Tech
Wonderlust: We are well past peak iPhone hype

Wonderlust: We are well past peak iPhone hype

8/31/23 7:00PM

Wonderlust

Even with some of us trying to desperately cling on to the final days of summer, September has finally arrived, bringing with it another inevitability of the changing seasons: a brand new iPhone model.

The world’s largest company has set aside September 12 for an oh-so-mysterious event called Wonderlust, where they will almost certainly debut the new iPhone 15. Rumors are circulating about improved satellite communication, better wireless charging, and, of course, a bigger screen.

Phoning it in

In a surprise to pretty much nobody — given global inflation, Apple’s ongoing manufacturing struggles, and the 14 previous editions of the phone — the iPhone 15 is likely to be the most expensive to date, with Forbes forecasting prices ranging anywhere from $799-$2,000.

Though the price point may be rising, the hype that new models generate seems to have faded. In the decade following Steve Jobs’ 2007 unveiling of Apple’s first mobile phone, worldwide Google Trends data shows that people would routinely rush to search ‘new iphone’ whenever the latest was announced, but recent releases haven’t mustered the same online buzz. 2020’s iPhone 12 Pro amassed a third of the search volume as both 2018’s XS / Max and 2013’s 5C / 5S models.

Go Deeper: How Apple makes its money.

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Snap and Meta fall as Trump hints at TikTok deal, Bessent says framework for an agreement has been reached

Snap fell more than 1% premarket while Meta dropped about 0.5% after President Donald Trump hinted on his social media platform, Truth Social, that a TikTok deal was reached during the European trade meetings. “A deal was also reached on a ‘certain’ company that young people in our Country very much wanted to save,” he wrote. “They will be very happy!”

Treasury Secretary Scott Bessent was more explicit, telling reporters in Madrid that a framework for a TikTok deal has been reached, according to Bloomberg.

Trump said he would speak with Chinese leader Xi Jinping on Friday.

Back in 2024, a bipartisan group of lawmakers agreed that TikTok was such an unspeakable threat to American security that it had to be outlawed or sold to an American buyer. Since then, Trump has thrice pushed back the deadline for the deal, saving the app from going dark.

As Sherwood News’ Nate Becker has noted, Oracle is a likely contender to buy or run TikTok.

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OpenAI and Microsoft reach agreement that moves OpenAI closer to for-profit status

In a joint statement, OpenAI and Microsoft announced a “non-binding memorandum of understanding” for their renegotiated $13 billion partnership, which was a source of recent tension between the two companies.

Settling the agreement is a requirement to clear the way for OpenAI to convert to a for-profit public benefit corporation, which it must do before a year-end deadline to secure a $20 billion investment from SoftBank.

OpenAI also announced that the controlling nonprofit arm would hold an equity stake in the PBC valued at $100 billion, which would make it “one of the most well-resourced philanthropic organizations in the world.”

The statement read:

“This recapitalization would also enable us to raise the capital required to accomplish our mission — and ensure that as OpenAI’s PBC grows, so will the nonprofit’s resources, allowing us to bring it to historic levels of community impact.”

Settling the agreement is a requirement to clear the way for OpenAI to convert to a for-profit public benefit corporation, which it must do before a year-end deadline to secure a $20 billion investment from SoftBank.

OpenAI also announced that the controlling nonprofit arm would hold an equity stake in the PBC valued at $100 billion, which would make it “one of the most well-resourced philanthropic organizations in the world.”

The statement read:

“This recapitalization would also enable us to raise the capital required to accomplish our mission — and ensure that as OpenAI’s PBC grows, so will the nonprofit’s resources, allowing us to bring it to historic levels of community impact.”

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