Investors3
1 day ago
Meta looks to knock off Apple Vision Pro’s EyeSight feature
Tuesday, July 23, 2024 4:39 pm
1 Comment
Mark Zuckerberg’s Meta has filed a patent that looks very similar to Apple Vision Pro’s EyeSight feature. Meta’s patent application is called “Embedded Sensors in Immersive Reality Headset to enable Social Presence.”
Jack Purcher for Patently Apple:
It also confirms that a redesign of their Quest headset or an all-new headset design is being considered to support this feature. To distinguish it from Apple’s Eyesight, Meta notes that some of the sensors in face interface may include health sensors.
Meta’s Patent Abstract: A method for updating a subject avatar with a facial expression collected in real time. The method includes receiving, from a sensor on a facial interface of a headset, a signal indicative of a movement in a facial muscle from a user of the headset, determining a facial expression of the user with the signal from the sensor in the facial interface of the headset, based on a machine learning algorithm trained to associate the facial expression to the movement of the facial muscle, adjusting a subject avatar for the user of the headset based on the facial expression, and providing the subject avatar to an immersive reality application hosted by a remote server…
MacDailyNews Take: Meta see, Meta do.
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Meta’s quixotic Quest cannot compete with Apple’s Vision Pro
Wednesday, June 7, 2023
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Meta’s Zuckerberg dismisses Apple Vision Pro; ‘not the one that I want’
Thursday, June 8, 2023
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Zuckerberg panics, Osborne Effects Meta with rushed ‘Quest 3’ headset reveal
Thursday, June 1, 2023
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https://macdailynews.com/2024/07/23/meta-looks-to-knock-off-apple-vision-pros-eyesight-feature/
Investors3
1 week ago
Microsoft Windows BSOD strikes again: ‘Largest IT outage in history’ takes down airlines, hospitals, and more
Friday, July 19, 2024 10:50 am
3 Comments
Microsoft’s Windows BSOD has struck again – worldwide. IT security consultant Troy Hunt called it “the largest IT outage in history,” saying, “basically what we were all worried about with Y2K, except it’s actually happened this time.”
George Kurtz, president and CEO of Crowdstrike, a modern antivirus platform, was quick to take responsibility for the issue, writing on X, “CrowdStrike is actively working with customers impacted by a defect found in a single content update for Windows hosts. Mac and Linux hosts are not impacted. This is not a security incident or cyberattack. The issue has been identified, isolated and a fix has been deployed.”
CrowdStrike is actively working with customers impacted by a defect found in a single content update for Windows hosts. Mac and Linux hosts are not impacted. This is not a security incident or cyberattack. The issue has been identified, isolated and a fix has been deployed. We…— George Kurtz (@George_Kurtz) July 19, 2024
Kevin Purdy for Ars Technica:
Millions of people outside the IT industry are learning what CrowdStrike is today, and that’s a real bad thing. Meanwhile, Microsoft is also catching blame for global network outages, and between the two, it’s unclear as of Friday morning just who caused what.
After cybersecurity firm CrowdStrike shipped an update to its Falcon Sensor software that protects mission critical systems, Blue Screens of Death (BSODs) started taking down Windows-based systems. The problems started in Australia and followed the dateline from there. TV networks, 911 call centers, and even the Paris Olympics were affected. Banks and financial systems in India, South Africa, Thailand, and other countries fell as computers suddenly crashed. Some individual workers discovered that their work-issued laptops were booting to blue screens on Friday morning.
A CrowdStrike engineer posted in the official CrowdStrike subreddit that the workaround steps involve booting affected Windows systems into Safe Mode or the Recovery Environment, navigating to a CrowdStrike directory, and deleting a .sys file and rebooting. If this works, it’s not something that can be done through a network push, so a lot of manual work remains to be done.
MacDailyNews Take: We’re running just fine here. 😄
Windows is a cancer on personal computing and the choice to “standardize” on Windows was one of the worst mistakes ever made en masse. Thankfully, that mistake can easily be corrected: Get a Mac. – MacDailyNews, August 10, 2006
https://macdailynews.com/2024/07/19/microsoft-windows-bsod-strikes-again-largest-it-outage-in-history-takes-down-airlines-hospitals-and-more/#google_vignette
Investors3
1 week ago
Apple supplier TSMC’s profit beats estimates
Thursday, July 18, 2024 8:59 am
1 Comment
Major Apple supplier Taiwan Semiconductor Manufacturing Co. (TSMC)’s earnings beat analysts’ heightened estimates as global demand for AI chips continues to be insatiable.
Jane Lanhee Lee for Bloomberg News:
Market expectations had risen in the weeks leading up to TSMC’s report on Thursday, with the AI frenzy and related investment showing no signs of slowing down.
The chipmaker for Apple Inc. and Nvidia Corp. said net income rose to NT$247.8 billion ($7.6 billion). The average estimate was for a 29% increase, and many expected TSMC to hike its full-year outlook after sales jumped in the June period. The company said last week that its second-quarter sales grew at the fastest pace since 2022.
Insatiable demand for Nvidia chips has propped up TSMC’s performance, while the wider smartphone market is on a path to recovery. Apple has seen handset sales stabilize, and provided an upbeat guidance to its suppliers on shipments for the upcoming iPhone 16 based on the potential strength of its new AI tools.
MacDailyNews Note: Apple Intelligence is the personal intelligence system that brings powerful generative models to iPhone, iPad, and Mac. For advanced features that need to reason over complex data with larger foundation models, Apple created Private Cloud Compute (PCC), a groundbreaking cloud intelligence system designed specifically for private AI processing. For the first time ever, Private Cloud Compute extends the industry-leading security and privacy of Apple devices into the cloud, making sure that personal user data sent to PCC isn’t accessible to anyone other than the user — not even to Apple. Built with custom Apple Silicon, manufactured by TSMC, and a hardened operating system designed for privacy, Apple’s PCC is the most advanced security architecture ever deployed for cloud AI compute at scale.
https://macdailynews.com/2024/07/18/apple-supplier-tsmcs-profit-beats-estimates/#google_vignette
DiscoverGold
1 week ago
Apple Stock Forecast: Why the Best Is Yet to Come for AAPL
By: Barchart | July 16, 2024
Apple (AAPL) has staged a remarkable turnaround from its 2024 lows. The stock has gained more than 30% over the last three months, and is now not only positive for the year, but is up 21.75% in 2024 - which is higher than what the S&P 500 Index ($SPX) has delivered over the period.
Amid the rally in Apple shares, a section of the market is getting apprehensive about the iPhone maker’s valuation, which has arguably run ahead of historical averages. However, I believe the best is yet to come for Apple, and the stock can still rise from these levels.
www.barchart.com
Apple Stock Hits Record Highs
On Monday, Apple stock hit a record high on the heels of a Morgan Stanley (MS) bull note, and AAPL's market cap was above $3.5 billion at the close. The company has reclaimed its $3 trillion market cap, as well as the status of the world’s largest company - which it first lost out to Microsoft (MSFT), and then briefly to Nvidia (NVDA). While all three remain in contention to retain the title at the end of the year, currently the momentum lies with Apple.
Apple has had a love-hate relationship with sell-side analysts this year. Three brokerages downgraded AAPL stock in the first two weeks of January alone, which was quite a rarity for the company.
Since then, analyst sentiment has turned around – mostly due to optimism over Apple’s artificial intelligence (AI) pivot. The company announced a flurry of AI enhancements to its gadgets at the Worldwide Developer Conference (WWDC) in June. While the market’s initial reaction (quite surprisingly) to these announcements was tepid, the stock gained in subsequent days as markets better digested the news.
AAPL Stock Forecast
Apple now has a “Strong Buy” or “Moderate Buy” rating from over 73% of the analysts in coverage, while the corresponding number three months back was around 66%.
Brokerages have also gradually raised the Cupertino-based company’s target price, and its mean target price now stands at $219.89. While that consensus target price is below the stock's current price, Apple’s Street-high target of $300 – newly raised by Loop Capital – is almost 28% higher than Monday’s closing prices.
www.barchart.com
Prior to Loop Capital's price-target hike, the Street-high forecast of $275 for AAPL was held by Dan Ives of Wedbush Securities. In a note, Ives said he believes the June quarter will be the last where Apple reports negative growth in China, and that he expects it to return to growth from the September quarter.
Notably, Apple is expected to launch its AI-enabled iPhone 16 in September (going by the usual convention), and most brokerages believe that “Apple Intelligence” will fuel iPhone demand, which has otherwise sagged for the last many quarters.
Ives – who sees a “golden upgrade cycle” for iPhones – added in his note, “We believe AI technology being introduced into the Apple ecosystem will bring monetization opportunities on both the services as well as iPhone/hardware front and adds $30 to $40 per share.”
Is There Still Heat Left In Apple’s Rally?
To be sure, there are bound to be concerns over Apple’s valuations, as its next-12-month (NTM) price-to-earnings (PE) multiple has risen to 33.5x, which is significantly higher than the 26.1x that it has averaged over the last five years. The current multiples are also quite close to the high of 36.6x over the period.
However, I believe Apple's current valuation multiples should be seen in perspective. First, the broader market valuations are currently elevated, and tech stocks in particular are trading at a premium. Second, Apple seems to have finally seen a rerating, as markets start to appreciate it as an AI play. Notably, Apple has seen such reratings before in the past, as the company successfully established itself as a software powerhouse rather than a mere gadget maker.
Finally, Apple’s earnings should also rebound once sales of AI-enabled gadgets take off. These gadgets are expected to command a premium price, which should help support the company’s margins.
Since iPhone sales have been tepid for the last several quarters, customers should have an even bigger incentive to switch to iPhone 16. A Bank of America survey of over 1 million iPhone users showed that less than a quarter of them bought their phones within the last three years. The brokerage sees “a multi-year iPhone upgrade cycle driven by an aging installed base and GenAI features,” and raised Apple’s target price to $256.
All of that said, while the margin of safety in Apple shares is much lower now than it was a couple of months back, I believe the best is yet to come for the stock, and AAPL still has room to run higher in 2024 - especially if iPhone sales take off in the December quarter.
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DiscoverGold
2 weeks ago
Morgan Stanley just raised its price target on Apple $AAPL to $273 up from $216 while maintaining its Overweight rating
By: Evan | July 15, 2024
• Morgan Stanley just raised its price target on Apple $AAPL to $273 up from $216 while maintaining its Overweight rating
"Our analysis suggests Apple will ship nearly 500 million iPhones over the next two years (235m in FY25, 262m in FY26), 6% higher than the record FY21-FY22 cycle. This will drive 5% annual iPhone ASP growth, resulting in nearly $485 billion of total revenue and $8.70 in earnings power by FY26 (vs. $459 billion and $8.20 previously), 7-9% above consensus."
Read Full Story »»»
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Investors3
2 weeks ago
Apple’s iPhone sales in India surge 33%
Monday, July 15, 2024 2:02 pm
1 Comment
Apple sales in India surged 33% to a record $8 billion, Bloomberg News reports citing “a person familiar with the matter,” driven by local assembly and new retail stores. This boom highlights India’s fast-growing market for the Cupertino Colossus.
Sankalp Phartiyal for Bloomberg News:
Apple’s pricey iPhones accounted for more than half of the sales, said the person, who asked not to be named as the information isn’t public.
The increase signals steady progress in Apple’s effort to win users in the world’s most populous country, whose consumers are gradually gaining more purchasing power as the economy expands. The company is targeting India as a way to diversify its manufacturing and revenue sources beyond much larger market China, which has become riskier because of trade tensions with the US.
The Indian market is dominated by cheaper Chinese devices using Google’s Android mobile operating system, and iPhones make up just about 3.5% of the country’s roughly 690 million smartphones in use, according to Counterpoint Research. Even though India is one of Apple’s fastest-growing markets, the South Asian nation accounts for only about 2% of its latest fiscal-year sales of $383 billion.
MacDailyNews Take: Virtually unlimited headroom for growth awaits Apple in India!
https://macdailynews.com/2024/07/15/apples-iphone-sales-in-india-surge-33/
Investors3
2 weeks ago
Apple stock has more upside – BofA Securities
Thursday, July 11, 2024 3:32 pm
1 Comment
Apple stock got a new price target that’s 18% higher than Wall Street’s consensus on Thursday, but increased sentiment that interest rate cuts are coming in September, not any bad news, was keeping shares in the red during regular trading.
Angela Palumbo for Barron’s:
BofA Securities analyst Wamsi Mohan increased his price target on Apple to $256 from $230, which implies a 10% increase to the stock’s closing price of $232.98 on Wednesday. He also maintained a Buy rating on the shares.
However, the June Consumer Price Index came in lower than expected earlier in the day. This gave market participants further confidence that Federal Reserve will cut interest rates in September. Investors took this as a sign to sell shares of well-performing, megacap tech stocks, and put those profits into worse-performing stocks that would benefit more immediately from a rate cut. Apple was one of the casualties.
The analyst wrote in a research note that the higher price target is based on “increased confidence of a multiyear iPhone upgrade cycle driven by an aging installed base and GenAI features that should provide a boost to customers’ intentions to upgrade.”
“A significant number of iPhone users are still using older iPhone models: 29% own an iPhone in the iPhone 13 family, 13% own an iPhone in the iPhone 12 family, and more than 31% own an iPhone in the iPhone 11 family or older,” Mohan said.
MacDailyNews Take: The iPhone 16 supercycle is revving up! We’re taking whatever discounts the market gives us, regardless of the reasoning or lack thereof.
https://macdailynews.com/2024/07/11/apple-stock-has-more-upside-bofa-securities/#google_vignette
Investors3
2 weeks ago
Apple gives tips on avoiding phishing scams amid new SMS scam
Wednesday, July 10, 2024 6:22 pm
No Comments
Apple has updates its support document with tips to avoid phishing scams and information about what to do if you receive suspicious emails, phone calls, or other messages.
Be aware of recent smishing attacks targeting Apple IDs. Scammers are sending text messages urging users to enter their Apple ID credentials on a phony iCloud website.
Apple Support:
Social engineering is a type of targeted attack that relies on impersonation, deception, and manipulation to gain access to your personal data. In this attack, scammers will pretend to be representatives of a trusted company or entity over the phone or through other communication methods. They will often use sophisticated tactics to persuade you to hand over personal details such as sign-in credentials, security codes, and financial information.
Phishing is one common tactic of social engineering that refers to fraudulent attempts to get personal information from you, usually by email. But scammers use any means they can to trick you into sharing information or giving them money, including:
• Fraudulent emails and other messages that look like they’re from legitimate companies, including Apple.
• Misleading pop-ups and ads that say your device has a security problem.
• Scam phone calls or voicemails that impersonate Apple Support, Apple partners, and other well known or trusted entities or individuals.
• Fake promotions that offer free products and prizes.
• Unwanted Calendar invitations and subscriptions.
If you’re suspicious about an unexpected message, call, or request for personal information, such as your email address, phone number, password, security code, or money, it’s safer to presume that it’s a scam — contact that company directly if you need to.
MacDailyNews Note: Read more in the full article here.
https://macdailynews.com/2024/07/10/apple-gives-tips-on-avoiding-phishing-scams-amid-new-sms-scam/
DiscoverGold
2 weeks ago
Bets Against Apple, Nvidia, and Tesla Stock Are Blowing Up
By: Barron's | July 9, 2024
Short sellers lost billions of dollars in the second quarter betting against some of the market’s biggest, most popular stocks including Nvidia
NVDA 1.58%, Apple AAPL 0.32%, and Tesla TSLA 4.34%. The recent performance of all three shares raises the question, why would they do that?
Short sellers borrow stock they don’t own and sell it, betting they can buy shares later at a lower price. Short interest is generally the amount of stock sold short versus the total amount available for trading.
The average short interest for a component stock of the S&P 500 SPX 0.28% is a little less than 3%, according to FactSet.
Short selling was on the rise in the second quarter. “Short interest in the U.S./Canada markets increased by $57.9 billion, or 5.1%, to $1.2 trillion in the second quarter of 2024,” wrote Ihor Dusaniwsky, managing director at short-selling researcher S3 Partners, in a Monday report.
About 84% of the increase was concentrated in the tech sector. That wasn’t such a good move. The three least-profitable short positions in the second quarter were Nvidia, Apple, and Tesla. Short sellers lost almost $16 billion on that trio, according to S3.
Nvidia stock gained 37% in the second quarter. Apple stock was up 23%, and Tesla shares gained 13% while the S&P 500 rose 4%.
Of the three, Tesla has the highest short interest at almost 4% of available shares. That’s higher than average, and investors can understand why.
Coming into the second quarter, Tesla shares were down almost 30% as slowing sales growth weighed on investor sentiment. But things started to turn around after Tesla won the ability to sell its driver-assistance products in China, and after shareholders approved Elon Musk’s 2018 pay package. Things didn’t turn out as badly as expected for the electric-vehicle giant.
Short interest in Apple and Nvidia is less than half of the average short interest for an S&P 500 stock. That’s a sign that no one is betting aggressively against those two companies.
Sometimes short selling represents a hedge. There are any number of reasons to hedge a portfolio. Investors might feel nervous about the market but don’t want to sell positions. Or investors might see more upside in other tech stocks besides Apple and Nvidia. Selling similar stocks short in similar sectors can isolate potential returns from what one company is doing on its own. That’s the idea, anyway.
Or investors might be actively writing options contracts. An option essentially gives the holder the right to buy or sell a stock at a fixed price in the future. An unhedged option can create the risk of a big loss for the seller. They could be forced to buy or sell a stock in the future at who knows what price. Hedging positions can eliminate that risk, leaving the options seller making a spread only on the initial transaction.
Whatever the reason, things didn’t go well for tech short sellers in the second quarter. Overall, short sellers did OK in the second quarter, making about $10 billion, according to S3. The losses in bearish bets on big tech were exceeded by gains made short selling health care, industrial, material, and energy stocks.
Investors should keep in mind that there is a lot more money to be made owning stocks now than betting against them. The S&P 500 index gained about $2 trillion in the second quarter, dwarfing the $10 million short sellers made in that period.
Read Full Story »»»
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DiscoverGold
3 weeks ago
2 Outperforming Big Tech Stocks to Buy This Quarter
By: Schaeffer's Investment Research | July 3, 2024
• Apple and Alphabet tend to outperform in the third quarter
• Plus, 23 other stocks that could deliver big gains
Big Tech stocks have had a stranglehold on the stock market so far in 2024, and this summer could be no different. Two stocks in particular, Apple Inc (NASDAQ:AAPL) and Alphabet Inc Class A (NASDAQ:GOOGL), are poised to extend their ascents.
Per Schaeffer's Senior Quantitative Analyst Rocky White, AAPL and GOOGL made the list of 25 best-performing S&P 500 Index (SPX) stocks to own this quarter, historically, in the past 10 years. Apple boasts an average quarterly return of 7.6%, with an 80% win rate, while the Google parent is higher 6.8% of the time and has finished the quarter higher nine times in the last decade.
Apple stock was last seen trading at $219.55, just below yesterday's record close of $220.38. The shares are 14.3% higher so far in 2024, with support stepping up at their 20-day moving average before a 6% post-earnings bull gap in early May. On the chart below, note the bullish flag pattern that preceded yesterday's 1.6% gain.
GOOGL is trading at $185.24 at last check, a chip shot from its June 27 record high of $186.05. Compared to AAPL, Alphabet shares are up a much more robust 32.1% this year, and also sport a 53.57% year-over-year lead amid a channel of higher highs.
Both equities sport attractively priced premiums at the moment, per their respective Schaeffer's Volatility Indexes (SVI) that sit in the bottom 25th percentile of their annual ranges. Where they differ is that AAPL's Schaeffer's Volatility Scorecard (SVS) sits at 79 out of 100, suggesting the security has tended to exceed options traders' volatility expectations during the past year. GOOGL's SVS, meanwhile, sits at 7, making the equity an intriguing premium-selling candidate.
Read Full Story »»»
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Investors3
3 weeks ago
Apple Joins OpenAI Board, Logitech President Opts Out of Reelection, and More News
July 03 2024 - 6:59AM
IH Market News
Apple (NASDAQ:AAPL) – Apple will obtain an observer role on the OpenAI board as part of an AI agreement, with Phil Schiller chosen for the position. This arrangement will allow Schiller to attend board meetings without voting rights, starting later this year. In other related news, a former Apple corporate law director convicted of insider trading was ordered to pay a $1.15 million fine by the U.S. SEC after avoiding prison. Gene Levoff admitted to illegal trades based on insider information about the company’s earnings announcements. Additionally, Apple is trying to amend a court document in China even after winning the case, highlighting the delicacy of its position in the world’s largest smartphone market. The company wants to remove references to its “dominant position” and phrases suggesting “unfair pricing could harm consumers” in the final decision.
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/94142510/apple-joins-openai-board-logitech-president-opts
Investors3
3 weeks ago
MacBook owners with faulty butterfly keyboards soon to get settlement checks
Tuesday, July 2, 2024 11:29 am
1 Comment
Two years after Apple settled a class-action lawsuit for $50 million over faulty MacBook butterfly keyboards, funds from the settlement will be going out to affected customers.
Juli Clover for MacRumors:
An update on the MacBook Keyboard Litigation Settlement website says that the court issued a payment order on June 27, 2024, with payments set to be issued for approved claims by August 2024.
Emails about the lawsuit were sent out in December 2022 to MacBook owners eligible for a payment. MacBook owners who had at least two topcase replacements from Apple within four years of purchase are set to receive a maximum of $395, while customers who had one topcase repair will receive up to $125. Those who had keycap replacements are eligible for up to $50.
Claims were accepted through March 6, 2023, and the settlement was ultimately approved on May 25, 2023. There is no word on why there has been more than a year’s delay getting payments sent out to customers.
?
MacDailyNews Take: Finally!
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Tuesday, November 29, 2022
In "News"
Apple to pay $50 million settlement over MacBook butterfly keyboard lawsuit
Tuesday, July 19, 2022
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Apple will pay up to $395 to people in $50 million MacBook butterfly keyboard settlement
Wednesday, November 30, 2022
In "News"
https://macdailynews.com/2024/07/02/macbook-owners-with-faulty-butterfly-keyboards-soon-to-get-settlement-checks/
Investors3
4 weeks ago
How big could an Apple Intelligence services business be?
Friday, June 28, 2024 5:28 pm
8 Comments
When it comes to Apple Intelligence, the biggest payoff for investors could be yet to come, and it’s not currently in any Wall Street spreadsheets.
Tiernan Ray for Fast Company:
Apple investors breathed a sigh of relief on June 10th when the company’s CEO, Tim Cook, and his deputies held a two-hour presentation about their intention to bring artificial intelligence to the iPhone, iPad, and Mac. Apple had been seriously lagging the giants of AI, Microsoft, and Alphabet’s Google, but they managed to turn things around sharply with a vision for AI assistants that actually offered some nice functionality.
Apple has emphasized the security aspects of its iCloud facilities for the purpose of protecting user data. That opens the door to a meaningful boost in Apple’s services revenue, its most profitable business and its fastest-growing.
Services, including sales of music and video and apps, was a fifth of Apple’s total revenue in the fiscal year that ended in September, at $85 billion, a staggering sum considering it was just $14 billion a decade ago… Services’s profit, moreover, is almost twice what it is for iPhones and iPads and Macs, at 75 percent of sales last quarter versus a profit of 37 percent for product sales.
Anything that contributes to services sales should be music to investors’ ears. AI could be a shot in the arm if Apple decides to broadly sell an AI predictions service in the cloud…
It’s conceivable Apple could offer a retail cloud computing AI service, not unlike the services offered by OpenAI, search engine Perplexity. ai, Google, and privately held Anthropic… All those services have coalesced around a price of $20 per month, which is the price for ChatGPT Plus, Perplexity. ai’s Perplexity Pro, Google’s Google One subscription, which includes its Gemini language model, and Anthropic’s Pro account.
MacDailyNews Take: Apple currently has over a billion paying subscribers and that number continues to grow. As Ray writes in his – recommended – full article, if 10 percent of Apple’s 1+ billion paying subscribers add a privacy-focused “Apple Intelligence+” account, Apple Intelligence becomes a world leader in consumer AI virtually overnight (and its revenue gets another serious boost).
https://macdailynews.com/2024/06/28/how-big-could-an-apple-intelligence-services-business-be/#google_vignette
Investors3
4 weeks ago
What President Trump told Apple CEO Tim Cook and 80+ other CEOs in their private meeting
Friday, June 28, 2024 2:15 pm
26 Comments
On June 13th, former U.S. President Donald Trump huddled with Apple CEO Tim Cook and at least 80 other CEOs to discuss how taxes are going to be cut and business regulations will be curtailed if he is elected president, CNBC reports citing “people who attended the meeting.”
Brian Schwartz for CNBC:
CNBC spoke with people who attended the Business Roundtable’s quarterly meeting and others familiar with what took place there, all of whom were granted anonymity in order to speak freely about a private gathering.
Trump said… he will cut taxes, including income taxes, and bring back the same economic policies he enacted during his first term, according to people who were in the meeting. Trump said he wants to bring the federal corporate tax rate down from 21% to 20% if he were to become president, according to a person familiar with his remarks.
Trump spoke for about an hour at the meeting, said people in attendance. The audience included JPMorgan Chase CEO Jamie Dimon, Citigroup CEO Jane Fraser, and Bank of America CEO Brian Moynihan, according to spokespeople from their companies. Apple CEO Tim Cook was also there, said two people who were in the room.
“We need a president who is at the top of his game, and let’s face it, this president is not at the top of his game,” Trump said, according to a person who was in the room.
Trump told a meeting full of House Republicans earlier in the day about the idea of imposing an “all tariff policy” that he said would enable the U.S. to get rid of income tax, according to attendees who were granted anonymity to speak about a private meeting.
MacDailyNews Note: In China, the standard corporate tax rate is 25% with lower rates available for the certain sectors/industries meeting specific criteria. More info here. On average, European countries analyzed currently levy a corporate income tax rate of 21.3%. This is slightly below the worldwide average which, measured across 181 jurisdictions, was 23.45% in 2023. More info here.
https://macdailynews.com/2024/06/28/what-president-trump-told-apple-ceo-tim-cook-and-80-other-ceos-in-their-private-meeting/#google_vignette
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