Apple’s ‘Glowtime’ is set to unveil new products in hopes of fixing sales

But first, it’s time for a phone upgrade.

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The big story

A new phone awaits

It’s that time of year when the leaves start to change colors and people start to change their iPhones (at least Apple hopes).

Apple’s ‘Glowtime’ event is today, the tech giant’s latest iteration the annual unveiling of the newest iPhonewrites Business Insider’s Jordan Hart.

Apple hasn’t released many official details about the event, which starts at 1 p.m. ET, but the tech giant is expected to show off a slew of new devices that include — you guessed it — AI features.

We will have a live blog that goes all day covering the biggest announcements of the event.

The new AirPods and Apple Watches should make appearances, but the iPhone (we’re now on version 16) will be the star of the show.

The iPhone has been Apple’s crown jewel for more than a decade, but it’s starting to run into a problem. People are keeping their iPhones a lot longer than they used to – proud iPhone 12 owner here – and that’s not good when a big part of your business is getting people to buy new iPhones.

Apple bets on Apple Intelligence, it’s a softer, gentler approach to AIwill be enough to convince people eventually breaks down and buys a new iPhone. See, you’ll need at least an iPhone 15 Pro to get all the benefits of Apple Intelligence.

The new iPhone could also go a long way helping Apple turn things around in Chinaan important market in which it is struggling, writes BI’s Hasan Chowdhury.

But early reviews of the kind of AI features that will initially be offered — a completed Siri and email summaries — they were less than stellar. Although, more exciting things are expected to be released next year.

Apple’s event will also serve as a litmus test for the broader AI industry.

For the entire summer, one question hovered over the tech world: Will all this investment in AI pay off?

Getting people to pay for AI-based tools in business settings has been hit or miss. Even giants like Microsoft and Amazon have struggled to turn their big AI bets into revenue generators.

But with Apple’s new iPhone, we’ll see if the general consumer is willing to pay to have AI in their pocket.

Success could give the AI ​​industry more confidence that there is light at the end of the AI ​​spending tunnel. After all, if people feel comfortable paying for AI in their personal lives, that could translate to what they do at work.

But if the biggest product from the best-known tech company can’t get people to pay for AI, that could spell trouble.

News summary

Top titles

3 things in markets

1. God. Country. Nvidia. From Wall Streeters to r/WallStreetBets, everyone is in love with the chip giant. The result is a sort of stock cult following that could be somewhat human-led looking to scratch their gambling itch.
2. The latest jobs report crystallizes just how tough the job market is these days. The August unemployment rate fell to 4.2%, but The US added just 142,000 jobswhich was below forecasts. It shows that although jobs are stable for current workers, it’s hard to find a new sleigh gig.
3. The global population is aging – and that’s not good for the stock market. JPMorgan strategists say this has historically led to lower yields, lower earnings growth and weaker valuations. If the share of over-65s increases by 1%, returns will fall by 0.92%, they estimate. But, there is one bright spot: health expenses.

3 things in technology

1. The female paradox of the “founding mode”. Ever since Paul Graham’s essay on hands-on versus hands-off founders dropped, Silicon Valley has been divided over the best approach to running a startup. But for female founders, this debate is much more complicated. They talked about double standard are held.
2. All eyes on these AI startups. BI asked top VCs to name the most promising AI startups of 2024 so far. These 44 companies revolutionizing sectors such as fintech, healthcare and logistics.
3. The Venn diagram of tech bros and history geeks might just be a circle. The coolest gift you can give a tech bro right now isn’t something new, it’s something old. Whether it’s a priceless painting or an original manuscript, high-income tech workers really want to own a piece of the past that no one else can have.

3 things in business

1. Did we get too close to the sun? Female executives especially feel caught between the demands of career and home. But if they don’t cut back on work, how can they hope to achieve a better work-life balance? A self-help retreat for the battle-scarred girl boss might have the answer.
2. The adtech business could be on the brink of a sea change. The DOJ and 17 state attorneys general are taking Google to court in a landmark antitrust case. They claim that Google used ad buys and auction tactics to build an illegal monopoly — and the outcome of the trial could be an advantage for its rivals.
3. Middle managers are exhausted. The last few years have made the jobs of middle managers more toxic than ever, as they have largely been targeted by layoffs or asked to do more with less. Some say the job isn’t worth it anymore – and they are looking for a way out.

In other news

what is happening today

• Oracle reports earnings.
• Brian Niccol officially becomes President and CEO of Starbucks. The former Chipotle leader succeeds Laxman Narasimhan, who resigned last month.

The Insider Today Team: Dan DeFrancesco, deputy editor and anchor, in New York. Hallam Bullock, Editor-in-Chief, London. Grace Lett, publisher, in Chicago. Milan Sehmbi, colleague, in London. Amanda Yen, colleague, in New York.