Apple’s new iPhones are built for AI

Transcription:

Conway Gittens: I’m Conway Gittens, reporting from the New York Stock Exchange. Here’s what we’re watching today on TheStreet.

A big return on Wall Street to start the week. Investors are hoping the Federal Reserve will come in and save the day. The Fed is expected to start cutting interest rates in September to prevent a recession. Consumer stocks such as banks and retailers rallied on those hopes. Economic optimism, however, will not come soon enough to save Big Lots. The super discount retailer went bankrupt.

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In other business headlines: Apple has finished a new suite of AI-enhanced products. There were new versions of the Apple Watch and both types of Air Pods. However, the star of the show was the new iPhone 16, which comes in a range of fresh new colors. CEO Tim Cook kicked off the product launch with an eye toward the future. “The next generation of iPhone was designed for Apple Intelligence from the ground up. It marks the beginning of an exciting new era.”

The iPhone refresh is important because it is Apple’s biggest money maker, responsible for more than half of the company’s sales. Apple hopes that artificial intelligence will convince iPhone users to finally upgrade. Sales have been slow as competition heats up at home and abroad. Many tech companies have already launched their AI features.

Not to be outdone, the new iPhone screen sizes are larger to accommodate the information the AI ​​will produce. There’s also easier camera access for AI image searches. Other AI bells and whistles include on-screen email summaries, automatic photo sorting, and the ability to create your own emojis. Siri, of course, has been fine-tuned for the evolution of AI.

A limited version of Apple Intelligence features will begin rolling out in October to US English speakers. Other English-speaking countries will get their versions in December, but foreign languages ​​will have to wait until 2025.

The new phones ship in September.

That will do for your daily briefing. From the New York Stock Exchange, this is Conway Gittens with TheStreet.

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