Wonderlust: We are well past peak iPhone hype

8/31/23 8:00PM

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.

Rani Molla13m

London’s robotaxi war is “months” away as Uber opens waitlist to battle Alphabet’s Waymo

Starting today, Uber users in London can join an in-app waitlist to be matched with a self-driving vehicle, with a commercial launch planned for the "coming months." Riders who opt in could be picked up by a Ford Mustang Mach-E powered by UK-based AI startup Wayve. The rides will initially operate with a human safety driver and will cost the same as an UberX, Uber Electric, or Uber Comfort ride.

The move turns London into the next ground zero for a robotaxi showdown, pitting Uber against its US partner, Alphabet's Waymo. While the two companies cooperate stateside — allowing users to hail Waymo rides via the Uber app in Phoenix, Austin, and Atlanta — they are locked in a turf war abroad. Uber is hedging its bets to own the future of ride-hailing, with more than 30 AV partnerships around the world and plans to roll out Wayve-powered robotaxis across 10 global markets.

Waymo, which is available in 11 US markets, is also aggressively pushing its own international expansion and has already deployed about 100 autonomous Jaguars for testing on London streets ahead of a planned commercial launch this year. With the UK fast-tracking its autonomous vehicle regulations, London is set to be the ultimate proving ground to see if Uber’s strategy of funding Waymo's rivals can beat Alphabet's in-house tech.

Jon Keegan6/5/26

FT: Meta considering “tens of billions” in new capital to fund AI

Just days after Google announced a monster $85 billion upsized equity raise, the extremely profitable Meta is seeking to sell “tens of billions of dollars” in stock, according to a new report from the Financial Times.

Meta is planning on spending between $125 billion and $145 billion on AI capital expenditure this year alone.

Shares dropped more than 5% on the news.

Meta weighs big equity raising after blockbuster Google deal

Rani Molla

6/5/26

Meta is supercharging its subscription businesses

The free-app giant never really cared about recurring revenue. Now, it’s launching paid plans for all sorts of stuff.

Jon Keegan6/5/26

FT: Anthropic staff helping the NSA use Mythos for offensive cyberattacks

Anthropic’s Mythos AI model was deemed too dangerous to release to the public, with the company citing its ability to orchestrate novel cyberattacks.

And that’s just what the National Security Agency is doing, with the help of Anthropic staff embedded at the agency, according to a report from the Financial Times.

Only a small number of companies and US allies have been given access to the advanced model, which means America’s adversaries have not had the chance to shore up their defenses against the AI model’s new offensive capabilities.

The arrangement is especially unusual as the Pentagon has deemed Anthropic’s AI a national security supply chain risk — effectively blacklisting it for defense work — in response to the company’s refusal to allow its technology to be used for any legal application, which could include autonomous killing or mass surveillance. Anthropic is currently suing the US government to fight the determination.

US National Security Agency using Anthropic’s Mythos for cyber attacks

Rani Molla6/5/26

Longtime Tesla bear JPMorgan upgraded Tesla and raised its price target to $475 from $145

For more than a decade, JPMorgan was Wall Street’s most stubborn Tesla skeptic, anchored by auto analyst Ryan Brinkman’s strict focus on traditional car fundamentals and near-term delivery numbers.

But JPM recently handed coverage of the stock to a new analyst, Rajat Gupta, who is throwing that playbook out the window. In a note Friday, the firm upgraded Tesla to “neutral” from “underweight” and raised its price target 228% to $475 from $145. (The analyst consensus on FactSet is $403.) Instead of focusing on the company’s struggling vehicle business, the new analyst is orienting himself more toward Tesla’s idea of the future, now modeling Tesla’s physical AI and robotaxi fleets all the way out to the year 2040.

Here are the main reasons for the capitulation:

Looking past the car lot: Gupta argues that Tesla “is at the forefront of physical AI, entering uncharted TAMs” and therefore “deserves the benefit of the doubt to be valued on LT earnings potential” rather than near-term speed bumps.
Unmatched vertical integration: Tesla’s control over everything from battery cells to custom silicon gives it a massive moat. JPM notes this starting point advantage is “unmatched at an industrial level scale” and “still somewhat under-appreciated and misunderstood.”
The AWS flywheel effect: Deploying Optimus robots inside its own factories “should not only lower COGS for the base automotive business, but more importantly, help validate the product at an industrial scale.” Gupta called it “a classic flywheel effect, somewhat analogous to AWS and Kiva at AMZN.”

For Tesla bulls who have argued for years that this is an AI company and not a carmaker, JPM’s sudden $3.9 trillion valuation model is the ultimate validation.