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Apple Holds Event To Showcase New Release Of iPhones, Watches and AirPods
Apple CEO Tim Cook inspects the new iPhone 16 (Justin Sullivan/Getty Images)
i-yawn

It sure looks like fewer people are rushing to buy the new iPhone this year

Apple's big bet on AI isn't paying off with consumers yet

Rani Molla

The incorporation of AI into the iPhone doesn’t seem to be doing much for Apple just yet.

A look at global traffic to Apple.com shows that over the past few years, fewer unique visitors have been showing up to watch Apple’s annual hardware event. And even fewer are turning up when it’s time to pre-order iPhones. Presumably, that means fewer people are buying them, too. Apple didn’t immediately respond to a request for comment.

Typically, traffic each year to Apple’s website peaks on the day of the iPhone event and jumps again a few days later, when the new phones become available for pre-order, according to data online measurement firm Similarweb shared with Sherwood.

A look at the last three years shows that traffic has gone down.

Here’s that chart again isolating the day of the event and the day pre-orders begin:

Apple has been hoping that the integration of its AI, Apple Intelligence, would help spur an upgrade cycle, and help flagging iPhone sales.

The thing is, people don’t really buy new iPhones for the new features. Rather consumers buying new iPhones typically cite a slow, broken, or lost phone, according to survey data from Consumer Intelligence Research Partners. And iPhones have been lasting a lot longer these days, while its new features have failed to wow.

Of course, consumers could be waiting for Apple Intelligence to come out in October to see how well it actually works. For now, they’re not that interested in the iPhone 16.

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Tesla Will Open Up Its Chargers To Other Brands, In Order To Receive Federal Subsidies

After a big pullback for EVs, climbing gas prices are causing drivers to eye them again

Still, the market is much different than it was the last time oil prices were this high.

business
Rani Molla

How Tesla quietly wound up owning a small piece of SpaceX

Tesla is converting its recent $2 billion investment in Elon Musk’s AI company, xAI, into a small ownership stake in SpaceX — just months before the rocket maker’s highly anticipated IPO.

Here’s what happened: Tesla announced its xAI investment in late January, after a shareholder proposal to invest fell short last year. Several days later, xAI merged with SpaceX. All three companies are headed by Musk.

Now, regulatory filings with the Federal Trade Commission show Tesla converting that investment into a small stake in SpaceX, formalizing the financial link between the companies ahead of the rocket maker’s IPO. SpaceX is expected to go public this year at a valuation some speculate could top $1.75 trillion, potentially making it the biggest company to ever go public. (The current record holder, Saudi Aramco, went public at a more than $1.7 trillion valuation in 2020.)

While the size of Tesla’s stake wasn’t available, Bloomberg reports that the investment would equate to ownership of less than 1%.

While SpaceX and Tesla have engaged in related-party transactions over the years, Tesla had not previously disclosed an equity investment in SpaceX.

Now, regulatory filings with the Federal Trade Commission show Tesla converting that investment into a small stake in SpaceX, formalizing the financial link between the companies ahead of the rocket maker’s IPO. SpaceX is expected to go public this year at a valuation some speculate could top $1.75 trillion, potentially making it the biggest company to ever go public. (The current record holder, Saudi Aramco, went public at a more than $1.7 trillion valuation in 2020.)

While the size of Tesla’s stake wasn’t available, Bloomberg reports that the investment would equate to ownership of less than 1%.

While SpaceX and Tesla have engaged in related-party transactions over the years, Tesla had not previously disclosed an equity investment in SpaceX.

Southwest Airlines At San Diego International Airport

Southwest stopped fuel hedging a year ago. Whoops.

It’s been a year since Southwest said it would end its fuel-hedging program. Oil’s moves this year make that decision look like a mistake.

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