Stock Movers: Apple & Goldman Sachs Rise, Pfizer Falls on Obesity Pill Pullback.
Goldman Sachs (GS): Goldman Sachs shares jumped 3.4% in early New York trading after the US bank reported equities-trading revenue for the first quarter that beat the average analyst estimate and announced a share buyback program of as much as $40 billion. Apple (AAPL): Apple shares jumped in premarket trading on Monday after US President Donald Trump's administration temporarily exempted phones, computers and chips from its so-called reciprocal tariffs. Pfizer (PFE): Pfizer was down in the premarket after news that the pharmaceutical comapny is stopping development of its obesity pill, danuglipron, due to a potentially drug-related liver injury in a clinical trial patient. Intel (INTC): Intel rose on news that it has agreed to sell a 51% stake in its programmable chips unit Altera to Silver Lake Management, valuing Altera at $8.75 billion. (Source: Bloomberg)
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Trump's battle with Newsom, California expands beyond immigration
President Donald Trump's showdown with California is expanding from immigration enforcement to environmental protection after he signed three measures passed recently by Congress repealing state auto rules aimed at curbing vehicle emissions. Trump took aim during a June 12 White House event at California's environmental regulations during the same week that he tangled with the state's Democratic governor, Gavin Newsom, over sending troops to help police protests in Los Angeles that turned violent. The president deployed California National Guard and U.S. Marines to L.A. over Newsom's objections, prompting the governor to warn he's acting like a 'dictator.' The state filed a federal lawsuit seeking to block the move that's heading for court arguments later June 12. Newsom also has pledged to sue over Trump's moves to rollback California environmental rules. Trump signed resolutions of disapproval under the Congressional Review Act to bar California's landmark plan to end the sale of gasoline-only vehicles by 2035, which has been adopted by 11 other states and representing a third of the U.S. auto market. 'We officially rescue the US auto industry from destruction by terminating California's electric vehicle mandate, once and for all,' Trump said June 12. More: 'Political props': From deployment to a parade, Trump's use of military prompts concerns One of the resolutions the president signed repeals a waiver granted by the U.S. Environmental Protection Agency under former Democratic President Joe Biden in December, allowing California to mandate that at least 80% of vehicles be electric vehicles by 2035. Trump also signed a resolution approved by Congress to rescind the EPA's 2023 approval of California's plans to require a rising number of zero-emission heavy-duty trucks, and another resolution on California's regulation to curb smog-forming air pollution from heavy-duty highway and off-road vehicles and engines. Since 1970, California has received more than 100 waivers under the Clean Air Act to address pollution caused by its unique geographic terrain and abundance of automobiles in the nation's most populous state. The Golden State in recent years has also been at the forefront in trying to transition to vehicles that don't produce greenhouse gas emissions that contribute to warming global temperatures. Last year was not only the hottest since record-keeping began in 1850 but was also the first to pass a threshold meant to limit the worst effects of climate change, the Copernicus Climate Change Service said. More: Elon Musk surrenders: World's richest man is caving to Trump after their epic feud Trump promoted Tesla's electric vehicles at the White House recently as the company's founder, Elon Musk, was being criticized for his work leading the Department of Government Efficiency and Tesla sales plummeted. Musk and Trump recently engaged in a high-profile public spat, which the president blamed on his push to repeal electric vehicle incentives. Musk later said he regretted some of his attacks on Trump. More: Will Trump invoke the Insurrection Act? 'We'll see,' he says Trump campaigned against electric vehicle mandates and has worked to unwind Biden's support for the industry. Legislation passed by the U.S. House of Representatives in May would end a $7,500 tax credit for new EVs, impose a new $250 annual fee on EVs for road repair costs and repeal vehicle emissions rules designed to prod automakers into building more EVs. It would also phase out EV battery production tax credits in 2028. Contributing: Reuters, Dinah Voyles Pulver, Doyle Rice, Elizabeth Weise, Ramon Padilla This article originally appeared on USA TODAY: Trump's battle with Newsom, California grows beyond immigration
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WWDC 2025: Apple Is Years Behind Google and Microsoft in AI. How Much Does It Matter?
PCMag editors select and review products independently. If you buy through affiliate links, we may earn commissions, which help support our testing. At Apple's 2024 , I sat in the baking sun outside the company's glass spaceship-like headquarters in Cupertino while Craig Federighi described the marvelous capabilities of Apple Intelligence. He promised that your iPhone would be able to synthesize your interactions with public data to deliver practical answers to questions like 'What time should I leave to pick up Julian?' Your phone would know that Julian is your nephew who is visiting you in Albuquerque on the 6:10 Delta flight, and how the current traffic affects when you should depart for the airport. These examples excited the crowd. But this and other functionality still isn't available, and there's no sign of Apple doing anything about it. Meanwhile, Google and Microsoft continue to add advanced AI features to their respective platforms. We're fast approaching a breaking point here. If Cupertino doesn't recenter its attention on Apple Intelligence very soon (WWDC seems like an obvious time to start) and make tangible progress, I don't think it will ever be a true competitor in the AI space. Consequentially, I don't think consumers will continue to pay for technology with simply average AI. Siri is a major entry point for AI features on Apple devices, so last year, I asked with high expectations: Now, we know that the answer is 'not this year.' Instead, we got a few updates, such as the ability to type to Siri, better voice recognition, continued context, a full-screen glowing effect, and integrated Apple product knowledge. For me, the best among these is the continued conversational context, which means Siri remembers all the previous things you say or type during an interaction. Other capabilities also arrived across Apple's OSes, but they too are underwhelming. They allow you to generate emoji and get writing assistance, for example. These updates are a far cry from the vision Apple outlined at WWDC. I applaud the development of the Private Cloud Compute feature since a secure environment for AI is vital, but Apple Intelligence still needs to have compelling features for people to care. On that note, the company has since hinted that the truly smarter AI-powered Siri won't be arriving . That's two years after and a year after Gemini showed up on Google's Android. Two years is a long time to be behind on AI, and potentially an insurmountable hurdle. Copilot and Gemini are far more advanced at this point. The AI assistants can see what's on your screen and provide information, analysis, and actions based on it. They can also organize, summarize, and draft responses for your emails, generate photorealistic images (Apple's Image Playground can create only cartoon-like images), and translate any playing audio or video on your device in real-time. Though Apple promises this kind of intelligence, it's not nearly on the same level. According to reports, Apple will apparently focus on its Solarium interface update at WWDC instead of announcing development efforts for Apple Intelligence. Its OSes already benefit from decades of refinements and deep familiarity among users, so I'm not really sure what the point is in light of its AI shortcomings. For all its AI woes, Apple is still a leader among phone vendors. Yes, iPhone sales over the last quarter, and market share edged down from 19% to 18% among all phone vendors. But Samsung's market share also slipped, from 20% to 19%. Both of these declines could just be due to market saturation. People might just be unwilling to spend on a new phone because of . Restrictions on iPhone sales in China, where overall phone sales actually grew, are also likely affecting Apple's numbers. On the desktop OS side, the of macOS computers continues to rise at the expense of Windows PC manufacturers, though it's still far behind Dell, Lenovo, and HP. Whether we just aren't far enough into the era of AI for sales figures to reflect Apple's AI failings remains unclear, but the industry is shifting fast. And Apple is actually in a good position hardware-wise; all its latest devices have chips capable of local AI processing. Not all PCs have , and not all Android phones have the power to run on-device AI features. That could be Apple's saving grace if only the software features catch up. AI has existed a lot longer than you might realize. Machine learning and neural networks have been around for decades, dating all the way back to the '50s and gathering steam in the '90s, aughts, and teens. Progress in AI takes time, too—a lot of time. It took until just a couple of years ago to make the jump to arrive at the kind of Generative Pre-trained Transformer technology that made ChatGPT seem so revolutionary. Apple is a big company with massive resources and top tech minds. It could absolutely become competitive, but it needs to commit to this goal with a sense of urgency to have a chance to catch Google and Microsoft and save its sales numbers in the long run. Otherwise, it might not ever be able to meet consumers' expectations and excitement, and thus risks missing out on the defining technology of this decade.
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I Thought Apple Was Falling Behind in AI—WWDC Changed My Mind
PCMag editors select and review products independently. If you buy through affiliate links, we may earn commissions, which help support our testing. I recently wrote about how Apple's lagging AI technology might impact its device and OS market share. But as I sat at the company's headquarters in Cupertino and listened to the keynote, I came to the opposite conclusion. Apple falling behind Google and Microsoft might not matter much after all. In fact, I question whether the latest versions of iOS, iPadOS, and macOS will even meaningfully trail competitors once they fully launch in the fall. Yes, people are for not delivering on its AI promises with new iPhones. I think this is a spurious, very first-world problem. And the tech giant is at least trying to be more honest now: At WWDC, Apple's senior vice president for software engineering, Craig Federighi, admitted that Apple Intelligence was not where the company wanted it to be yet. That's fine. Apple shouldn't release anything that doesn't have the polish and quality that its users expect. Importantly, the development, hardware, and privacy components are all still in place for Apple Intelligence to succeed. The company can still build a seamless AI experience that people genuinely want to use. Apple's more measured development of AI coincides with a societal change in attitude about the technology. Pundits on Bluesky talk about how no one really needs to use AI, and that it's just another money grab by tech bros and big tech. Instagram memes bemoan its excessive energy demands and water use. That's a big shift from the initial widespread euphoria over ChatGPT, and these are all legitimate issues.I primarily see AI as a beneficial tool for professional work (such as coding and medical research) and for handling otherwise tedious tasks. Apple seems to be taking a wholly pragmatic approach, with features such as screenshot information extraction and spam call detection. If Apple continues to make AI something people find helpful in daily interactions with their devices, then I think it can combat the shifting, more cynical views on the technology. Apple is also prioritizing on-device AI features, thus reducing the need for power-hungry data centers. AI models across the industry continue to get smaller and less resource-heavy, too, as evidenced by , Google's Gemma, and Microsoft's . If Apple keeps applying development resources to local processing and optimization, it could win over people who otherwise consider the energy usage of AI models egregious. An efficient set of AI tools that arrives eventually is better than a rushed one that sucks up energy. At its , Google announced features for Gemini that resemble those Apple did for Apple Intelligence in 2024. It said, for example, that Gemini could use information in your calendar, contacts, and email to take various actions, in combination with public data about traffic conditions and the like. Copilot+ PCs can perform actions for you via the Click to Do feature, but not to the personalized extent as with Google's Gemini. Both Copilot and Gemini can generate images and suggest writing improvements using local processing, but Apple has already delivered on those parts of its AI promises, so it's not really behind there. These are the kinds of features with which Apple can bring around naysayers. Apple currently lets you tap into ChatGPT for more advanced generative capabilities, and at WWDC, the company announced that you would soon be able to use the chatbot for advanced image generation within Image Playground. This means you will be able to get more compelling visuals than the cartoon-like art it heretofore offered; think oil-painting-style or photorealistic images. However, you will need to connect to ChatGPT's servers to do so. As for Apple losing market share, dramatic changes are usually pretty slow. MacOS still takes a consistent and significant percentage away from Windows in the desktop OS market, and iOS still beats Android. Could things start to change if people don't buy into Apple's AI strategy? Certainly. Are Apple users likely to jump ship to Android and Windows over AI features? Maybe, but probably not. Apple can't be stagnant forever, but practical and socially positive AI features can help it stay ahead of any negative trends that emerge. What's the upshot of all this? It's just fine for Apple not to debut drastic AI features for a while (or maybe ever). If the best form of AI ends up being one that works seamlessly in the background, then Apple should just continue to introduce features only where it sees an actual need for them. In the meantime, users can acclimate to the new interface that extends across platforms. Although I didn't find the OSes in particular need of a design update, I can appreciate the improvements. It's what people interact with all day, after all—at least until AI takes things over for good.
