other part of this that's pretty big, in which the agency ruled that staking income, regardless of the gains are realized, will be taxed as income. So you have to think about that for a second. You're staking ETH, you get ETH in return. You haven't sold ETH, but you're taking that as an income. That is the argument I think that everybody, of course, is up in arms about. If a cash method taxpayer takes stakes cryptocurrency native to a proof of stake blockchain and receives additional units of cryptocurrency as rewards, which is what happens here when the validation occurs, the fair market value of the validation rewards received is included in the taxpayer's gross income. So if you are staking, that's a problem. The interesting thing is that you do not take tax gains if you're putting that in a money market and you're getting paid interest. That's not gains until you exit those kind of scenarios. So this is an interesting aspect of how the IRS and how Elizabeth Warren is really putting pressure on it. Another point I want to get to here. This was coming from the 2021 Infrastructure Investment Employment Act, which is where all this came from. But basically, it said if we do not act quickly, that is, if the Treasury and the IRS do not implement these new rules in a timely manner, we risk missing out on roughly $1 .5 billion in tax revenue for fiscal 2024. At this point, you should not give this chance to tax evaders, which is what they're calling crypto people. And I think this is something that people don't realize just how much taxes are being paid by people in crypto. In fact, countries with the most taxpayers currently in cryptocurrency, United States leading the way, number one, Japan, number two, Germany, United Kingdom, and Austria. So you can kind of see we're already handling this because crypto is like any other really asset out there if you think about it. If you take a gain, if you sell an asset and you take a gain, that's a capital gains tax. And it applies to capital gains rules. Those are the same kind of scenarios that play into it. What I don't necessarily think is going to be popular is for them to continue to reach in to these unrealized gains, like taking unrealized gains and taxing them in any other corporate infrastructure, just not necessarily the model in which this plays out. The other thing that income tax is payable on is you're getting paid in crypto. That's revenue. So you're paying tax on that. You get an airdrop. That's a new asset you've received. Getting taxes on that. Staking rewards. That's the other scenario that plays into this. DeFi interest. Mining rewards and then even referral bonuses. All of those are income taxable at this time. There was a couple of things here in a report from CoinLedger that I want to showcase. And this was really kind of going through the people in their survey of who understood when a taxable event occurs. So 65 % of investors correctly identified that selling cryptocurrency is a taxable event. Now you have to sell it for a profit, of course. If you sell it for a loss, that's not obviously a taxable event. But only 38 % of the investors correctly identified that a crypto -to -crypto trade is a taxable event. So this is still questioning and also it's still not completely clear so that the IRS, but also even your tax preparers understand really what's happening out there in the place. And I think, again, this all goes back down into regulation, which will flow into the tax code and many other aspects. This is kind of interesting right here. This was further from the CoinLedger report. 50 % of non -taxpayers don't report because they haven't made a profit currently in cryptocurrency. You have to remember the last two years, really since 2021, almost anybody in crypto, along with other assets out there, have been in the negative. Right now, haven't made a profit, so you're not going to be paying taxes on that. I didn't know I had to report. Some people said that. I don't understand how to report, 12%, and then I don't want to pay taxes, 7%. So that should have been larger. Government doesn't know about my cryptocurrency. Okay, those are the bad guys right there. So the likelihood is if you guys are watching our show and maybe you're brand new to crypto, it's treated like any other asset class. Doesn't have any really differentiation. It is money. If you're taking it as revenue, if you're taking it as income, if you're taking a sale and getting profit from it, you're going to be able to take taxes at that time. Those are taxable events. The other problem is that it's not like an investment if you do lose money where you get to use that as a tax loss. So that's another problem of how this could. Now you can do some tax loss harvesting, of course, obviously you should get with your own CPA to understand how that works. I want to go to a clip here because the clip will go into a little bit about where, and we're kind of transitioning out of taxes into CBDC, but where Warren stands on CBDCs. Let's know what she said. So that's not so hard on stablecoins. The harder one is what do you think Bitcoin is about? If you think it's about being able to transfer value without having to go through banks, and little side note, I think banks have done a really bad job of a lot of the things they're called on to do. Yeah, the biggest advocates of Bitcoin sound like you. Yeah. Meaning they want to break up these big banks have been terrible, right? That's exactly right. And they've cheated consumers and they've kept prices high and they're slow and they won't cash a check. Five to seven days to three to five days. There you go. And it was a huge victory. Huge victory, right? That they only held onto your money for five to seven days. So a lot that banks do wrong, if you think we could improve that in a digital world, the answer is sure you could. But in that case, let's do a central bank digital currency. Are you there? Oh, for a central bank digital currency? Yes. All right, so you can see she's very pro central bank digital currencies. If you look at Warren Davidson's tweet right here, in America, CBDC should be banned. This was one option, a jailable criminal offense declaration of war and implemented. Obviously that was his kind of poking fun at, but banned is the big one is that we shouldn't use it. This is a big scenario that plays out, has been playing out for quite some time on the CBDC front. So let's just understand that CBDCs, if we do get to that, and I think this is one of the reasons that obviously crypto in general has been more popular and started to become more popular around the world, especially in countries that already have problems with their fiat. And I think that is going to be an issue that will continue to face here in the U .S. of how that does play out on a digital currency. If you look at what's happening in China, obviously their social credit system is all tied to eventually to the money. So definitely a problem. Now the other things that play into this is that there could be some scenarios right now where Gensler is going to start trying to do some other things to try to deflect maybe a possible loss that could be coming at him. One of the things that's happening right now, this of course, hacks crypto founder used investor funds to buy almost four and a half million Black Diamonds. This is the SEC. So this again is nefarious actors like Richard Hart and others that have been in the crypto space. Listen, this is not the only place that has those kinds of actors out there, but this is a good example of just how the SEC is trying to go in and deflect a little bit. Here was one of the things they charged, SEC charges 18 Utah defendants with a $50 million crypto fraud scheme. So again, Gensler and the SEC are on the warpath right now. And I always wonder why, because these are small fraud. And I look at this, they're definitely not a Binance, they're not an FDX, and they're definitely not a Coinbase. So why are they going out after these very low hanging, I'm sure they should, but it's almost making mountains out of molehills in the kind of scenario that this is faced into right now. Are they maybe setting up for deflecting off of a potential big loss, such as possibly an approval through the House on these crypto bills? Just to give you an idea of just how close Gensler is to the regulatory and the political landscape, look at the timing here. January 12th, this was 2023, he sued Genesis. During that time, we had the House Financial Services Committee announcing their subcommittee on digital assets, so nice timing there. February 12th through the 14th, Wall Street comes in and says they've issued a Wells Notice for Paxos. At the same time, you had a committee hearing on crypto crash, why financial system safeguards are needed. Then you had this one, March 19th, he goes in and he publishes the op -ed in The Hill, and then you had the Senate Ag Committee saying we're going to do these crypto hearings. Then he does April 27th, and you can kind of see it just all ties in to activity that's happening in the political forefront. He is coming in, or the SEC coming in, and timing is everything. So the reality is that all of this is going to play into the hands, I think, of the industry and also to the lawmakers understanding what the SEC's overreach has been. So it's going to be one that will probably play out in a very short period of time. I want to go to this next clip of Ron Hammond from Blockchain Association. Listen in. At least in the market structure bill, which again, got more votes than the stablecoin bill from Democrats, which blew everyone's mind in D .C. No one expected that to have ever happened. We were expecting like four or five. We had six Democrats join. Stablecoins were expecting 12 or so Democrats to join. We only got five. All right. So simply kind of taking a little bit of a victory lap of what has happened here recently on the House floor in terms of the committees and getting ready to send both of these bills to the House for a potential vote. This will happen in September. Let's take a listen to this next clip on Hammond on Gensler. And I think the market structure vote in particular just shows how much he's lost his own party in terms of buying the narrative that, A, the status quo is fine, B, there's no need for legislation, and three, he's doing a good job on the enforcement end. And we saw that on all three arguments from different Democrats fail each time. And I think the fact that there's six Democrats who bucked their own party, who bucked the SEC and said, yeah, we're going to advance the market structure bill forward. Even the House Act Committee said, yeah, we're going to advance this bill forward, too, without any opposition recorded. That's huge. All right. So I think the play out on this, you know, when you look at the current landscape right now of what Warren's attack is, the crypto army, you look at the positioning that really D .C. is doing currently, and now could this play into the political landscape for 2024? Yes, it could. But the bigger play here, I think, is still the regulatory front. And that means that either the SEC is going to lose some of its power and the CFTC is going to come in and start to have a little bit more divvy up of what digital assets and how they're controlled through these government agencies. But really, how does this play out maybe into the future? This note right here from the block, they were talking about the commission being the SEC has so far received 52 letters about these proposed funds. This is in reference to ETFs, with most of them expressing support. So it's very possible that we could see an ETF actually get passed here. And you've seen some of the things we've talked about here on the channel before in the last couple of weeks, you know, everything from the Bloomberg team and so on around the potential of the ETF getting passed, the Bitcoin ETF. If that does get passed, that would be huge for the market, would absolutely legitimize what's happening in this space. And I think it would probably, in most cases, put so much pressure on D .C. that they have to move to going in and actually getting some landscape in play. Most of the comments against the approval appeared in multiple letters from a business consultant calling themselves the due diligence. I think basically this is a bunch of banks tied in behind this and this was the counter argument to what an ETF should be. So there is full political folly in play here and it is happening at, I think, light speed right now, much faster than what I anticipated even. One of the last things here is the comment period wraps up next week. So the SEC accepting letters for the final funds around August 11. So meaning that Gensler is getting ready to have to actually make some decision either for or against or a delay, which is probably what most likely will happen. But the good thing is that, like I said, there's going to be a potential right now which keeps increasing of a potential approval coming from some of the best ETF experts in the world that are analyzing where the situation is and kind of how it's going forward. Additionally, you've got anti -crypto movement now escalating Congress's assault on privacy. This is where a lot of people are starting to look at the idea of cash and just personal privacy, which is one of the biggest issues really around the world. And if you think about just how important that is, this would give you an example, cash matters, free citizens entitled to privacy and the protection of their data. In the UK, 74 % of people say cashless society would take away the people's right to choose. In the U .S., it's 73%. When it comes to purchases, personal preferences should remain exactly that, simply meaning that with a CBDC, we all know what that means, the control of the cash, control of what you spend on, then it gets into the control of what you spend on based on your political viewpoints or other aspects of your life that all start to play it. So cash does pretty much empower citizens to become capable of kind of voting with their wallets. And I think this is a very critical scenario that's playing out right now. CBDCs will be a big part of this. So you've got CBDCs happening, you've got what we're going to be dealing with on a taxable side and then the legislative. So all of this happening right now, literally in 2023, and it seems to be coming to a head very quickly. I think as we move forward, there's going to be two things that come out of this, and that is how these bills start to move their way through Congress and eventually, if we do get approvals, to the president's desk. Here's of course, the Senator Lummis and Gillibrand bill. Just another piece of legislation that is making its way through. Most likely, this is one that will not happen, mainly because of the association and the collaboration, I think, with the ICC. The bill involves a broader swath of agencies, so this is kind of interesting because it gets into the Office for Foreign Asset Control, the FTC, OFAC, FinCEN, et cetera. The SEC is provided also with something that a section -by -section overview claims resolves a long -standing issue with the SEC custody requirements. Probably the bill that will not make its way through, which gives us back to the scenario of the two bills that are currently on the floor that most likely will make it. So good news, I think, in general, bad news for the crypto army and CBDC is still coming to a head, but I think the good thing here is that, in many cases, it's like bad PR is even good PR, but the point is that the industry, lawmakers, finance community, they're all talking about crypto, and in the end, that is good for the asset class. One other thing that did happen, which is kind of interesting, this was a letter to Tim Cook, and we did a full video on this, so I won't go into the detail of this, but mainly it was trying to get Apple to get less and less constrictive on asset classes that are making their way through apps or innovation that are involved with blockchain. One of the things that they got into was purposely limiting choice and stifling innovation at the expense of user experience. This is a problem that Apple kind of faces for quite some time. And we broke down a lot of this, but the big deal is this right here, responding to the following questions no later than 5 p .m. on August 14th. So this is another issue that is coming to a head here in August of Apple having to actually address what's happening in Capitol Hill around the blockchain and the crypto industry as a whole. So again, just another big benefit, I think, for where this market is going. I want to go to this next clip here, and this is again Ron Hammond, on where he thinks Apple's position is. Listen in. But this is a bipartisan letter from the leaders of the subcommittee on innovation. That sends a message that says, look, I mean, Apple's getting hit on a number of fronts, but this definitely sends a message saying, you know, hey, look, you're on the clock right now. We're looking at you. So that committee is going to be taking more of a role over time because we've seen this talk and this narrative of crypto really shift more and more in D .C., at least, talking about the tech itself, which is perfect, is exactly what I want to talk about, the innovation and the technology itself. And that's the Energy and Commerce Committee. That's a bipartisan letter that sends a pretty good warning shot to others in the industry saying, look, you know, crypto is here to stay. We have concerns that the U .S. are probably blocking them out. And that's not good on our watch. All right. So I think this is one of those things, again, that the thwarting of innovation is a concern here in the United States because it's one of the things that pretty much pushed the U .S. ahead of the entire planet when it comes to really capital growth, entrepreneurship, how we grow our own economies, but more importantly, our position in the hierarchy of the global structure in terms of just being the global power. And I think if you consider that, you have to look at what's happening in Europe. And with the EU, markets and crypto assets regulation, this is MICA, this is a regulation that's pretty much been in place, and it's now starting to take form. And one of the things that you have to kind of look at here is their consultation package three. These are all actually happening now. Qualification of crypto assets and financial instruments, monitoring detection, notification of market abuse, investor protection is happening, you can kind of see the things there on reverse solicitation, policies, procedures, all that. System resilience and security access, all that is building. Mainly what is going on right now in MICA is they're prepping to get all of this regulation in place so that they can roll out this program. And when they do, it is going to put the EU at the front and center of one of the biggest asset classes that has ever been created. This is the power of what crypto and blockchain is bringing to the planet. And that's why I think we are seeing all of this scrambling going on here in 2023 in the U .S. Look at the timeline here of MICA. June hits, publication goes out. July, the consultation package one already rolls out. October of this year, we're going to see package two. And then by Q1, that's when that consultation package three goes into play. And then we have early entry into the application and then the rollout by end of next year. So this is pretty significant. Further into their rollout, this kind of, let me kind of zoom out on this a little bit. This shows more background on all the transitional measurements that are going to take place. And this looks complicated, but really what it simply means is these are the deadlines that they're trying to meet to get all of the organizations that are applying for regulatory position in the EU into play so that they can go into the markets with all of these things in a legal way. And I think that is what is interesting. I think they're going to stay very sharp on these timelines because they don't want to look stupid. And right now, the world is watching. Everybody's looking at this. Asia's watching this now. The U .S. is pretty much on a big race with it. I want to go to a next clip here. And this next clip is a little bit more about the BRICs, now why the BRICs matter. And listen to this one. This is an important one. Yeah. So BRICs is a collection of countries that are trying to find an alternative to what they see as the hegemonic dollar based U .S. run global economy. So BRIC stands for Brazil, Russia, India, China, South Africa. But what happened in the wake of the Ukraine invasion is that the U .S. seized Russia's presumably to try to set off a banking crisis. Now, ironically enough, for separate reasons, our banks crashed. But anyway, that didn't work. But the problem, yeah, the problem is that every country on earth saw that happen. All right. And you've got now all these countries that they were never really hostile to the U .S., but they're starting to wonder now, could they come after me? Could they try to crash my banks? But at this point now it's accelerating. And so they've got a meeting coming up in August. And one of the items that may or may not be on the agenda is the prospect of a gold backed BRICs currency. What I think is interesting is that if any country did gold back a widely used currency, that would I mean, it would be catastrophic for the U .S. dollar. Right. That would give the world an alternative sort of payment rail that is even stronger than the dollar is today. All right. So hopefully you guys are seeing how all of this is connected. You go from everything that Elizabeth Warren is doing on the legislative front to basically tax Americans, kind of setting up the scale of what and how this asset class is going to be dealt with, to how we're going to control the digital dollar, which is the CBDC, and whether or not FedNow will play into that in the future. Then you tie into all this regulatory framework. And then lastly, but not least, is BRICs and their importance on the global front. If you look at this tweet right here on World Statistics, GDP at purchasing power parity of the world. Here's the G7. You can kind of see U .S., Japan, et cetera, all the way in there, 45 percent 1993, all the way down to 2028, around 27 percent. The BRICS nations, all the way down to 2028, they will actually accelerate over the GDP of the G7. This is pretty significant because all this was, again, projected by the IMF, the International Monetary Fund. One of the things around this is whether or not, and St. Auge talked about that, Peter, the guy that we just did a clip on, he talked about the importance of this gold -backed dollar or BRICS currency. If that were to occur, that would be, as he said, catastrophic for not only the U .S. dollar, but I think catastrophic for the globe because we would see a shift in power pretty quickly. So here's the alliance right here. This is a scary picture. BRICS alliance will discuss the usage of local currencies for cross -border transactions in the upcoming summit in August. Now, the good thing, the good news, if there is some, is they're talking about using local currency as opposed to gold. Had they used gold, that would have been a huge blow into, really, the future of the U .S. dollar, and they still may go that direction, so you have to be considering that. Again, why is it important to be investing in cryptocurrencies or digital assets? We've just painted out a picture for you and the reasons why all of this flows up in a very interesting domino effect toward how just monetary systems are going to be run in the next 100 years. Stablecoins' potential counter to de -dollarization, that's a big part of this. So in this particular scenario of this article, people familiar with the talk said that the last moment the White House National Economic Council, this was Lael Brainard, dumped cold water on this stablecoin bill saying it didn't put federal regulators in a strong enough role. And remember, if you'll recall, we did a video on this where, of course, Patrick McHenry and Maxine Waters were negotiating that. And there seemed to be an agreement prior to going to the vote. And then at the last minute, Maxine Waters pretty much got the phone call from the red phone and that was dislodged. And then, of course, McHenry went to the floor with what was the old bill that did not have all the changes in it. So again, a lot of politics being played out right here in D .C. And again, this is very important because of the global position and what we are trying to do to essentially compete at a very high level. I want to close this out quickly with our last clip here. This is just the stablecoin timeline from the Blockchain Association listening. It does, unfortunately, hinder it a little bit, but I've had conversations with staff and members of Congress after the fact, and they seem very gung ho in trying to resolve this issue before the whole entire House votes on that bill. But likely what's going to happen is that in the fall, there's going to be a general House floor vote. Every member of the House gets a vote on this, which, again, it's a lot of education. So I've already had some Republicans reach out to me for more the right wing of the caucus saying the stablecoin bill is just a CBDC bill. And it's like, no, it's not. It's nothing related to that. On the left, we're seeing a little more consumer protection concerns and also just the general crypto skeptic concern as well. So August, we're going to have a break and in the fall, you're going to have a vote, right? Exactly. But I think for sure in twenty twenty three, we'll have a general vote on the House floor. And then you can see for yourself what your members of Congress are supporting crypto or guardrails for crypto and which ones say, you know, nah, you know, I don't I think the status quo is fine. All right, so big actions happening this fall and part of this will, of course, will be the stablecoin bill, but also crypto and digital assets in general hitting the House floor. This and as Hammond said, this will be a critical time because the scenario that plays into this right now is it's going to showcase into a lot of what we'll see in the political runs and the campaigns that are being run next year in twenty twenty four. So this could become a little bit more of a voting scenario. So hopefully this has given you guys a rundown. I know it's it's it is a lot here to to kind of digest. If you're new to our channel, we try to break these down. And I promise we're going to try to get these in a little bit, maybe smaller bite sizes. But you can see the breadth of what's happening globally, especially here in the United States right now, because this is a fight for your wallet. And that's why it's so important and that's why we're seeing so much activity happen. You guys are part of the Diamond Circle. Great. Glad to have you in. But if you're not, make sure and join. All you have to do is click the link down below. We we do, of course, a podcast over there, a lot of additional research. I even do additional analysis over there. So it's a great place for you to start here with the PBN team. And of course, it's the best way to get to us. Just go to our website. You can join right there. Of course, if you're not following me at that out there on X, it's just at Paul Baron. We'll catch you next time right here on Tech Path. We'll be right back.
"tim cook" Discussed on Mac OS Ken
"Greedy opportunists who extorted and embezzled before turning to murder. If you're a fan of film, Martin Scorsese may be enough to get you excited about this movie. A cast, including Leonardo DiCaprio, Robert De Niro, lily gladstone and Jesse Plemons might do it too. If you're a fan of history, well, historical dramas often lean more on the drama at the expense of the history. At least one prominent member of the osage nation says that is not the case this time. Jim gray is a former chief of the osage nation. Given his position in the community, he got to see a screening of the film ahead of Khan. Once the overseas screening was done, he was free to talk about it a tiny bit. Which he did, and then lengthy Twitter thread. According to gray, members of the osage nation worked on the film both in front of and behind the camera, Scorsese met with descendants of the victims of the murders on whom the film is based, and when production was halted due to the pandemic, the script was rewritten, bringing the O sage closer to the heart of the story rather than focusing as much on the FBI. That was the movie, gray asks rhetorically in his Twitter thread. It was excellent. Scorsese even captured some of our humor. The performances across the board were Oscar worthy. I mean it had never seen the movie like this before, no white savior, nothing needed to be made up, the violence is real and the music of the osage language was beautifully spoken by all of the actors, especially the non osage actors. Using fewer words, but no less abusive was apple's CEO Tim Cook in a single post on Twitter over the weekend, cook said, we created Apple TV plus to tell stories that make a difference and Killers of the Flower Moon does just that, thank you to the osage nation, Martin Scorsese, and all involved in telling this important story and thank you to the Khan film festival for an unforgettable night. Khan, like the movie, too, by the way, the independence as the audience gave the film a 9 minute standing ovation with critics calling it a masterpiece. The rest of us can see this masterpiece in about 5 months. Apple and cider says the film gets a limited theatrical release on Friday, the 6th October gets a wide theatrical release on the 20th of October, sometime after that, it'll start streaming on Apple TV plus. And finally, today, everything old is new again, though it's keeping some of the old stuff around. Mac rumors has written up apple's new old store at Tyson's corner, technically the first of apple's chain of stores, the Tyson's corner location and fairfax Virginia moved from one part of its mall to another over the weekend. Opening its new doors 22 years to the day after its initial opening. The new digs feature the features brought in by Angela aarons during her tenure as head of Apple retail, according to the report, the store features wood paneling, a baffle ceiling design, an individually framed glass doors, avenues that today at Apple section and Apple pick up are all present in the store. But you gotta love this one throwback. The first Apple store and subsequent locations for years after that featured a genius bar, a dedicated place in each store, you could go with the problems and have those problems addressed. According to Mac rumors, Apple has moved away from physical genius bar sections and its stores in recent years, but Tyson's corner has a dedicated genius bar in the right corner, similar to the original store. Oh, it's thrown off the brush to aluminum for the chain's current polished wood, aesthetic, but it's still not the atomic logo. And the words genius bar. Not sure why I love that as much as I do, but I do. Apple retail enthusiast Michael steber has posted a riddle of the store and several pictures, you can find all of that at Michael Steve burr dot sub stack dot
Geopolitical Expert Predicts World Crisis Within 3-5 Years
"What about CEOs that do a bunch of business I was just trying to chairman Gallagher yesterday and he just sat down with Tim Cook and apple is in a world they can't get out of China, right? They can't. And so have you been advising we're not talking specifically about Apple now. Have you been advising any company on how to prepare for what would be the consequences from a world crisis? My role as a geopolitical expert in analyst is more along the lines of what are the chances that this could occur. What are the immediate tactical and operational effects, what is the likelihood of this happening? What are the timelines? Those are the kind of things that I'm particularly well positioned to talk about. I do not, as a general proposition, talk about the kind of business choices that you are articulating. I try and provide a sense of where the overall situation is going. So that the business leaders, the people like Glenn youngkin, when he was the CEO of the Carlyle group, would be in a position to make those kind of business decisions. And by the way, I think you're absolutely correct. It's not just Apple. Many firms are very reliant on China for manufacturing. Less so for services than for goods. And many of those businesses could find themselves in a very difficult position if a sudden sharp conflict broke out. Again, I don't think that's likely. I know some believe it could happen in the immediate future. I'd say it's three to 5 years away at a minimum.
What China Means to Apple
"You also went and saw Tim Cook. Now I was in a room when Tim Cook got very Sparky with senator Tom cotton when the senator, whom he did not appear to recognize. I'm not sure Tim Cook's up to date on much in the Congress. Question, some of their practices early on in his tenure as a member of the Senate. And Tim Cook just bristled and dismissed what he thought was a young man who probably didn't know anything. Tom cotton. It's like dismissing you. They're on the Intel committee. How did Tim Cook respond 'cause they're the most deeply embedded American company in China. They can't get out. They're like, the pirates who are part of the ship in the Disney movies, Pirates of the Caribbean. You know, the guys who were stuck in the wall. That's apple in China. What did he tell you? Well, to your point here, I left thinking that even in the best case scenario where a company like Apple realizes it needs to de risk is the new phrase of the moment and rebalance their supply chains out of China. You know, it's not like they can pick up and tomorrow they'll be in Vietnam or there'll be an Indian. So it's going to be a prolonged process. And the point I tried to make is that if Apple conceives of their relationship or presence in China is sort of the floor of our economic relationship. But differently, if we continue to decouple and other areas, AI, quantum, they feel that they should still be allowed to make iPhones in China. Okay, well, what happens when the floor falls out of the relationship? The bottom falls out of the relation because Xi Jinping decides to invade Taiwan. Well then they're in a heck of a tricky situation. And for whatever reason, whenever I interact with, you know, big tech CEOs or particularly major asset managers on Wall Street, they really just particularly those who have met with Xi Jinping repeatedly. They just tend to discount the likelihood that Xi Jinping would do something like that. For whatever reason, it's totally foreign to my sensibilities as a military analyst. They just think that he's going to act rationally. He'd never do it. It would be economically destructive. And I just, I find myself always puzzled as to why they think that way, because I think that for reasons that have less to do with, you know, the pure economic calculus and have more to do with his own legacy as well as the ideological nature of the Chinese Communist Party, which we've ignored for two decades. The odds of Xi Jinping doing something like this are indeed increasing. So that's the conversation we had. We raised some concerns about the reports that Apple has shut off their AirDrop AirDrop functionality during the COVID zero protests. We had a back and forth on that issue. So again, this was the first first engagement in what's going to be a longer conversation. I will concede and kind of to the point of your question, this is the trickiest aspect of economic decoupling.
"tim cook" Discussed on Simply Bitcoin
"Could always send me a Twitter DM if you have any questions on this whatsoever. Anyway, it's all you. Let's go. Well, I do have some tweets here, but I just kind of want to have a conversation with Justin here. Your Twitter bio says you are senior adviser at satoshi action fund. So let's just start there. What is this satoshi action fund? And what's the goals of satoshi action fund? Yeah. It's an organization that was cofounded by Dennis Porter and focus on positive Bitcoin mining policy in the state at the state level. And so that's where he's working with states. So social action fund is working with states like Montana, like New Hampshire, Mississippi. When you hear these right to mind bills that are moving through, state legislatures, a lot of that is coming from the efforts of satoshi action fund at the legislative side, and also just educating policymakers engaging with them. And getting on the offense, there's now maybe on the defense in Texas and on the defense in New York a little bit. So that is part of it as well. Clearly, we can talk more about Texas. But it's really about educating the state state level and moving through positive legislation. Love it. Love it. We did and have been talking about what happened in Texas. So what's your thoughts on this anti Bitcoin mining Bill in Texas? I forget what the numbers were. It's like 17, 51, I think. Yeah, that's right. And so maybe just a quick update you guys did a great job of covering this issue, but where it stands right now is that it has passed unanimously through committee and the state Senate. So it's technically it's kind of the first step. There's no other place for a bill to start. It's got a ways to go. But the path is being cleared for it because it was unanimous.
Apple XR headset to launch in 2023 because Tim Cook said so – Report - MIXED Reality News
"5 a.m. Sunday, march 12th, 2023 cook bets on apples, mixed reality headset, to secure his legacy. When Tim Cook unveils apple's new mixed reality headset later this year, he won't just be showing off the tech giants latest shiny gadget. The Apple chief will also be guaranteeing his legacy includes the launch of a next generation hardware product that some inside the company believe might one day rival the iPhone. After 7. The post cooked bets on apples mixed reality headset to secure his legacy first appeared on blockchain consultants
"tim cook" Discussed on Bloomberg Radio New York
"I'm Nathan Hager. And I'm Karen Moscow and U.S. stock index futures are lower this morning and we check the markets all day long here on Bloomberg, S&P futures down 8 tenths of a percent or 33 points down futures down three tenths of a percent or 107 points, and NASDAQ future is falling down one and a half percent or 196 points, Nathan. Karen, we begin with earnings from a trio of tech heavyweights weighing on markets this morning. Let's start with Apple, the shares are down more than 3% after the company reported its worst holiday performance in four years, supply chain issues and an economic slump are being blamed for weaker iPhone sales. Your CEO, Tim Cook. As a result of a challenging environment, our revenue was down 5% year over year. We remain confident in and focused on the long-term opportunities. Apple CEO Tim Cook says there are signs of a rebound in China. He also says production problems are subsiding. Here's if Amazon also taking a hit this morning, Nathan, they're down to 5 and a half percent, the company is projecting lackluster revenue for the current quarter. That's causing worry that the company's ecommerce business has stalled. Sales growth has slowed in the cloud computing division, CEO Andy jassy says curbing spending is his top goal. Probably the number one priority that I spent time with the team on is reducing our cost to serve and our operations network. Amazon CEO Andy jazzy started a new round of job cuts last month and that'll eliminate 18,000 positions. And branding out the big three Karen shares of alphabet are also falling down about 4% after fourth quarter earnings missed estimates. Let's get the details live with Bloomberg Steve rappaport. Good morning, Steve. Good morning, Nathan and Karen. Google's parent company reported fourth quarter sales of $63.1 billion, a $1 million shy of expectations based on data compiled by Bloomberg, the lackluster results come as Google's core advertising business is under scrutiny from the Justice Department. It also faces competition from emerging players, such as OpenAI's chat GPT, alphabetic knowledge is the challenges ahead, live in New York, I'm Steve rappaport, Bloomberg, daybreak. All right, Steve, thanks. So we're also seeing earnings disappointments outside of big tech, shares of Ford are down more than 6% after profit fell short of estimates for it has been ramping up electric vehicle production while struggling to make money on its plugin models. We have a flip side Karen shares of Nordstrom are surging this morning. They're up 30%. Bloomberg news has learned meme stock investor Ryan Cohen has built a sizable stake in the department store chain. Sources say Cohen is trying to replace at least one of Nordstrom's directors. Yesterday was a big one for Mark Zuckerberg by the end of the day, Nathan, the Facebook CEO saw his fortune jump by more than $12 billion and we get the story from Bloomberg pellet. The surge came after he vowed 2023 will be quote the year of efficiency for his social media giant, meta platforms, the 38 year old CEO is rebounding from his worst year on record with his wealth tumbling from a peak of $142 billion in September of 2021. According to Bloomberg data, Zuckerberg now has a net worth of about $69.8 billion. In New York, Charlie palette Bloomberg day break. Thanks Charlie while another billionaire has lost a massive amount of wealth this week. Gautam Adani's empire has now lost more than half its market value since that report from Hindenburg research, the sword solar accuses adonia fraud. So far more than a $118 billion have been raised from the value of the ten stocks tied to a Donny. I'm back here in the U.S., Nathan, a big name on Wall Street is weighing in on last year's tech sell off ark investment CEO Cathy wood and missed 2022 was a horrific year for her flagship innovation ETF. But wood is making a bold claim about her funds long-term potential. Oh, by the way, we are the new NASDAQ, which is one of the ways we were trying to convey, look. If you want to look at the future and truly disruptive innovation, the way the NASDAQ, the NASDAQ performed in the 80s and 90s. That's where we went nation. And our investments Kathy Woods says she still thinks Bitcoin will top a $1 million in the next decade. She spoke with Carol masser and Tim Steve on Bloomberg business so we can catch the show weekdays at 2 p.m. on Bloomberg radio or watch it live on YouTube. Let's turn away from tech specifically now Karen and focus on the broader economy. It's been all about the fed this week, but today it's about jobs. We get the government's monthly employment report for January this morning and we get a preview now from Bloomberg economics correspondent Michael McKee. Payroll forecast, strange from 130,000 all the way up to 320,000, but most are skewed to the downside. The number that matters most will be average hourly earnings. The fed sees wage pressures as the biggest inflation danger now. Economists see unemployment continuing to be the dog that didn't bark just a small tick up in the jobless rate forecast. Michael McKee, Bloomberg daybreak. All right, Michael, thank you. And in Europe this week, the Bank of England hiked rates once again, but now the Central Bank is signaling, they may be nearing the end of tightening. That's the message markets took away from Andrew Bailey, but now he's sounding a little less sure the BOE governor sat down for an interview with Bloomberg's francine laqua after this latest policy decision. We all kind of react to the information and the evidence that we see. We're not on we're not we haven't pre announced an intention because we have reached a point. As I've said before, I think we have started to turn a corner. That's encouraging. There's a long way to go and there are a lot of risks. Unless you makers led by Andrew Bailey voted 7 to two to race interest rates by 50 basis points. Again, futures are falling this morning. And straight ahead, we have your latest local headlines plus a check of sports and this is Bloomberg. It's 32° in Central
"tim cook" Discussed on Bloomberg Radio New York
"That as, okay, well, maybe there was some missed sales that they would have had that not been the case. And we'll see what else they have to say on that front. But I think that the easier shell undoubtedly is to get people to use more within the Apple ecosystem going forward. And that's part of the plan. As they want to have you within their world, buying devices sometimes, but using services all the time. Got to say, though, when Apple has problems with its supply chain, I mean, they are a master at their supply chain. So when they are continuing to have problems, I want to know what more specifically is going on because we keep talking with ports and different people in logistics who are saying, hey, things are getting back to normal. Let's just remind everybody we're talking to John ehrlichman. We're right now talking about Apple, which just crossed a few minutes ago. Stock down about 4% in the after hours. Big reason why revenue profit missing estimates iPhone revenue was amiss. We were just talking about that with John 65.78 billion versus an estimate of 68.3 billion. This quarter an important one, it's the holiday quarter, a lot of buying goes on. I recently bought some new earbuds. I think you need a new Apple watch, too. I do need a new Apple watch. Mine's really ill. But you do wonder, right? This is where we want to hear John. The outlook in terms of what the company says going forward. Are they a little bit nervous? Are they feeling more upbeat? Because right now it looks like there were a bunch of misses through a bunch of their categories. The fact that they are letting it be known that there are macro headwinds right now, I think is a message that the challenges are twofold. They are on the manufacturing front, but clearly the economic climate plays a role in this as well. Now, as we were mentioning earlier, Tim Cook has already indicating that he feels that had they not had some of those issues, which we talked about on your very show recently, you know, you think about some of the challenges that Foxconn had been dealing with, that key supplier for Apple in China had they not had those issues, which were very much COVID related and beyond. The iPhone sales themselves would have been stronger. So from that, you can anticipate some of that moves forward into the next quarter. But remember, we did get what really was a rare warning from this company going back to November about this disruption and what it would mean for iPhone 14 deliveries. It does seem like since that period of time, some of those supply chain issues have normalized. We have seen some analysts speaking to that very fact. And I guess if you're a company that has this services business where you can push that narrative even stronger with good reason. I mean, just looking at that part of the business. Right. And that's
"tim cook" Discussed on Bloomberg Radio New York
"Companies outcompete the rest of the world. And I've got heard from Xi Jinping that he's a little concerned about that. That was the president of the United States at the end of October, that big effort picking up to date on Apple CEO Tim Cook. Advanced Micro Devices CEO Lisa su, alongside the president of the United States today, TK in Arizona for an event with time on semi. And I'm not going to miss words. This is newly minted at the keen household. I feel lucky to have this. This is the fancy iPhone. For those of you on radio, it's a what we call Ferro purple. And yeah, it's like sort of like the tots uniform, the kit that they have. They like it. Thank you. But I feel lucky to have this demand is so great that it's hard to find. Was there a wasting list? Yeah, I had to wait like weeks. And the answer is they want to bring the stuff in here, the magic in here over to America. That's all there is to it. Very cool. We're going to talk about that today. Tim Cook of apple in other words will join the president of the United States in Barry Goldwater's Arizona. There's a calculus here of science and technology, chips, and security, Brian deese, the director of national economic council for the president is with us for an early morning brief before he travels to Arizona. I want to get right to the political economics of this Brian that you studied at middlebury, which is lo and behold, a democratic runaway in Arizona, harkening back to even 1950. If the president moves for investment, does that bring democratic votes? I mean, is this a political victory lap for the president as well as a science victory lap? Well, the most impactful thing I've learned today is your color choice this time. But what this is today is a big milestone for the country for economic and national security reasons. As you said inside that iPhone, but also importantly inside military applications inside our most advanced computing applications are these leading edge semiconductors. And today, we produced none of them in the United States zero. So TSMC's announcement today signals the beginning of building out that American supply chain. And the other thing we're going to be doing in Phoenix though
"tim cook" Discussed on Bloomberg Radio New York
"Strategy around the AirPods. Good morning. And for years, investors and fans of apple have been waiting to see if the company's CEO, Tim Cook, can release a product to match the success of the iPhone. But apple's next big thing might be in your pocket already. I'm talking about these little things. AirPods. Third party estimates suggest Apple sold around a 120 million pairs last year, taking in about $20 billion. And the reason for their success also gets to the heart of why apple is so controversial. Partly it's a credit to the headphones themselves, but only partly. It's sort of easy to forget that when these were released, reviewers hated them. They didn't sound great, they got lost easily, they're not durable, their environmentally questionable. But they had one thing going for them. They were easy to set up with the iPhone. This wasn't an accident. It was the culmination of cook's strategy to transform the phone from a one off product to an ecosystem of services like iCloud and accessories like the Apple watch and AirPods. None of these extras really do much without the phone, and the phone doesn't work particularly well without them. Back in 2016, when Apple announced AirPods, the company also made everybody else's headphones worse by getting rid of the audio Jack on the iPhone. To use normal headphones, you need an adapter. The company's VP of marketing said this was about one thing. Courage, which, okay, sure, but it was also about apple's awesome market power. That makes a company controversial, Spotify, Epic Games, tile, and even Google all say it abuses its power. But antitrust litigation will take years and until then, apple can extract ever more money out of its 15 years young cash cow, the iPhone. Who needs an
"tim cook" Discussed on Bloomberg Radio New York
"Stopping at the idea of buying apple's forthcoming augmented and virtual reality goggles, just remember that the company has already enjoyed a massive windfall on items that had been similarly overlooked in the early days on the market. This week's Bloomberg businessweek cover story looks at perhaps the quietest smash hit of the Tim Cook era. We're talking about AirPods. For more on how a cooking company turned a loss leader into a cash machine, Bloomberg news senior markets reporter, Katie greifeld and I turned to magazine columnist max chaffin, and the editor of business week, Joel Weber. It's actually just an amazing success story. And when max first started talking about this, it was like, you know, we might not be able to break out the revenue on its own because of how Apple kind of does its numbers, but like, wow, if AirPods were its own company, it would be massive. How massive max? So yeah, as you said, Joel, Apple, considers AirPods to be so irrelevant that it doesn't report this, but when you look at third party estimates, we're talking about probably a 120 million or so pairs sold last year. That works out to roughly 20 ish $1 billion. So if AirPods were its own company, you know, it would be one of the large companies in America, but and the fact that it's considered to be this kind of sideline thing is partly just a testament to apples, you know, utter dominance. Does Tim Cook get enough credit for this because you write in here and I love this line that basically critics are saying that he's been managing the extremely lucrative decline of Apple. Well, I would argue that in general people are too, you know, don't give enough credit to him cook because, I mean, obviously the market cap has gone up dramatically over the last ten years. There have been all these successes. Each time they Apple does something, everyone makes fun of it. You know, we had that with the watch. We had that with beats. We even had that with AirPods where the big story was how dumb they looked. And they do look dumb, on the other hand, they've been very successful. Okay, I'm sorry. Speaking of things that look dumb, Google glass. Did I hold on? No offense, Google glass. I remember when these things came out, okay? Like a decade ago, and there's this great picture of Mark injuries and wearing them because they raised this fund at andreessen Horowitz totally focused on Google glass. Here we are a decade later, we're all walking around wearing Google. Oh no, we're not. We're not el walking around Google glass. But the reason I'm bringing this up is because this is what your story is also about max. It's like, what are VR ambitions for Apple and what can AirPods tell us about those? Well, I do think that if Google had tried to do what Apple did with AirPods, it wouldn't have been a successful. And one of the reasons it was successful is both because Apple is really going to marketing stuff, but also because it has this ecosystem. And they effectively have locked more than a 100 million people into this into their system so that once you've got an iPhone, once your family has an iPhone, it becomes very hard to leave it. And I think we could see a similar dynamic with the VR headset. I mean, I think it's for sure that people will be disappointed when that thing comes out. But we've seen that over and over again with Tim Cook's Apple where people, the watch was kind of mocked, AirPods are kind of mocked. And I'm guessing this one will be two, and yet insofar as VR is a category, which people could debate. I think if it is a category we'll be significant for Apple. Okay, so this category that AirPods is part of wearables, home, and accessories. Fastest growing line of business, one reason for that might be because, you know, what happens when you lose your AirPod max? What do you have to do? Well, as far as I wrote in the story, I've had three pairs of AirPods. I don't even really like them, but I just keep buying them because they break, or even this morning I was riding the train to work and one fell out and I did not notice that I had fallen out and so that's another $70. That's called karma. Tim Cook actually ordered that on you. He said a little vibration. So within that category, just talk to us about why that category has been growing so fast. Well, it's two products. It's the Apple watch. And it's AirPods. And AirPods is about half of it, the watch is a pretty significant chunk as well. And I do think it's kind of weird. Wall Street loves to create this dichotomy between services and products. So that's such a dichotomy that Apple likes because services are growing very fast and they're very profitable. But it's not totally clear to me why you would consider, for instance, iCloud, it a separate business when really what it is is like an add on thing you buy with your iPhone. Your iPhone doesn't work without it. And I think in a lot of cases, these businesses have sort of merged, where they're all just sort of part of this overall iPhone subscription that we're all paying close to a $1000 a year for. That was business week columnist max chaffin, along with the editor of the magazine Joel Weber. On this week's cover story, Katie gravel with us there as well. You're listening to Bloomberg business week. Coming up, we're turning our attention back to the environment, and the groundbreaking innovations
"tim cook" Discussed on Bloomberg Radio New York
"Messaging your messages show up in blue, they transmit faster or you can share larger videos and photos and see things such as read receipts. But Bloomberg news technology reporter Austin Carr says it's a different story for people with Android devices. If you're an Android user, not only your tech show up in green, but you don't get any of those benefits of being in the Apple ecosystem. Some people with Android devices think the green message bubbles come out to a sort of stigma. They'd like a more universal protocol. Apple has been debating this for years, but executives decided against making a change. There hasn't been a lot of demand from Apple customers, a question was put to Apple CEO Tim Cook at a recent conference. He was asked by someone in the crowd how they could text better with parent or a loved one if they're on Android and Tim Cook essentially said buy them an iPhone. Jeff Bellinger, Bloomberg radio. The Alzheimer's association and the ad council present the story of Tom and Levi. Tom is the smartest man I know he's been a professor at two major universities been a teacher for over 40 years. One day, he told me that he was having problems in his classes. I think one of the students had asked the question and he didn't remember the answer. I also noticed that he was laid in his class out earlier than they were supposed to let out. And he was telling them that he was doing it as a favor to them. But I think in reality he just wanted to give out of there. I was really starting to worry because I saw something is wrong. Levi and I talked about how it would change our lives, but he was there beside me, and my love
"tim cook" Discussed on Bloomberg Radio New York
"Slow spending in some areas across some teams next year, which is a little less drastic than we've seen certainly layouts. We've seen hiring freezes at other big tech companies. Cook says, we believe in investing through downturns. We've always done that and found that's made a stronger on the other side. Obviously, we're being deliberate in our decisions of where to invest. What do you make of that word deliberate? So if I were to try to guess what Tim Cook is thinking and if I were to say deliberate, I would either be focused on things that consumers notice, which is the hardware, right? There's a lot of upgrades and a lot of things that every company is doing involving artificial intelligence, anticipating what I need, getting better at loyalty and security and things like that. I think some of those things consumers are less likely to notice. So if I were him I'd be investing in the hardware side because that's what's really popped for consumers. And then there's some other things that simply have a long lead time. You know, whether it's things like augmented reality or the metaverse or like payments, there's a lot of things that if you pause now, it has a longer, you know, it has a bigger impact further down the road. So I would be focused on continuing to work on those things where there's still a lot of ways to go. Take, for example, payments. They've almost doubled the number of people using Apple Pay in the United States and the UK in the past two years during the pandemic. Nothing to expect, but upside in some of those categories like that. So I wouldn't want to slow down the number of places Apple Pay is accepted, for example. He did actually also emphasize the number of people, you know, noon rising numbers of people using Apple services, rising numbers of people switching to the Apple platform, the iOS platform, and singled out the fact that a lot of these people are totally new to the Apple platform, totally new to iOS. So we're listening into the Apple earnings call. We'll let you know if Tim Cook has any additional things of interest to say. Julie asked for research principle analyst always great to have your instant reaction here on the show. Thank you. Thank you. All right, coming up. Amazon pops after a stellar quarter. We're going to have all the details next. This is Bloomberg. Economics. All this doom and gloom is out there finding. Do you see this as a technical correction investment? What are you looking at to give you some sort of compass through this period? The Bloomberg surveillance podcast. Lots and lots of talk about what the fed should and shouldn't do. John Keane, Jonathan farrow, Lisa Abraham always and
"tim cook" Discussed on Bloomberg Radio New York
"Expected forecast, the chips act and China. He's my guest. Later this hour. All of that in a moment, but first I want to get a look at the markets and another big day for tech results, Apple and Amazon out after the bell, and we're seeing some green. Ed? This is the day we've all been waiting for Apple up 4%. Narrowly beating on the top and bottom line strength in iPhone iPad. It missed on Mac, wearables, interestingly, it missed on services as well, which was an area analysts hope would be an area of strength. It looks like the affluent consumer, the rich consumer at the upper end of the markets holding up well. We've had that conversation with Tim Cook and which are going to go into detail, but macroeconomic headwinds in the third quarter go to Amazon, Amazon, there is no doubt surging in after hours. Frankly, on a very strong outlook for the third quarter overall, net sales beat pockets of strength, ironically in brick and mortar online sales miss America, a beat that strengthen AWS, strengthen advertising a lot of staying power for Amazon showing that it has room to grow. Look at that up almost 13% in after hours, really interesting because the opposite of what we saw from other retailers like Walmart and target who preemptively cut their outlooks on concerns consumers were shifting their spending from discretionary to essential items. There's this idea that the shopper on Amazon and the prime subscriber is a higher income earner that's immune or a little bit less, I guess. Open to the headwinds is saying in regards to inflation. And then Intel, it just keeps coming. Intel, a really big miss on the top and bottom line. It looks like there's been a big drop in demand from PCs and data centers that it sales of those areas have dropped off were down 8% and more worryingly. We also see Intel cutting its forecast for this fiscal year really worrying. On a day where we're trying to make sense of the global economy, you look at the session, the actual session during Thursday, we got data that showed the U.S. economy contracted for a second consecutive quarter, but it was a day where bad news was good news. You look at the NASDAQ 100 up 9 ten to 1%. This was one of the best two day rallies post fed meeting that we've ever seen in the U.S. equity markets really interesting to see this pull back in yields down almost 11 basis points following that GDP print and Bitcoin kind of caught up in this risk on mentality despite that weak and worrying economic data. Now you have Amazon and Apple to add to the mates I can not wait for Friday. All right. Thank you. I want to continue with Apple now for that we've got Julia with us, principal analyst at Forrester research and Julia, I did just get off the phone with Tim Cook and we walked through the results. I mean, clearly we're seeing a record June quarter in terms of revenue, iPhone, particularly strong. He said, iPad demand also very strong, but that the iPad and Mac were held back by supply constraints. It also sounds like the macroeconomic environment is impacting wearables, which would make sense given its more discretionary items. And when it comes to services, he talked about digital ad spend and we're seeing the macro environment. They're seeing the economic environment have an impact there. What are your headline takeaways? Yeah, so I think the first one is the good news. So like many other companies, Apple faces the same headwinds that you already mentioned, the recession. It's inflation. It's uncertainty. It's the supply chain and so forth. I think Apple benefits though in a few ways. The first one is about two thirds of its sales come from smartphones. Folks consider that to be a necessary device, and they upgrade that far more frequently than they do a PC or a tablet or the other devices that they own. And the second thing that you already mentioned are you and Emily you and Ed mentioned that I think is really important is Apple does have a more affluent customer base. When you look in the United States, the iPhone owner has a household income that on average is $18,000 higher than an Android owner, 35% of their households have an income of more than a hundred grand, and there are three times as likely to have an income of more than $300,000 a year. So Apple does benefit from having a more affluent customer base in the United States and abroad. Now, this was interesting from Tim Cook. He said they expect revenue to accelerate in the September quarter despite seeing some softness in some areas. He said they do believe there were some macroeconomic headwinds that affected the business in the June quarter that I already discussed, but sounded optimistic despite some of the softness that we've seen, you know, I was trying to get him to give me a real take on whether or not we're going into a recession and, you know, always hesitant to try to sound like an economist, but what's your takeaway from that? So if I were Tim Cook, I would also be optimistic. I think if we look specifically at the U.S. market, which also has a lot of parallels globally, almost 60% of U.S. consumers own an Apple device. So they're likely to buy a second. They're likely to buy into some of the streaming services, use Apple Pay and use some of the in the category that's growing the fastest for Apple. The second thing that we know that is about 18 or 19% of consumers only own Apple devices and are very locked into that ecosystem. So while generally all companies are facing some headwinds, apple's looking and has a customer base that's that should help them sail through here a little bit easier than some of their competitors. Now, supply was another point of optimism in this discussion when you look at the numbers. Of course, we remember last quarter Apple said that they would expect four to $8 billion. You could potentially just shave that off the top due to supply constraints. He said it actually ended up being lower than the lower end of that range. And he also said they saw quote significant improvement in the month of June in China on the supply side and the demand side. He specifically talked about strong demand around the June 18th holiday, the big shopping holiday in China said they're seeing strong results there. And they're about to start a big promotion in China fairly rare sales promotion where a series of Apple devices will be discounted for a few days and he said that had nothing to do with clearing inventory. What does that signal to you about the state of play in China? Well, he said, I'm not a specialist on a Chinese market, but it does indicate, I think it's also looks like they're willing to invest a bit. China is China is a gigantic market and Apple has always been compared to the Chinese incumbents. It's been a relatively small player. So I think it's worthwhile for Apple to invest there and try to grow that base because one of the things that we know about people with Apple products, if you can get them to buy one, they're more likely to buy two or three. And then they're more likely to buy into the services. So I do think it's an important market for Apple to invest in and try to gain some ground, especially starting with smartphones in that market. Now, a key question has been how are they going to invest if indeed we are looking at a recession ahead our mark gurman has reported that apple plans to slow hiring
Free Beacon: Apple CEO Sucks up to China Through State-Owned Media
"The Washington free Beacon reports that Apple CEO Tim Cook met with communist Chinese party members and propagandists this month Speaking from the Apple worldwide developers conference cook praised the innovative and inspiring quote unquote app developers of China In an interview with China daily the publication is a state owned Chinese Communist Party mouthpiece that regularly defends the government and spreads disinformation about China's genocide against Uyghur Muslims Good job there Tim Now if you own stocks whether in a mutual fund or a 401k or an IRA or whatever you should check it Let's see if it includes Apple and you can show up at their next public shareholders meeting And demand time to speak And you should do it And you should organize others to do it I don't own any of their stock I can't stand these people This move shows cooks readiness to compromise apple's core values Around privacy and user data in order to continue operating and communist China Apple's previously stated its dedication to human rights and privacy in the U.S. While complying with Beijing's national laws around access to user data and ignoring the country's human rights record
"tim cook" Discussed on Bloomberg Radio New York
"Speaking on the earnings call overnight But let's get a little bit more on the Amazon earnings and the latest with Elon Musk news Laura Wright is standing by with the very latest Laura let's begin with Apple It's all about the outlook and the iPad Run us through Yeah exactly Well the outlook is for a hit of four to $8 billion due to those macro headwinds that Tim Cook was outlining That said the last quarter rather was a record for a non holiday quarter iPhone sales above estimates robust demand for that new iPhone SE of the iPhone 30 with a 5G offering another beat was on max the MacBook Pro the MacBook studio desktop But as you mentioned iPad they were hit by supply chain disruption and it meant that revenue growth for iPads in negative territory down 2% services This is the chance for Apple to bring more people on board to the ecosystem It was a record quarter for services The launch of Apple TV plus back in 2019 and Tim Cook said he was proud of awards that Apple productions have won for example coda at the Oscars And wearables a miss on a wearables but again wearables such as the Apple watch it brings customers into the Apple ecosystem So Bloomberg intelligence are not concerned and they think we'll see a rebound in the next quarter I want to talk a little bit about Amazon sort of the other gem in the fan crown if it's still a crown Of course that's up for debate But basically they were overwhelmed with demand They built out the space to hire the people COVID passed and now they realized they've got too much of everything Exactly excess capacity in fact they've doubled on their warehouses They're delivery business They've also doubled employees over the pandemic and that contributed to a surprise loss this quarter and a forecast of a surprise loss for the next quarter and in fact this quarter showed the slowest pace of revenue growth since 2001 but there is a bright spot and that is Amazon Web Services Ahead of estimates revenue growth of 37% year over year Remember Amazon's cloud infrastructure is the market leader ahead of Microsoft Azure and Google's cloud business Now Elon Musk never a dull day are either on Twitter or on news flow but his actions in pursuit of Twitter are becoming an albatross to quote one broker around Tesla's neck Who's the broker And why are they so disturbed about his sale of Tesla stock Well Don Ives from Wedbush He is a very vocal analyst right now And the reason why the analyst community offers straight is because it signals negativity for Tesla stock and implies a limited upside on the share price therefore existing shareholders We learned Elon he's selling 4.4 million Tesla shares that said he did reply to one tweet a few hours ago saying he doesn't plan on selling anymore Look there were questions around how Elon Musk was going to make up that $21 billion equity commitment as part of the financing deal in order to take Twitter private But as always controversy with Elon Musk and really looking forward the contentious issue is whether advertisers will stick around once Elon Musk privatizes Twitter if it becomes this unfiltered bastion of free speech Is that going to be unpalatable for the current advertisers Yeah that's probably that's $1 trillion question Laura thank you for the moment that's lower right in London I just want to get back to some of the market moves and specifically in Asia Taiwan They've gotten an upgrade from S&P and red headlines It's about a couple of minutes ago This is an upgrade to double-A plus by S&P the outlook is stable Taiwan's strong economic performance on the back of electronics exports is behind as it's raising income levels that are compatible with a stronger economic assessment This is a direct quote And yes the other thought that you have is what's with the do you political tensions Vis-à-vis China they're saying well that's unlikely to derail growth in its competitive manufacturing sector Yeah those words of guidance can drive the credit market to the equity market We're grappling with the Amazon build out what that means NASDAQ's die nearly 1% obviously The stock collapsed in after hours sluggish sales growth Apple flagging supply.
"tim cook" Discussed on Bloomberg Radio New York
"Cars are getting more expensive electrification will just accelerate that The used car market has never been hot We've seen resale values in used cars that we haven't seen really in decades So people there is such an appetite for an affordable vehicle And it's on us as an industry to make electric affordable And I think that's a huge opportunity What we found with electric is actually the brand can kind of get reinvented when you go electric and digital You can actually enter segments you haven't been in a long time So I'm really interested in the team's thoughts on this affordable section We've had a huge hit with maverick We got a lot of negative press on getting out of sedans We invested that in Bronco and maverick and the lightning And no one's really talking about getting out of sedans nowadays So I really have a lot of faith in our team on this affordable segment The maverick's been a big hit far beyond our expectations It's a pretty big signal from the market You can catch a full interview with Jim Farley at Bloomberg dot com CEO afford there And rivian ramping up its output to almost 200 delivery ready units a week This after the EV maker had to work through production snacks after missing its goals in 2021 news of the production boost sent rivian shares up as much as 14% the biggest intraday gain since November And another story we're watching a temporary restraining order was issued against a Virginia woman accused of stalking and harassing Tim Cook It's reportedly been going on for more than a year The 45 year old woman repeatedly contacting cook and even showing up at his home on two different occasions Court documents show the woman also sent cook messages including pictures of guns and ammunition Coming up the future of entertainment in 2022 will the streaming wars give way to.
Breaking Down Apples Latest Product Event
"Let's go to tonight's main of it and that is apple announcing a whole new fleet of products. Today you got an iphone. Thirteen many phone and new apple watch more but investors maybe wanting more stocks sliding into the closed down just about one percent. Let's get more on. What apple rolled out today and reaction. Josh lipton with that josh good evening. So let's start with apple's most important product the iphone apple ceo. Tim cook taking the virtual stage in saying these are the best iphones apple has ever created and here. The are the iphone thirteen. The iphone thirteen mini the iphone. Thirteen pro and the iphone. Thirteen pro max. All five g. enabled faster chips. Brighter displays bigger batteries and upgraded camera systems. As for prices. They do remain the same as last year. We would also expect of course the carriers to be typically aggressive when it comes to pricing as well the new iphones preorder on september seventeenth. They'll be available on. September twenty fourth also highlight today a new ipad. The comes the faster processor. Better camera costing three hundred twenty nine dollars. A new ipad mini that costs four hundred and ninety nine dollars both available next week and rounding out the show today. The new watch ceres. Seven twenty percent more area charges. Faster more crack resistant. Three hundred ninety dollars apple saying it is available later this fall but did not offer a hard date action heading into this event. Remember apple on a roll over the past three months. Fifteen percent besting the market but finish lower as you point on. Today's traded is lower for september potentially snapping a three month win streak now up fourteen percent for the
Apple to Hold It’s Yearly New Technology Event Today
"Slated to hear from apple ceo. Tim cook today. When the tech giant is set to unveil its newest phones and smartwatch during a livestream event the company is expected to stay with the same small medium and large sizes of its phones and offer improvements to cameras and batteries. That's according to a person familiar with the matter. The arrival caps a dramatic year for apple seen record profit but it also faced battles over the power it holds over third party software operating on its mobile
Apple's Tim Cook Gets $750mn Bonus Payout
"Its CEO, How does having a really good week? Tim Cook got more than five million shares of Apple stock and sold most of them for more than $750 million. This is part of the compensation that cooked out when he took over as CEO 10 years ago. The
Joe Biden Reportedly Hosting Cybersecurity Meeting With Tech CEOs
"Cook is going to washington once again. He's joining you on musk. They will not have a single conversation. Never see A few apple's tim cook microsoft sachin. Adela the New guy andy. Jesse from amazon apparently will be going to the white house on wednesday to disc- discuss improving cybersecurity. Sure you wanna per cybersecurity get these. Ceo's from these companies a sitting around a table coming up with new strategies. They do nothing but a ask them to stop. Just ask them to stop. Yeah i mean. I you know it's a it's a photo op they'll They'll also be ibm sending Ceo southern company. J. p. morgan chase and company thing. That's terrifying people. These days is
"tim cook" Discussed on MacBreak Weekly
"This and disease only two years younger than tim but he's so tall i mean don't you want to fifty maybe What you want the if you get hit by a bus person and then you probably want the next fifty years person. And they're not always the same person. look eddy. cue. Kevin lynch sexy sexy. Craig federica craig. Oh let's get the hair. I mean i i i think i think you you have to look at at Any of the senior vice presidents in the running and the play. Yeah jaws is a genius. Let's not forget ause. Yeah i always think it dries is more of a technical guy than a. I've always i mean he's probably the senior executive i spent. I spent the most time with one on one. And he's always really. He always really impressed me as someone who is very very fluid. Flexible and lateral thinker. Where he seems to have a mindset that he can apply to a whole bunch of different topics and a whole bunch of different problems as opposed to. This is what he was trained to do. He does that really well and he will hire some people to help them out with the other stuff And he also has the ability to really get people. I feel so. He has the ability to get people pushing pushing and pulling in the same directions Ideally only one at the at the at the time The way that a really good ceo should so. I've i've no idea about inside baseball about things like that. But yeah i mean that's the that's the name that i would be thinking about if that That would get me really interested. You definitely definitely not going to get somebody who isn't a real lifer because that really is an absolute culture you need you need to groups that you need to groom a man or woman to be an apple type. Ceo almost almost maybe. That's one of the reasons why you don't see them jumping ship because after ten years at apple. They're really not housebroken. For other companies anymore. They're not and they're used to wait a minute. But but the senior vice president and the ceo said that this is a priority for the company. Why are you not doing. This will because we've got this offer for a. I got this offer from waymo like well. Screw york rap now Safe to say though. The one of the benefits of tim cook was that he had had a career at ibm and compaq He had some outside. Experts used apple thirteen years before he became ceo. So maybe that's the best of both worlds because it's nice to get some other genetics into the dna isn't it or maybe not well at that. The senior vice president level there are. They really all seem like they were. They're they're not brothers and sisters but they're at the minimum cousins. You can see you can see the share. Dna of the thinking of all of them. So you don't you. Don't really have that one maverick. Who is disa- who's you turns up on cnn. Saying something that disagrees. With the you know. What i i really think we did. Screw up this idea about About about screening people's photos on device. I mean i. I was against it but you know we always talk the the you don't feel people you don't have people flying off the coop like that. Yeah i mean. Eddie cues been there since eighty nine josh. Since eighty six craig federica has actually been at apple twice next to yeah John john andrey is probably the most recent Guy on the on the team. He came from google many years. It google I don't know it's an interesting so you it's in this group of Twelve anyway But you're you're you're right number one. Mazing it'd be like silicone is unforgiving. Wouldn't that be interesting saruji meeting. Yeah he's only been there since two thousand and eight so he was intel before that what you are right all these. All of these faces have a bunch of things in common. Not only that thorough. That they i think they're all white. Not only the only i think one senior vice president. Who's a woman but also because i think almost all of these people were have been with apple long enough to have had steve jobs. Boss are at the top of the tree. I think it's gonna be most interesting when most the senior vice presidents for them. Steve jobs was a is a legend. Isn't that run from the place. There's two women is catherine. Adams is general concern along with doodo. Brian Yeah it's interesting and then you have this kind of the second tier people like lisa jackson. Phil schiller fills kinda phil. Phil's not around really anymore. The events in the app store still. Yeah okay. i thought he was mostly out. He's an apple. Fella might not have been as big a deal as he thought it was going to be this year. Gave tough assignment actually congratulations. You're running out at it. They they an apple fellow. You're going to get app store and events. Oh by the way. There's a pandemic changing way do events by the way being sued by. Everybody can have to do a lot of stuff with the app store at this year. Like give those. Can i give those laws to note. So there's it's anyway Good time for a victory lap for tim cook ten years in. Seo no question. He's made this company hugely successful in its shareholders for wealthy but he's also I think a good steward of of the steve jobs legacy But that there is always that nagging question. What are what are you going to do. What's going to be your. Where are you going to put your mark. Tim what will people look back and say. Oh that was the tim cook saying now i actually i actually that as a positive thing that his his priority is keeping apple successful keeping apple productive and influential And making sure. The character of apples remains relevant for twenty twenty. One i would be. I would be very very concerned about elegant john. We say who was like i i need. I need to have a steve jobs. Type product newton message pad right. Get that off. Get that off the The whiteboard start making it..
"tim cook" Discussed on MacBreak Weekly
"The key is that if they're legendary for not making each of their like top tier Vice presidents in division heads feel as though like third jocking resources. They're jockeying for engine. They're talking for companies focus. It's you can get so much out of people that you're working with if you make sure that you that they are genuinely part of the big picture and genuinely part of the project progress but process. I think it's amazing that apple if he once you get into the vp suites a apple. Once you're one of let's say the the those six people that tend to appear onstage who are not engineers during keynotes and stuff. These people have they don't they. Don't just stick around until they got a good offer to be a ceo someplace else their life as not because not because of the money. I'm sure because the after in that after three or four years in that job you have no need of any money whatsoever. They that that is the residue of people who are feeling fulfilled and satisfied. And once again once you're at that level you're you start to think about. How am i making the best use of my time on this planet and my creating my using my point of view to make positive change for the world and sometimes it really is a commercial thing not necessarily feeding thirty. The hungary really is just about creating a good service. Good product and these people are feeling fulfiled fulfilled. Apparently company like microsoft. I think has the point of view it needs to be darwinian. Whoever can whoever can survive the compe- competition is the guy who should get to Do the job. And there's a continent turnover there apple. Has this know the it must go back to steve and it must go back to the new. The second coming of steve. The kinder gentler functional organization to. It's like everyone else. Organization is basically run like a company like the senior vice presidents are basically presidents of their company. Like eddie cue has its own events. Team is marketing team on software development team. And that's just for the sake dot craigs team. That's eddie software development team for like i work and all the other stuff and craig has. Hi like the all have these incredibly functional organizations and it'd be hard never mind the the ceo of apple. It would be hard to have a position as influential as being the senior vice president of software apple or services at apple or like angela. Angela left burberry's burglary to be senior vice president of retail at apple. She does not stink around though which is interest she was. She was the counter example. Because of all the -secutive gonna do yeah. Yeah but then there's people like kevin lynch who just got moved over to cars. It's like Clearly these people are team players and just like a good football team when they're told okay. You're playing a new position tomorrow. They go okay. Put me in coach. He's designing experiences like his genius was being able to make an experience that would last two seconds on an apple watch and now they need an experience last at a glance on a car dashboard. Yeah like the the very like alex. I'm very particular skills and then being deployed to exercise me. This is very touching. I remember this. It was In the evening August twenty fourth. Twenty eleven after the markets had closed Apple released this to the apple board of directors in apple community. I've always said steve jobs writing if there ever came a day. When i could no longer meet my duties in expectations as apple's ceo. That'd be the first to let you know. Unfortunately that day has come. He was very sick by this time. I hereby resign as ceo of apple. I would like to serve if the board sees fit is chairman of the board director and apple employees as far as my successor goes. I strongly recommend that we execute our succession plan and named tim cook. Ceo of apple. I believe apple's brightest and most innovative days are ahead of it and i look forward to watching and contributing to its success in a new role. I've made some of the best friends of my life at apple. And i thank you all for the many years of being able to work alongside you very poignant. Because of course it was only about four months after that that he passed away reverence that tim always has for steve like you here in his in his toxin in his quotes or he would say sorry. My bosses calling. I've got to go see the boss now is it never changed and i wonder at this point. If some of that is part of keeping the You if to keep everybody rowing in the same direction. You have to have a kind of fundamental belief in founding concept that everybody buys into Almost mythos that everybody buys into and says yeah. We're gonna do that. And steve is a big part of that right. And i think tim would be. I think it's wise. Tim to continue to revere steve wal saying. We're gonna afford your own way forward. We're going to do what's right for the but you have to have that missiles. Don't you definitely have to have a culture. the culture is you know the There's there's often there's a story that bounces around about an engineer. Walked in on a monday. And ask steve how the how the his weekend was just an innocuous thing. Steve didn't even look at them and just said how. 'bout we bring up the intelligence the conversation jobs but that was the first generation. Steve jobs right now. No that was that was but but the the the the thing about about apple is that A lot of those meetings. I mean what you hear a lot is is that those meetings are pretty focused. There's not a lot of like you know there's a. There's a reason that there's a meeting here. We're going to eat until we're with for that reason and there's not a lot of kicking a other things around during that meeting. You can do that at lunch. You can do it in you know more but if you have a meeting about something. You're going to have a meeting about that thing you know you're not gonna talk about a lot of other things other than that thing you know and and it's a very very focused culture You know in in compared to a lot of the other companies that were in the same space right so i said there were two questions. The next one is who's next Tim sixty he's probably gonna be there five more years but i imagine just as steve had a succession plan. Tim must be thinking along those lines. Yes or no. He said he's not leaving any time. It's it's williams was with jeff williams. He's put him in charge of like. Yeah yeah so. He was basically working for him and a lot of logistics then he became chief operating officer when Tim cook became ceo. We'll shortly thereafter. And then because he was getting more and more expensive duties the same way. Tim may sorry. Steve tim do more and more things. Jeff was put in charge of the wok put in charge of health putting charges. Only one problem..
"tim cook" Discussed on The Economist: The Intelligence
"How <Speech_Female> <Advertisement> <Speech_Music_Female> <Speech_Music_Male> <Music> <SpeakerChange> <Speech_Male> <Silence> much more <Speech_Female> <Advertisement> similar they are <Speech_Music_Female> <Advertisement> now <Speech_Female> <Advertisement> than they were when <Speech_Music_Female> <Advertisement> i first moved to hong <Speech_Music_Female> <Advertisement> kong in early two <Speech_Music_Male> <Advertisement> thousand nineteen. <Speech_Music_Male> <Advertisement> Thanks very <Speech_Music_Male> <Advertisement> much for joining us susan. <Speech_Music_Female> Thanks very much. <Music> Jason <Music> <Advertisement> <Speech_Music_Male> <Advertisement> <SpeakerChange> <Speech_Music_Male> <Advertisement>
Hong Kong Teachers Union Decides to Shut Down
"The security law imposed in hong kong last summer has been the force behind change. After troubling change in the city in nebulous turns. The law says police can arrest people for any conduct. That seriously endangers national security i. They came for the protesters and activists who ground hong kong to a halt in two thousand nineteen. Then they came for the media outlets such as the pro-democracy newspaper apple daily and its outspoken owner. Jimmy lai now. It seems the authorities have their sights set on the city's storied organized labor outfits a few weeks ago chinese state media called the city's largest teacher's union a poisonous huma that had to be eliminated and hours later. We sold the hong kong education bureau. Say it would no longer recognize the union of around one hundred thousand members or about eighty percent of the city's teaches swollen wong as a china correspondent for the economist. So then the union tried to mollify the government it cut ties with several pro democracy organizations in hong kong as well as education international which is a global group of teachers unions it also announced it would form and you working group to try to promote chinese history and culture among teachers and students but despite these compromises the union still declared it was disbanding on august tenth and it sounds as if that's not the only union that's been targeted no in july we saw five liters of speech therapists union also arrested so they had published three allegorical picture books for children about sheep protecting the village from wolves and the police accused them of writing stories that incited hatred of the government on top of this over the past euro. So we've seen three of the city's top trade union leaders arrested and that really has been deeply chilling to the labor movement. More broadly this is all part of a broader crushing of civil society in hong kong.
Apple Delays the Date for Employees to Return to Office
"Morning, Renee to Good morning, Karen Bloomberg News has learned that Apple is pushing its return to office deadline until at least October. The company says it will give employees at least a month's warning before mandating a return to office. CEO Tim Cook initially said in June that employees should be back in early September. The move makes Apple one of the first tech giants to delay return to office plans in New York. I'm rainy day young Bloomberg daybreak. All right, Rene to thank you. The spread of the Delta area now has the U. S government revising its
Apples All-Online Worldwide Developers Conference Kicks off June 7
"Unveiled its agenda including keynote and platform state of the union. Timing and much. More information about how developers will be able to learn about the future of iowa's ipad os mac os tv os and watch os all of which we expect to see new modifications ww dc less for a week but on the first warning ceo. Tim cook and other apple. Executive staff will appear in a keynote presentation announcing the major software updates for the year. Wwe dc twenty one. We'll bring together the global apple developer community and provide them with the new insights into technologies tools and frameworks. They rely on. The conference will offer developers the opportunity to engage with one another and directly with apple engineers for guidance on building innovative and platform differentiating games and apps. Let's start from the beginning with the apple keynote scheduled for monday. June seventh at ten. Am pacific daylight time wdc. Twenty-one kicks off with unveiling of exciting new updates coming to all apple platforms later. This year streamed directly from apple park. The keynote address will be available the apple developer app the apple tv app and youtube with on-demand playback available after the conclusion of the stream. If
Tim Cook Defends Apple's App Store as Epic Trial Winds Down
"The witness the witness stand stand to defend to defend the company's the company's APP APP store store from from charges charges it it has has grown grown into into an illegal an illegal monopoly. monopoly. Guided Guided by by softball softball questions questions from from an Apple an Apple lawyer lawyer and in and Oakland, in Oakland, California California courtroom courtroom Cook's Cook's testimony testimony sounded sounded like like a commercial a commercial for for the the iPhone. iPhone. Cook Cook defended defended Apple's Apple's control control over over its its mobile mobile APP APP store store as as a way a way to keep to keep things things simple simple for for customers customers and and protect protect them them against against privacy privacy and security and security threats. threats. He He appeared appeared in in antitrust antitrust case case brought brought by by Epic Epic games. games. The The makers makers of the of popular the popular video video game game Fortnight Fortnight Epic Epic is trying is trying to prove to prove that that the the APP APP store store has has morphed morphed into into a a Price Price gouging gouging vehicle vehicle that that blocks blocks APS APS from from offering offering other other payment payment options. options. Apple Apple views views his his appearance appearance as as an opportunity an opportunity to tell to tell its its story, story, while while the the APP APP store store is under is under scrutiny scrutiny by by regulators regulators in in the U. the U. S S and and Europe. Europe. I'm I'm Jennifer Jennifer King, King, A federal A federal judge judge ruled ruled the Dakota the Dakota
Tim Cook Defends Apple's App Store as Epic Trial Winds Down
"The witness stand to defend the company's APP store from charges it has grown into an illegal monopoly. Guided by softball questions from an Apple lawyer and in Oakland, California courtroom Cook's testimony sounded like a commercial for the iPhone. Cook defended Apple's control over its mobile APP store as a way to keep things simple for customers and protect them against privacy and security threats. He appeared in antitrust case brought by Epic games. The makers of the popular video game Fortnight Epic is trying to prove that the APP store has morphed into a Price gouging vehicle that blocks APS from offering other payment options. Apple views his appearance as an opportunity to tell its story, while the APP store is under scrutiny by regulators in the U. S and Europe. I'm Jennifer King, A federal judge ruled the Dakota
Apple CEO, Tim Cook, Takes Stand in Antitrust Trial
"The weekend. China's mars rover began. Roving a week after touching down on the red planet. These you wrong rover began a ninety day tour. Ill investigate the planet's soil enrolls in atmosphere as it looks for signs of water ice below the planet's surface china the second country to successfully operate a rover on mars the us. I did it in nineteen
Witness for Apple: CEO Tim Cook
"Hopping on solo to give you an update on the apple. Epic games trial which ended testimony. Friday including an appearance by star witnessed. Tim cook the ceo of apple. It really was a fascinating. Nearly four hours of courtroom drama as apple sought to build case at the app store has an app review process to make the place safe insecure destination for content and that it also charges commissions have fifteen percent or thirty percent on subscriptions and in game transactions to help pay back the expenditures just laid out to keep the store up and running properly for its part epa games which makes video games including the very popular. Coordinate attempted to poke holes in apple's case and make the app store looks like a monopoly for mobile games and other apps now throughout cook provided answers about apple's business strategy and how they app store operates he basically said quote. Apple's mission is to make the best products in the world that really enrich people's lives now prior to that s to describe the app stores influence. Cook said quote. I think it's an economic miracle. And he said you know. The store started with only five hundred apps. Now has more than two million people in the us. Involved in making those iowa's apps when asked what would happen if apple ahead to allow non reviewed apps or alternative app stores into its app store. Cook said quoted be terrible for the user. The company reviews about one hundred thousand aps each week. He said rejecting about forty thousand of them quote he said you could imagine if we turn off review how long it would take the app store to just become a toxic kinda mess. It'd be terrible for the developer because the developer depends on the store being a safe entrusted place for customers to come now. There's one point eight million apps in the app store but epic attorney. Gary bornstein said. How can you claim the stores. Well curated if there's that many apps quote it's not a good description of something that's curated. He said cook basically said i disagree with that.
"tim cook" Discussed on The Propaganda Report
"I want to point out vladimir lenin the reason he wanted to make people in the rural areas literate is so that he could propagandize with the print. And now we're talking of global language here of code. But that's not what this is this is enslaving them holding. Everyone has to coat. Like you have to pull you over. And that's the allison mcdowell thing when you said what it was. I was like i guarantee you. What he's about to do is exploit them not help them and not believe that. It's about coding. Because she says that she is like coating. It's just getting them to do the work you get them to do the work. It's both of these things. It's a universal language you can subvert the language of people's countries. So you don't have to know how to speak chinese or spanish because you can communicate to a worldwide network of coders of the great reset has created through this language of code. You can propagandize them in through code. Could ya. how as tim cook. I'm not a coder. I don't know the language. I feel like coating is an out as an out word like you. You know the language so that you can code but right coders can so to speak a different language but they can both understand the screen of right. That's that's when referring to is right. I understand. I feel like that's a product at. That's a very abstract product and i. I don't understand how it can be propaganda. Although you walk language any language can be propaganda former community now. I don't know how to code. So i don't understand the intricacies of that but i do know instructional language. I feel like that goes from man to machine really the other way but i could. Maybe i don't understand it but in any case that thing is the exact way when i started saying saying cook i was like. They are exactly doing the opposite. I used to kind of wonder if they were just misguided. Now it's absolutely pathologic. Oh absolutely and i'm gonna tell you to look out for the term global language cassette very powerful to you love freedom. Does the daily news leave you shaking..
"tim cook" Discussed on KTRH
"Five out of five stars by the state of Texas Thistle. Hour of News is brought to you by partners in building what happened. Why it happened. Jimmy Barrett 10 share a friar, explain it now back to Houston's Morning news, All right, looking forward our conversation with the president, the Houston police officers union Doug Griffith. He's coming up next first, though. Did you see that? The CEO of Apple Tim Cook was on Fox over the weekend. Giving us all of just a perfectly rational explanation of why they had to take down parlor. We have an APP store. It has about two million AP set it. And we have terms of service for these abs. We obviously don't control what's on the Internet. But we've never viewed that our platform should be a simple replication of the Internet. We have rules and regulations and we just ask that people abide by those. How did you decide? The balance. Free speech with Objectionable content. We looked at the incitement to violence that was on there. And way. Don't consider that free speech and incitement to violence hasn't hasn't intersection. What about the argument that by Taking parlor off Apple. In addition, what other companies are doing that you're just driving these people these views further underground. Well, we've only suspended them for us, and so If they get their moderation, tea together, they would be back on there will be back on there. It's a just me or is there just something sort of extra snobby about Mr Cook's voice? I'm just not sure 6 20 time for traffic and weather together. Let's get you caught up on the drive once again see how that is going chili. The Hardy has the latest on that. It's not too bad this morning. I'm looking at I tend the Katy Freeway.