Technology Weekly News: Apple is the first publicly traded company to close above a $3 trillion market value
Apple made history on Wall Street, becoming the first company to surpass a market value of $3 trillion. This year, the tech giant's impressive rally has added over $983 billion to its size, solidifying its dominant position in the equity markets. The Nasdaq 100 Index benefited from Apple's milestone, contributing to a broader stock rally and highlighting the tech mega-caps' supremacy. While some strategists have questioned the rally's sustainability, investors remain enthusiastic about the growth potential of artificial intelligence and have been drawn to Apple's strong balance sheet, reliable revenue streams, and competitive position. Analysts believe Apple's business strategy and earnings plan have been critical factors in its consistent outperformance.?
Wall Street's optimism is evident as Citi initiated coverage of Apple with a buy rating, projecting a potential 30% upside and approaching a $4 trillion valuation. Since becoming the world's most valuable stock in 2011, Apple has continuously held that title, reaching $1 trillion in 2018 and $2 trillion in 2020. Other members of the trillion-dollar club include Alphabet, Amazon.com, Nvidia, and Microsoft.
AWS has announced the availability of AWS AppFabric, a no-code service that connects popular SaaS applications with leading security tools. With AppFabric, IT, and security teams can easily manage and secure applications by aggregating log data and accessing a unified view of application usage. The generative AI feature powered by Amazon Bedrock enables automated actions and insights across applications. AppFabric is now available in the US East (N. Virginia), Asia Pacific (Tokyo), and Europe (Ireland) AWS Regions.
Microsoft introduces AI-powered shopping tools for the Bing search engine and Bing AI chatbot in Edge sidebar. These tools include the automatic generation of buying guides, product aggregation with specs for easy comparison, and affiliate links for purchasing. The new features aim to improve the shopping experience by providing helpful information and eliminating low-quality shopping content. However, concerns arise regarding the impact on existing buying guide websites and editorial operations. The buying guides are now available in the U.S., while the worldwide rollout for buying guides in Edge has begun. Microsoft also introduces AI-generated review summaries and Price Match, allowing users to request retailer price matches. Microsoft has partnered with top U.S. retailers for this feature.
European companies, including Renault, Heineken, Airbus, and Siemens, criticize the European Union's AI regulations in an open letter. They argue that the recently approved AI Act is ineffective and could harm competition, jeopardizing Europe's competitiveness and technological sovereignty. Concerns are raised about the strict rules targeting generative AI systems and the compliance costs and liability risks associated with them. The companies call for a more flexible approach and the formation of an AI industry regulatory body. In response, a member of the European Parliament defends the legislation, emphasizing industry involvement and transparency. OpenAI, known for ChatGPT and Dall-E, previously lobbied against proposed restrictions but has stated that it has no plans to leave the European market.
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WhatsApp introduces a new, secure method for users to transfer their chat history from their old phone to a new phone using QR codes and a local Wi-Fi connection. To transfer chat history, ensure both devices are connected to the same Wi-Fi network, open WhatsApp on the old device, go to Settings > Chats > Chat transfer, and scan the QR code from the new phone. This method is more secure as data is encrypted and shared only between the two devices over the local network. It is the first local transfer method introduced by WhatsApp, which previously relied on cloud backups for data migration. The app also offers a multi-device feature to sync messages on multiple devices with a single phone number.
Visa is acquiring Brazilian payments startup Pismo for $1 billion in cash, marking one of the biggest fintech M&A deals this year. Pismo, founded in 2016, has major clients such as Citi, Itaú, Revolut, and Nubank. The startup's platform enables banks and fintech to launch products for cards, payments, digital banking, and more. Visa aims to provide core banking and issuer processing capabilities through this acquisition and support emerging payment rails. Pismo's management team will remain in S?o Paulo, and the deal is expected to close by year-end. The transaction represents a strategic move for Visa in the Latin American market.
TikTok is planning to launch an online retail store in the U.S., potentially next month, to compete with major e-commerce platforms like Amazon. The store will feature TikTok's own line of products sourced from Chinese manufacturers. It will be integrated within the platform and also have a dedicated e-commerce tab in TikTok Shop. The company has been testing its e-commerce offerings, including the "Trendy Beat" shopping feature, and aims to expand its successful Asian e-commerce business to Southeast Asia and the U.S. market.
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