Latest news with #iPhones
CNBC
43 minutes ago
- Business
- CNBC
Cramer: Trump's tariffs are 'pure chaos' but the stock market is still up. Here's why
No "sell in May and go away" this year. In fact, the stock market has powered higher this month despite new and confusing tariff headlines lurking around every corner. President Donald Trump 's latest trade drama emerged Friday morning when he accused China of violating the preliminary trade agreement reached with the United States on May 12. Around noon ET, Bloomberg reported the Trump Administration was planning to broaden restrictions on Chinese tech companies. Later in the afternoon, at an Oval Office event to thank Elon Musk for his government service, Trump said he would be open to talking to Chinese President Xi Jinping. All this came after Treasury Secretary Scott Bessent described U.S.-China trade negotiations as being "a bit stalled," during a Fox News interview Thursday evening. And, just a day before that, a U.S. trade court ruled that Trump had overstepped his authority by invoking an emergency law to implement far-reaching tariffs on foreign countries. The Trump administration, in turn, filed a notice of appeal shortly after, allowing the tariffs to remain in place until next week. "I get the sense the president doesn't understand all the turmoil [he's creating,]" Jim Cramer said Friday. He described the tariff situation as "pure chaos," but said "the stock market is up." Case in point: Although the S & P 500 was flat Friday on the trade policy confusion, the benchmark index is on track for a nearly 6% gain in May. The tech-heavy Nasdaq is poised to gain almost 9% for the month. Trump's accusation against China on Friday is one of a laundry list of trade developments in May — some good, some bad. As for the positives, the U.S. and China agreed to a 90-day pause on the majority of tariffs imposed on each other's goods on May 12. A few days before that, the president unveiled a broad outline of a trade agreemen t with the United Kingdom. The deal left in place Trump's 10% tariffs on British exports but expanded agricultural access for both countries. The Financial Times reported Thursday that Britain will hold talks with the U.S. next week to expedite the process. On Sunday, Trump delayed the 50% tariffs on European Union imports until July 9. Only days earlier, he announced them with a June 1 start date. On the other side of the coin, Trump also threatened Club name Apple with a 25% or higher tariff rate on iPhones made outside of the country last Friday — demanding the tech behemoth move its manufacturing to the U.S. as soon as possible. That's a tall order for Apple, given it makes most of its devices overseas. In fact, the majority are still produced in China. The company has been trying to move more and more iPhone production to India. So, given the erratic trade headlines over the past month, how is the market still managing its gains? Investors are focusing on signs of resilience in the U.S. economy instead, according to Jim. Job growth, for example, was stronger than expected in April despite worries about the impact of Trump's tariffs. "Employment is mitigating what we're seeing," he said Friday. Meanwhile, the latest reading of the Federal Reserve's preferred inflation gauge indicated that price increases in April slowed as well. Club holding Costco is another great barometer for the health of the consumer. On Thursday, the company delivered a solid quarterly earnings report. Margins were better than expected, quieting the fears going into the print about a tariff-driven hit. "People are going there. They're saving money, but the fact is they're [still] spending money." Jim said. COST YTD mountain Costco Wholesale (COST) year-to-date performance Overall, Jim said it feels like our portfolio companies are "under fire when they're doing so much." Take Costco, for example. During its Thursday earnings call, management outlined tweaks it has made to its supply chain to mitigate tariff impact and try to keep prices in check. "Are the people from the administration on any conference calls? Because if they did, they'd know this mad dash away from China is 'unmitigated,'" Jim said. "Our companies are being so great about moving out of China, and it would be terrific to see them hailed as great." He added, "This is when the president should come out on Truth Social and say, 'Congratulations Costco.' They're keeping prices down." The same can be said for Apple, which has tried to get on Trump's good side but with little success. Earlier this year, Apple announced a $500 billion investment in U.S. development over the next four years. CEO Tim Cook also donated $1 million to the president's inauguration fund for his second term. Still, Apple faces the threat of a huge hike in its costs. By some Wall Street estimates, iPhones could cost nearly $3,500 apiece if they're made in the U.S. This would, in turn, weigh on demand for Apple's flagship offering and its biggest money maker. "The president is creating hurdles everywhere," Jim said. But for now, at least, the stock market seems to be rolling with the punches. (Jim Cramer's Charitable Trust is long COST, APPL. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Al Etihad
an hour ago
- Business
- Al Etihad
Google makes case for keeping Chrome browser
30 May 2025 23:15 Washington (AFP) Google on Friday urged a US judge to reject the notion of making it spin off its Chrome browser to weaken its dominance in online attorneys made their final arguments before US District Court Judge Amit Mehta, who is considering "remedies" to impose after making a landmark decision last year that Google maintained an illegal monopoly in government attorneys have called on Mehta to order Google divest itself of Chrome browser, contending that artificial intelligence is poised to ramp up the tech giant's dominance as the go-to window into the also want Google barred from agreements with partners such as Apple and Samsung to distribute its search tools, which was the focus of the suit against the Silicon Valley internet weeks of testimony ended early in May, with Friday devoted to rival sides parsing points of law and making their arguments before Mehta in a courtroom in Schmidtlein, an attorney for Google, told Mehta that there was no evidence presented showing people would have opted for a different search engine if no exclusivity deals had been in noted that Verizon installed Chrome on smartphones even though the US telecom titan owned Yahoo! search engine and was not bound by a contract with the 100 or so witnesses heard at trial, not one said "if I had more flexibility, I would have installed Bing" search engine from Microsoft, the Google attorney told the judge. 'More flexibility' Department of Justice (DoJ) attorney David Dahlquist countered that Apple, which was paid billions of dollars to make Chrome the default browser on iPhones, "repeatedly asked for more flexibility" but was denied by contends that the United States has gone way beyond the scope of the suit by recommending a spinoff of Chrome, and holding open the option to force a sale of its Android mobile operating system."Forcing the sale of Chrome or banning default agreements wouldn't foster competition," said Cato Institute senior fellow in technology policy Jennifer Huddleston."It would hobble innovation, hurt smaller players, and leave users with worse products."The potential of Chrome being weakened or spun off comes as rivals such as Microsoft, ChatGPT and Perplexity put generative artificial intelligence (AI) to work fetching information from the internet in response to user online search antitrust suit was filed against Google some five years ago, before ChatGPT made its debut, triggering AI is among the tech companies investing heavily to be a leader in AI, and is weaving the technology into search and other online offerings. Kneecap Google? Testimony at trial included Apple vice president of services Eddy Cue revealing that Google's search traffic on Apple devices declined in April for the first time in over two testified that Google was losing ground to AI alternatives like ChatGPT and pressed rival attorneys regarding the potential for Google to share data as proposed by the DoJ in its recommended remedies."We're not looking to kneecap Google," DoJ attorney Adam Severt told the judge."But, we are looking to make sure someone can compete with Google."Schmidtlein contended that the data Google is being asked to share contains much more than just information about people's online searches, saying it would be tantamount to handing over the fruit of investments made over the course of decades."There are countless algorithms that Google engineers have invented that have nothing to do with click and query data," Schmidtlein said. "Their remedy says we want to be on par with all of your ingenuity, and, respectfully your honor, that is not proportional to the conduct of this case.
Time of India
an hour ago
- Time of India
Apple issues critical alert: iPhone users urged to download iOS 18.5 immediately to avoid major security risks
Some of Apple IPhone 's major security glitches could be in for a quick fix with the US Tech giant releasing an important update for its iOS software, named iOS 18.5. The security bugs were a major concern for Apple, as they could access photos, messages and other personal data on a phone, and could also lead to crashing of apps, according to some reports. Apple said they fixed the problem using something called 'improved input sanitisation'. The update is for iPhone XS and newer models, older phones won't get it. Safe Data Storage, a UK data expert company, says you should install the update immediately to protect your phone, as per reports. A rep from Safe Data Storage said, 'Apple acted fast, but users need to act too. These updates are no longer optional, they're your first line of defence.' They're urging people to tell their parents, grandparents, neighbours, basically anyone with an iPhone, about the update, as per the report by Yahoo. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Access all TV channels anywhere, anytime Techno Mag Learn More Undo No one has been hacked yet, but these bugs get exploited fast once they're known, so waiting is risky. Safe Data Storage warns that many people wrongly think iPhones can't be hacked, but this bug proves that no phone is 100% safe, as per Mirror report. If your iPhone is not updated, even a simple image someone sends you could be dangerous. They also said that elderly or non-techie people might not realise how important updates are, so help them if needed. Live Events How to install iOS 18.5? Open the Settings app, go to general, then tap software update. If iOS 18.5 shows up, then tap download and install. You can make your iPhone even safer by turning off message previews on lockscreen. Go to settings, then notifications, then click on messages, you will see show previews, and then set to never. To enable two-factor authentication for your Apple ID, go to settings, add your name, then go to password and security, then turn on Two-Factor Authentication. To check which apps have access to your data, go to settings, click on privacy and security, then check each section and turn off things apps don't really need. FAQs Q1. Is iOS 18.5 update safe to install? Yes, it's made to fix a serious bug and protect your phone. Q2. Which iPhones get the iOS 18.5 update? Only iPhone XS and newer models will get it.
Yahoo
2 hours ago
- Business
- Yahoo
Trump Hammers the Markets with New Scorched Earth Trade War on Apple and Europe
Donald Trump reignited his scorched-earth trade war on Friday, unleashing a fiery social media tirade that took aim at Apple and Europe with fresh tariff threats. In classic flip-flop fashion, the president is back on the offensive. Just weeks after hitting pause on his so-called 'reciprocal' tariffs amid market turmoil, he's doubling down with predictable results sending Dow Futures plunging by around 400 points in early trading. In blistering posts on Truth Social on Friday morning, Trump warned that Apple would face a 25 percent tariff unless it moves iPhone production to the U.S. He also said he is 'recommending' a 50 percent tariff on the European Union starting June 1, escalating tensions with the continent that is traditionally one of America's closest allies. The EU 'has been very difficult to deal with,' Trump wrote. 'Our discussions with them are going nowhere!' Increased tariffs on Europe would lead to huge effective taxes on luxury goods. 'We've had this de-escalation tailwind at the market's back for like six weeks now — and the market has had one of its best six-week stretches in the last 75 years — and a re-escalation of trade war rhetoric threatens that,' Ross Mayfield, an investment strategist, told CNBC. Trump's first call of order was to escalate his stand-off with Apple CEO Tim Cook after the tech giant signaled it would switch assembly of its iPhones for the U.S. market to India. The president threatened the company after Cook failed to bend the knee and was a notable absentee from the tech mogul road trip to the Mideast last week. The California giant's shares immediately fell 3 percent in premarket trading. After previously reversing tariffs on Apple goods, Trump said the tech company will face a 25 percent tariff if production for iPhones isn't shifted to the U.S. 'I have long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,' Trump wrote. 'If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S,' he added. 'Thank your for your attention to this matter!' His warning came days after Cook said that factories in India would soon supply the 'majority' of iPhones sold in the U.S., as the tech company attempts to swerve the tariffs Trump has slapped on Chinese-made products. Apple plans to source the 60 million iPhones sold annually in the U.S. from India by the end of 2026, according to the Financial Times. The newspaper also reported Friday that Foxconn, a key Apple supplier, is investing $1.5 billion to ramp up production of the company's best-selling product in India. According to Reuters, it's unclear if Trump can slap tariffs on an individual company. The very public warning came days after Trump said he told his 'friend' Cook that he 'had a little problem' with him looking to build Apple products in India. 'I said to Tim… 'Tim look, we treated you really good…India can take care of themselves ... we want you to build here,'' Trump said. The Daily Beast has contacted Apple for comment. Trump took aim at the EU some 30 minutes later, over what he said was stalled trade negotiations between the key trading partners. 'The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with,' the president said. 'Their powerful Trade Barriers, Vat Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against Americans Companies, and more, have led to a Trade Deficit with the U.S. of more than $250,000,000 a year, a number which is totally unacceptable,' he ranted. Trump added: 'Our discussions with them are going nowhere! Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025. There is no Tariff if the product is built or manufactured in the United States.' Top U.S. and EU trade officials were expected to hold talks Friday to assess progress in their ongoing tariff negotiations, the Wall Street Journal reported. Officials have a prearranged call at 11:30 a.m. and the EU won't comment on Trump's threats until after that call takes place said, an official said. The outburst came after weeks of market chaos triggered by Trump's sweeping 'reciprocal tariffs' on more than 180 countries. He announced a 90-day pause just a week later, granting a brief window for trade deal negotiations to take place between every country besides China—though the U.S. and China had finally agreed to a 90-day truce beginning May 14 to significantly lower tariffs.
Time of India
2 hours ago
- Business
- Time of India
Looking forward to 'Open-io': Google CEO Sundar Pichai lauds OpenAI-Jony Ive collab
Google and Alphabet CEO Sundar Pichai headlined the AI-packed Google I/O event in Mountain View, California earlier this month. A few hours and 40-odd miles away in San Francisco, OpenAI founder Sam Altman and former iPhone designer Jony Ive announced a partnership for a novel AI device. In a recent interview with The Verge , Pichai said he is looking forward to the technology that will come out of this collaboration. On May 21, OpenAI said it will buy and absorb Ive's AI devices startup, io , in an all-equity deal worth $6.4 billion. Ive and his creative collective LoveFrom will take on "deep creative and design responsibilities across OpenAI and io". And Pichai is excited. "I'm looking forward to a 'Open-io' announcement ahead of Google I/O ," he said in response to a question on competition intensifying as a result of the collaboration. "People tend to underestimate this moment... I always like to point out when the internet happened, Google didn't even exist. I think AI is going to be bigger than the internet. There are going to be companies, products, categories created, which we aren't aware of today. So I think the future looks exciting," Pichai said. Pichai emphasised that currently there is a lot of opportunity to innovate around hardware form factors with the platform shift to AI. "I'm looking forward to seeing what they do." — OpenAI (@OpenAI) Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The video announcement for the OpenAI-io deal indicated that the prototype of their first AI product is ready, designed by Ive and at least informally approved by Altman. The duo said the product will be launched by 2026, giving no further details about its scope or capabilities. Ive is known for designing iconic Apple products, including iPhones, MacBooks, iPods and iPads. His Lovefrom has worked with Ferrari and Airbnb in the past. Meanwhile, this is OpenAI's largest acquisition yet, and comes close on heels of its deal to buy AI-assisted coding tool Windsurf for about $3 billion. Also Read:
