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In today's big news, Lessons learned from Apple's big event,the A friendlier take on artificial intelligence.
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But first, this isn't AI, it's Apple Intelligence.
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The big story
Apple’s AI
Apple's iPhones are finally getting some artificial intelligence — just don't call it artificial intelligence.
Apple's big annual software event A ton of cool announcements.
But the real highlight is that Apple has finally revealed details of its plans for generative AI.
Apple Intelligence — It's AI, but that AI marks the company's first big move in this area, with CEO Tim Cook describing it as Apple's “next big step.”
Though Apple has faced criticism for lagging behind its peers due to a lack of AI planning, it's still in a strong position: When it comes to AI, data is everything, and Apple's iPhones are loaded with data.
More context about users gives Apple an advantage. Here's a use case the company demoed on Monday: Here are some of the coolest ones — demonstrated Apple Intelligence's ability to pull and analyze information from multiple apps to deliver a personalized experience.
Wall Street appears to be buying. Early indications from analyst notes are: Apple's AI announcement lived up to expectationsBusiness Insider's Jordan Hart wrote:
But some people might be uneasy about giving an AI access to their personal data, and Apple says its architecture allows the AI to recognize personal data without directly collecting it.
whole, Apple's AI vision feels kinder and gentler BI's Katie Notopoulos writes that this technology is better than other iterations of the technology that have made people uneasy.
While some of these new AI capabilities sound appealing, there are pitfalls.
Apple Intelligence won't be cheap from a computing perspective — only the newest, most powerful iPhones will be able to handle it. Not enough for anything other than the iPhone 15 Pro.
This presents a unique business opportunity for Apple, writes BI's Peter Kafka. It's had a hard time getting people to upgrade their iPhones in recent years.
If you're not looking to buy a new phone (I'm still using the 12 Pro Max), you're not completely left out. iOS 18 includes: Plenty of non-AI features to enjoy for iPhone users.
iMessage will be added Ability to schedule text messagesYour iPhone's home screen will have more customization options. It's strikingly similar to Android devicesAnd Apple's inbox Even loveHowever, some are AI-only features.
But at least one person wasn't impressed. Initially, Elon Musk How some of Apple's announcements were disappointing.
But it was the news of Apple Intelligence and its partnership with OpenAI that really infuriated the billionaire.
Musk is famously no fan of OpenAI. Threatening to ban Apple devices from their company Whether the startup's software has been integrated into a tech giant's operating system.
Three things in the market
- If Elon Musk's compensation package falls through, some of his investors may also lose out. Musk's $56 billion compensation package is up for a vote this week. If it's not approved, Tesla shares could fall 5%According to Bernstein analyst Toni Sacconaghi.
- Point72 welcomes new students aspiring to become investment analysts. The hedge fund has sent its largest group ever to the Academy Investment Analyst summer internship, the first step toward a possible portfolio manager position at Steve Cohen's fund. The program director elaborated on what that means..
- How r/WallStreetBets sparked the GameStop frenzy. The Gamestop craze is heating up again, but if you're not an OG devotee of the stock, you might not remember it. It all started with a Black Friday sale — Or why it was the perfect opportunity for revenge.
Three things about technology
- How to save the tech industry. Silicon Valley has been taken over by career managers who prioritize shareholder value over innovation. To rebuild the industry, Give back to the people who actually build the technology to solve problems.
- OpenAI has two new executives. Former Nextdoor CEO Sarah Friar will become OpenAI's new CFO, and Kevin Weil, who joins from Planet Labs, will become chief product officer. Sam Altman's New Colleagues.
- Healthcare AI startups have scored big wins. Regard completes $30 million Series B funding round Valuated at $350 millionBI has learned that: its technology uses AI to help doctors synthesize data and suggest diagnoses.
Three things in business
- The busy life of a 25-year-old. The author has worked two jobs since college and hopes to retire in his 30s, sacrificing sleep and time with friends. To reach FIRE status.
- ChatGPT can help you find a new job. Well. BI reporters asked the bot to search for jobs, and found that while the bot can speed up the job search, it also makes mistakes. It's like inventing a role that doesn't exist..
- Be prepared to wait even longer for interest rate cuts. The Fed is expected to keep interest rates on hold on Wednesday following strong employment data and still-high inflation, but sources told BI: Two interest rate cuts It could be expected later this year.
In other news
Today's happenings
- Today's earnings: Oracle and others The company reports.
- The Federal Open Market Committee begins a two-day meeting.
From the Insider Today team: Deputy editor and anchor Dan DeFrancesco in New York; editor Jordan Parker Erb in New York; managing editor Hallam Bullock in London; reporter George Glover in London; and associate producer Annie Smith in London.
