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UAE President Sheikh Mohamed Bin Zayed Al Nahyan's visit to the USA
UAE President Sheikh Mohamed Bin Zayed Al Nahyan's visit to the US to boost economic and technology ties including AI.
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Apple Inc. shares fell Monday after a closely followed analyst warned that demand for the firm's new iPhone 16 Pro model has been lower than expected. Is this a sign that the AI software just isn't ready?
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On Dubai Eye
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Dubai's current population is more than double compared to almost twenty years ago, which now stands at 3.7 million. Lots of families are also moving to the UAE now. So what does it mean for the property market?
Noon's First Female Delivery Driver
Glory Ehirim Nkiruka is Noon's first ever female delivery driver. In her first ever interview, she explained why she loves her job, despite the heat!
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Tahawul Tech
3 hours ago
- Tahawul Tech
Apple expects a billion dollar U.S tariff ‘hit'
Apple has reported strong revenue from China and acceptable iPhone sales, giving the company a necessary boost in light of recent business struggles over the past year. That better-than-expected performance reassured Wall Street investors that key parts of its business are holding steady as Apple struggles to keep pace with rivals in the artificial intelligence race and navigates President Donald Trump's looming tariffs. Apple could incur $1.1 billion in tariff-related costs in the September quarter, CEO Tim Cook said on a call with analysts, which would be up from the $800 million this past quarter. The iPhone generated $44.5 billion in revenue for the quarter that ended in June, beating analyst expectations of $40 billion and last year's results of $39.3 billion for the same period. Overall revenue came in $94 billion in the quarter, marking a 10% increase year-over-year. Sales of iPhones also grew in China, where the company has underwhelmed recently, growing from $14.7 billion in the third quarter of 2024 to $15.3 billion this past quarter. Apple shares were up a little more than 2% in after-hours trading. But that's a much smaller boost than tech giants Microsoft and Meta, which saw there shares surge by nearly 7% and over 9% respectively on Wednesday thanks to their AI investments. Apple has woefully underperformed its rivals. The stock is down nearly 15% this year, missing out on the market's big rally over the past several months. There was a time when surging iPhone sales would have been enough to excite Wall Street. But analysts pressed Apple CEO Tim Cook about the company's vision for how AI will shape future products and how the company views the iPhone's relevance in the AI age. But Cook believes the iPhone will continue to be essential even as AI plays a bigger role in everyday life. 'It's difficult to see a world where iPhone's not living in it,' he said in response to a question about how Apple is preparing for a scenario in which people rely more on voice assistants and less on screens. 'And that doesn't mean that we are not thinking about other things as well, but I think that the devices are likely to be complementary devices, not a substitution.' Big quarter for the iPhone The iPhone generates more revenue than any other Apple product, making it the company's most important business in Wall Street's eyes. Apple CEO Tim Cook said on a call with analysts that the company set a June quarter record for iPhone sales, growing 13% year-over-year. But Trump's whipsaw tariff policies have required Apple and other tech giants to rethink how they manufacture and ship devices like smartphones and computers. Investors are also eager for Apple to make a bigger splash in artificial intelligence as other tech behemoths like Google, Meta and Microsoft push forward. Apple shifted most production of US-bound iPhones from China to India earlier this year to avoid Trump's tariffs. Smartphones were exempt from the previous reciprocal levies on China that would have increased the tariff rate to a staggering 145%, but Trump has also said companies like Apple and Samsung could face a 25% tariff unless they make their smartphones in the US. A temporary trade deal between the two powerhouse economies will keep tariffs at 30% until August 12, while Trump threatened India with tariffs as high as 25% earlier this week. When asked about how the company is handling its product assembly based on the tariff situation, Cook said there hasn't been a change since last quarter; the 'vast majority' of iPhones sold in the United States have India as their country of origin. He also reiterated that Apple has a strong presence in the United States, with roughly 19 billion chips coming out of the US currently. Source: CNN Image Credit: Apple
Tahawul Tech
3 hours ago
- Tahawul Tech
Microsoft has become a $4 trillion company
Microsoft became the second company to reach a $4 trillion market valuation, after a recent earnings report helped boost the tech giant's shares. Microsoft's shares (MSFT) jumped nearly 4.5% after the market opened on Thursday 31st July 2025, pushing its intraday valuation to $4.01 trillion. The company's shares have risen roughly 28% since the start of this year. The milestone comes just a year and a half after Microsoft reached a $3 trillion valuation. The company first cracked the $1 trillion mark in April 2019. It follows Nvidia into the $4 trillion valuation club, which hit the mark earlier this month. Microsoft forecast a record $30 billion in capital spending for the current fiscal first quarter to fuel its AI ambitions, and reported booming sales in its Azure cloud computing business on Wednesday. Wall Street analysts also noted that Microsoft's Copilot AI chatbot appears to have driven meaningful growth in its Microsoft 365 enterprise software business. Microsoft's move to $3 trillion was more measured than other tech giants, Nvidia (NVDA) and Apple (AAPL), with AI bellwether Nvidia tripling its value in just about a year and clinching the $4 trillion milestone before any other company on July 9. Apple was last valued at $3.12 trillion. Lately, breakthroughs in trade talks between the US and its trading partners ahead of President Donald Trump's August 1 tariff deadline have buoyed stocks, propelling the S&P 500 and the Nasdaq to record highs. Microsoft, the second largest US company, has rebounded nearly 50% from its April 2025 lows, when global markets were rattled by Trump's tariff offensive. Microsoft's multibillion-dollar bet on OpenAI is proving to be a game-changer, powering its Office Suite and Azure offerings with cutting-edge AI and fuelling the stock to more than double its value since ChatGPT's late-2022 debut. Armed with exclusive access to OpenAI's models, Microsoft has raced to the front of the generative AI pack — supercharging its Azure cloud business, now the company's top revenue driver, and solidifying its dominance in the tech landscape, compared to Google's cloud and Amazon's web services. Wall Street's surging confidence in the company comes on the heels of back-to-back record revenues for the tech giant since September 2022. The stock's rally had also received an extra boost as the tech giant trimmed its workforce and doubled down on AI investments — determined to cement its lead as businesses everywhere race to harness the technology. While sweeping US tariffs had investors bracing for tighter business spending, Microsoft's strong earnings have shown that the company's books are yet to take a hit from the levies. But despite its meteoric rise, Microsoft has been streamlining its workforce in recent months. The company said earlier this month that it would cut around 9,000 employees, approximately 4% of its staff, its largest reduction since 2023. Those layoffs came after the company cut 6,000 workers in May. A company spokesperson said the July cuts were, in part, a reflection of new technologies that have made employees more productive. While AI wasn't mentioned specifically, the cuts came as Silicon Valley giants deploy the technology they're building to make their workers more efficient. Microsoft CEO Satya Nadella said earlier this year that 20% to 30% of the company's code was being generated by AI, and it's is pouring billions into AI infrastructure investments. Source: CNN Image Credit: Microsoft
Zawya
3 days ago
- Zawya
Apple's tariff-fueled iPhone sales surge raises doubts about sustainability
Apple's best revenue growth in three years failed to impress, with shares down about 1% in volatile trading on Friday, as investors questioned whether a tariff-driven surge in iPhone sales would last. A rush to buy iPhones ahead of potential U.S. tariff-driven price increases, along with China subsidies and upbeat demand for the budget 16e model launched in February, fueled a 13.5% jump in the quarterly sales of the device, crushing expectations. That pushed up total revenue by a better-than-expected 10% in the April-June period, and Apple issued an above-estimate sales forecast for the current quarter ending in September. The results came at a precarious time for the company long seen as Big Tech's safest bet. Beyond the tariff threats facing its manufacturing hubs China and India, Apple has been slow to move on artificial intelligence technology that its software and devices rivals have embraced as their next big growth driver. Analysts said the sales rebound in China, where local rivals have moved faster than Apple on AI features, was a positive. The company benefited in the world's largest smartphone market from a state subsidy program meant to prop up device sales. But they also warned the "pull-in" boost was expected to be temporary, raising doubts about demand for the rest of the year. "Pull-forward, remember, is not a U.S. issue. It's also a China issue. There, Apple's Pro model iPhones were too expensive to qualify for Chinese government subsidies that were being offered … so they cut prices to qualify, leaning into the volume opportunity. It worked," MoffettNathanson analysts said. "But as with the U.S., what does that mean for the rest of the year?" So far this year, Apple stock has underperformed all its "Magnificent Seven" peers barring Tesla, with a decline of more than 17%. The S&P has risen 7.8% in the period. Many of Apple's products are currently exempt from tariffs, and the company has also been rebalancing its supply chain to shield itself from the duties, sourcing iPhones from India and other products such as Macs and Apple Watches from Vietnam. The U.S. is currently negotiating trade deals with both China and India, with U.S. President Donald Trump saying India could face 25% tariffs as early as Friday. Apple said tariffs would raise costs by $1.1 billion in the current quarter after the company said it took an $800 million hit from tariffs in the third quarter. Its AI strategy also remains a concern after Apple delayed the release of an AI-enhanced version of Siri virtual assistant and was slow to launch Apple Intelligence. CEO Tim Cook said on Thursday the company was making good progress on Siri and that Apple is "significantly growing" its investments in AI. "Brand loyalty gives Apple time to get the AI transition right, but it needs to start delivering," said Matt Britzman, senior equity analyst, Hargreaves Lansdown.
