“Can someone please tell me when I’m getting Flappy Bird back?” – Jason
Hey there carnivores,
Markets were up on Monday, as states continue the reopening process.
Jeff & Jason
Apple held its Worldwide Developer Conference (aka WWDC) virtually yesterday… presumably, so angry hordes of app makers couldn’t get their hands on Timmy Price Gouger in-person.
So what’d I miss?
Tim Apple demoed the new iOS14, which will give users the ability to set default email and browser apps (f*ck off, Safari) and pin widgets on the home screen. There’s also the creation of a Memoji avatar that has a facemask, so you’ll be able to practice safe sexts.
And let’s not forget the belle of the ball. Siri has been updated to respond 20 times faster than a few years ago, meaning she can say ‘I’m sorry, I didn’t understand’ in the blink of an eye.
Oh, and douchebags rejoice. Now you can use your iPhone as a BMW key. Other vehicles are also expected to join the club.
All that and a bag of chips
But the biggest news…
Apple is bringing chip manufacturing in-house (well, technically China), as the tech goliath stated it will have completely phased out its use of Intel processors by 2021. Instead, Timbo Slice and his squad will use custom Apple chips, ending its fifteen-year run of going to Intel for its Mac processing needs.
And the strategy could pay dividends (literally and figuratively), as one analyst believes the custom ARM Mac models with the new chips could outperform current-day models with Intel’s processors by 50% to 100%.
The majority of Apple’s competitors, such as HP, Dell, Samsung, and Microsoft rely on Intel or AMD chips. So this could be another competitive advantage… in addition to how cool it looks to blog in a coffee shop with a Mac.
You can check out the rest of the announcements and changes here. Spoiler: still no headphone jack.
The bottom line…
There was likely some tension in the WWDC chat room yesterday, as Apple is at odds with the developer community. Match and Spotify have recently criticized Apple for taking too large of a cut of in-app purchases.
How large? Oh, just 30%… which is why Basecamp’s Hey, which is a paid email app, did not include an option for users to subscribe and pay via Apple Pay.
In turn, Apple blocked the Gmail wannabe’s bug fix, which turned out to be a bad move, as it received additional criticism for that choice. But you can rest easy knowing that the bug fix was pushed through last Friday for temporary use, thus placating every nerd who graduated General Assembly for at least a few days.
☑️ Never in Dow(bt).
The Dow is back above 26,000 points, as investors are hopeful that reopening the economy won’t be hindered by the rise of coronavirus cases in states across the country. Its compatriots, the S&P and Nasdaq also climbed, rising 0.7% and 1.1%, respectively. Safe to say we’re back?
Not just yet… more than 24 states have seen spikes in COVID cases, so there’s a good chance a second wave of lockdowns could be in the pipeline. We couldn’t just leave well enough alone, could we?
☑️ Cashing in.
Ken Griffin is seeing green as his Citadel Securities is the leading retail market maker in a time when day trading is the soup du jour. Citadel handles more than 40% of the total shares traded by lone wolf investors in the US, many of whom have been driven to the day-trading game by the lack of sports on TV and gambling opportunities. I mean, the markets are just gambling with better research available, right?
The privately-held Citadel is not the only firm making bank amid a crisis. It’s rival, publicly-owned Virtu Financial, saw a 267% year over year jump in market earnings in the first quarter. As such, Virtu’s stock has climbed 50% on the year.
☑️ Off the market.
Microsoft is opening up its wallet, shelling out a reported $165M for cybersecurity startup CyberX… which sounds a lot like the name of the villain’s fictional shell company in a made-for-TV action film.
Microsoft already offers security platforms across the antivirus and cloud application fields, but with CyberX, it will be able to monitor hardware for corporate clients. Alarms, cameras, and phones are CyberX’s bread and butter, and now it will be able to access Microsoft’s Azure IoT systems, consolidating companies’ security systems.
To date, CyberX has raised more than $47M from investors like Qualcomm Ventures and Norwest Venture Partners. You think Bill Gates is jealous? Think again.
☑️ Rock bottom.
According to Deloitte, the US shale industry is digging deeper. The firm expects the wildcatters to face up to $300B in losses and see a wave of bankruptcies as COVID continues to wreak havoc on the oil industry. The market took a beating as the world hunkered down in March and April. At one point, the WTI prices went negative for the first time ever. Since then, the value of crude has climbed 200% as demand is slowly working its way back to pre-COVID levels. So it’s got that going for it.