Apple Inc.

Apple will host its Welcome Home event in Tribeca on October 13, unveiling the HomePad, a device expected to feature a 6-inch square display, the A18 chip, and Face ID, with a rumored price point of $350. The hardware arrives without the conversational, multi-step HomeKit agent that was meant to power it, now delayed until late 2026 or early 2027, leaving only notification summaries and natural language search for HomeKit Secure Video at launch. As of October 11, Siri AI has reached its 28th day since the September 14 beta launch with no enterprise tier, no administrative control, no audit logging, and no SSO, and IT departments are actively blocking or disabling it. Competitors have moved faster: Meta's Muse, launched September 8, has 1.1 million installs and three pricing tiers at free for 100 million tokens per week, $20 per month for Power, and $100 per month for Maximum, plus an Enterprise Platform led by former MongoDB CEO CJ Desai, while xAI's GrokBot has roughly 400,000 users after its August beta launch and is embedded in Cursor Premium Teams at $120 per seat per month. Ketan Karkhanis, CEO of ThoughtSpot, said on CNBC on October 7 that enterprise-scale agentic workflow adoption is still in its early chapters, and the October 13 event will show whether Apple offers any roadmap or timeline for enterprise-grade Siri or cedes the market to rivals that have already shipped the governance layer.

Apple asked suppliers to cut October component orders for its new iPhone 18 Pro and Pro Max by at least 15% to 20%, according to early October 2026 reports, citing softer demand and sharply higher memory chip costs tied to AI infrastructure. The order reduction lands on the iPhone 18 and foldable iPhone Duo cycle, which the article frames as Apple's key near-term catalyst, and reflects pressure from elevated component pricing and mixed reception to higher flagship iPhone prices. Separately, Apple made Formula 1 available in Dolby Vision and Dolby Atmos on Apple TV in the U.S., a Services-side addition that does not offset the weaker iPhone 18 Pro demand or elevated memory pricing. Apple's narrative projects $618.2 billion in revenue and $164.4 billion in earnings by 2029, requiring 9.8% yearly revenue growth and roughly a $35.5 billion earnings increase from $128.9 billion today, with a $328.09 fair value implying 3% downside to the current price. The most pessimistic analysts already assumed about US$624,000,000,000 in revenue and near US$156,000,000,000 in earnings by 2029 on thinner margins, and the demand wobble and memory cost spike could push that cautious view on execution and profitability further.

Apple has instructed its suppliers to reduce component orders for the iPhone 18 Pro and iPhone 18 Pro Max by at least 15% for October, according to a Nikkei Asia supply-chain report covered by Reuters. The order reductions are estimated at between 15% and 20% versus original requests, as Apple grew more conservative on shipments following a cooler consumer reception for its newly launched flagship devices. The production pullback follows Apple's decision to raise iPhone 18 Pro prices by $100 to offset escalating DRAM and NAND memory chip expenses, which have surged as artificial intelligence infrastructure demands strain global memory supply. Reuters noted that Apple did not immediately respond to requests for comment and could not immediately verify the report. Apple shares fell 2.3% in the morning session on the news before recovering to $333.57, down 2.1% from the previous close.

UBS says Apple's App Store revenue grew 5% year over year in September, an improvement from no growth in August, though analyst David Vogt, who rates Apple Neutral with a $296 price target, says it is too early to draw broader conclusions. For the full quarter, App Store revenue rose about 2%, marking a second consecutive quarter of low-single-digit growth and roughly 150 basis points slower than the prior quarter. October will be a more important test, with comparisons about 180 basis points tougher and the first full month of App Store changes in the EU, a region that accounts for just over 10% of trailing twelve-month App Store revenue. At 37.69x forward earnings, Apple trades at a roughly 28% premium to its 5-year average P/E of 29.54x, a valuation that requires stronger growth than low-single-digit App Store gains. Hedge fund interest was broadly stable, slipping from 170 funds at the end of Q1 2026 to 169 at the end of Q2 2026, while short interest stood at just 0.88% of float as of September 15, 2026.

Video game console sales have fallen to their lowest August level in 13 years, with the memory shortage continuing to weigh on consumer prices. Dan Howley, Yahoo Finance Technology Editor, said a PlayStation 5 or Xbox Series S or Series X bought in 2020 or 2021 is now worth more than its original price, with consoles going for $150 to $200 above their initial launch price. He attributed the increases to President Trump's tariffs last year and to the data center build out, which has made storage chips and memory chips harder to come by and more expensive, costs that companies like Apple, Samsung, HP and Dell pass on to consumers. Nintendo raised the price of its original Switch, which came out in 2017, and also raised the price of its Switch 2 by $50 when President Trump introduced tariffs on consoles made in China. Howley said the hope is that Grand Theft Auto VI, which launches in November, will lift console demand, noting that GTA 5 had made $6 billion as of a few years ago and that developers have moved their games earlier or into 2027 to avoid its blast radius.

Delta Air Lines shares fell about 5% in premarket trading after the carrier reported September-quarter adjusted earnings of $1.72 per share, missing the $1.82 consensus estimate, and lowered its full-year profit outlook to about $5.35 per share. Adjusted revenue rose 16% to $17.59 billion but came in slightly below expectations, with Delta citing elevated fuel costs that surged 62% to $4.14 billion in the quarter; the airline absorbed more than $500 million in additional fuel costs versus its early July guidance and expects $6 billion in higher fuel expenses for the full year. Tesla shares gained about 3.6% after China Passenger Car Association data showed deliveries of Model 3 and Model Y vehicles from its Shanghai factory rose 5% year-over-year to 95,366 units in September, extending its streak of annual sales gains to 11 consecutive months, while third-quarter shipments of Shanghai-built vehicles grew 13.7% even as global deliveries declined 2.1%. Apple shares fell about 2.6% in premarket trading on reports it cut component orders for some iPhone 18 Pro models after weaker-than-expected demand, and telecom stocks dropped sharply after SpaceX agreed to acquire a nationwide low-band spectrum license, with AT&T down 8%, Verizon Communications down 7.8%, and T-Mobile US down 7.6%, while SpaceX shares rose 4.3%. Ambarella shares rose 5.3% following reports that Qualcomm may be working with advisers on a possible deal to acquire the chip designer, speculation circulated via a Betaville alert that follows prior reports Ambarella is in advanced talks with potential buyers including NXP Semiconductors. Wall Street regained some momentum on Friday, with the S&P 500 up 0.4%, the Dow up 0.6%, and the Nasdaq Composite up 0.5%.

Delta Air Lines reduced its full-year earnings outlook, sending its shares down 2.6% in premarket trading, after persistently high jet fuel prices tied to the war in the Middle East pushed fuel costs $500 million higher in its most recent quarter. The carrier said strong travel demand was not enough to offset the higher fuel expense, and unlike European airlines, U.S. carriers do not hedge jet fuel, leaving them more exposed to spot prices. Humana surged after 18 of its Medicare Advantage contracts received ratings of at least four stars, up from seven a year earlier, a jump that can translate into bonuses worth billions of dollars and boost future revenue. CVS shares fell as ratings for some of its largest plans deteriorated, while UnitedHealth shares were little changed in premarket trading. Apple shares slipped after a report that the company cut component orders for the iPhone 18 Pro and iPhone 18 Pro Max following weaker-than-expected demand.

Humana shares surged 13% after the Centers for Medicare & Medicaid Services upgraded its primary Medicare Advantage contract, designated H5216, to four stars for 2027, restoring eligibility for quality bonus payments across roughly 2.4 million members. Kopin rose 4% on an $18.6 million sole-source U.S. Army contract for MicroLED microdisplay work, bringing total program funding to $34 million. SpaceX gained 2% after an $8 billion cash deal with Grain Management for up to 14 MHz of nationwide 800 MHz low-band spectrum, a move that sent T-Mobile US, Verizon Communications and AT&T each down more than 6%. On the losing side, Alignment Healthcare tumbled 18% after its primary California contract fell to 3.5 stars, while Delta Air Lines fell 2% on September-quarter adjusted EPS of $1.72 versus the $1.82 consensus and a lowered full-year outlook, with adjusted fuel expense up 62% to $4.14 billion. Apple slipped 2% after Nikkei Asia reported it cut October component orders for the iPhone 18 Pro and iPhone 18 Pro Max by 15% to 20%.

Delta Air Lines missed third quarter revenue and adjusted earnings estimates, with its quarterly fuel bill hitting $4.1 billion, up 62% from a year ago, prompting the carrier to cut its full-year EPS and cash flow guidance. CEO Ed Bastian told reporters the full impact of the guidance cut was "all fuel," with the annual fuel bill now seen at $6 billion, and Delta projects fourth quarter fuel costs of 4250 cents a gallon, roughly a dollar more than this quarter, though it expects its refinery benefit to more than double to 40 cents a gallon. Delta is the only major US airline that still operates a refinery, which gave it a 13 cent per gallon benefit this quarter against an adjusted fuel price of 361 cents a gallon. Separately, Bloomberg reported that OpenAI expects to reach or exceed $70 billion in annualized revenue by year end, up from approximately $50 billion at the end of September, though the Financial Times reported the figure is likely to be closer to $50 billion, a discrepancy driven by how OpenAI and Anthropic count cloud partner revenue. Anthropic also updated its terms to add a prohibition on sustained and needless abusive or cruel behavior toward its models, meaning users can express frustration but Claude will end a conversation if they are too mean. SpaceX's purchase of a swath of low-band spectrum, aimed at a future terrestrial direct-to-cell network with a presumed target of early 2028 service, sent AT&T, Verizon and T-Mobile shares sharply lower, though JPMorgan said it sees limited near-term risk for US wireless incumbents given the time, infrastructure and capital required to build a competitive network. Nikkei reported that Apple has told some suppliers to cut October component production for the iPhone 18 Pro and Pro Max by at least 15% versus initial requests, with one source describing 15% to 20% cuts for both premium models, after higher memory chip costs pushed prices to $1199 and $1299, each $100 above the preceding models.

Delta Air Lines reported weaker-than-expected third-quarter results and cut its full-year earnings outlook, sending its shares down 4% premarket. The airline earned an adjusted $1.72 per share on revenue of $17.59 billion, below the $1.75 per share and $17.67 billion analysts polled by LSEG had expected, with the company citing higher fuel costs. SpaceX shares rose 4% after Grain Management announced an agreement to sell its nationwide 800 megahertz spectrum portfolio to SpaceX, a move expected to bolster Starlink Mobile's capabilities. The spectrum announcement sent telecom providers lower, with T-Mobile down 7%, AT&T nearly 6% lower and Verizon off more than 5%, while tower stocks American Tower and Crown Castle gained 6% and almost 8% respectively. Humana surged 14% after its largest Medicare Advantage contract saw its rating improve under the Centers for Medicare & Medicaid Services' 2027 Star Ratings, while Alignment Healthcare cratered 23%. Apple fell more than 2% after Nikkei Asia reported the company was cutting component orders for its iPhone 18 Pro, with October production orders for that device and the iPhone 18 Pro Max cut by 15% from original plans.

Apple has asked some suppliers to reduce component production for its iPhone 18 Pro and Pro Max models, with October component orders cut by at least 15% from initial requests and demand for both premium models reportedly down 15%-20%, according to Nikkei Asia. Higher memory chip costs and resulting price increases have weighed on consumer demand, potentially affecting suppliers including Taiwan Semiconductor Manufacturing, Qualcomm, and Broadcom. Separately, SpaceX is set to acquire a portfolio of low-band wireless spectrum licenses from private-equity firm Grain Management for approximately $8B in cash, The Wall Street Journal reported, in a deal covering up to 14 megahertz of paired spectrum in the 800 MHz band; shares of T-Mobile, Verizon, and AT&T fell about 6% in after-hours trading as investors assessed the competitive implications. Nvidia-backed Firmus Grid is discussing a private funding round of $2B-$3B after dropping plans for a roughly $5B IPO that would have valued the Australian data center company at $30B, Bloomberg reported, with Nvidia possibly participating. India criticized the Trump administration's suspension of the Permanent Labor Certification program, saying the decision conflicts with the shared ambitions of the two countries, after the U.S. suspended multiple companies from using the system as Vice President JD Vance called for technology companies to hire more American workers and alleged widespread fraud in the H-1B visa program. President Donald Trump purchased between $1M and $5M in SpaceX bonds on August 18, according to a financial disclosure released Thursday; the senior unsecured notes carry a 5.35% interest rate and mature in July 2031, and two days later Trump signed a national space transportation policy aimed at facilitating more than 1,000 U.S. launches and reentries annually by 2030.

Amazon.com Inc introduced a redesigned hardware portfolio on Thursday, unveiling three new tablets that integrate Google's Play Store app suite and feature built-in artificial intelligence through its Alexa+ engine. The lineup marks a strategic pivot for the Seattle-based e-commerce giant, which is retiring its low-cost Fire brand in favor of premium hardware aimed at directly challenging Apple Inc and Samsung Electronics Co Ltd. The new product architecture includes the Amazon Alexa Tablet 8, 11, and 12 Pro, priced at $230, $330, and $500, respectively. By incorporating full Android app compatibility, including core platforms like Gmail, YouTube, and Google Docs alongside its native Prime and Kindle services, Amazon is seeking to eliminate the software limitations that historically relegated its hardware to budget media consumption. The aggressive release comes as the global tablet sector faces an ongoing contraction, exacerbated by lingering memory-chip supply constraints and broader macroeconomic pressure, with industry data from IDC cited by Bloomberg showing worldwide tablet shipments declined 12.3% year-over-year in the second quarter, while leader Apple is projected to post sub-2% growth in its iPad segment this year following a modest expansion in 2025. To overcome category headwinds, Amazon is relying on competitive price points and high-end features to capture market share ahead of Apple's planned iPad refresh cycle in 2027, with the flagship 12 Pro model featuring a thin aluminum unibody frame, an optional anti-glare Nanomatte display engineered alongside Corning Incorporated, and productivity accessories like a magnetic keyboard and active stylus. The tablets are available for pre-order immediately and will begin shipping in North American markets on Oct. 14, followed by a European rollout on Oct. 19.

Microsoft unveiled its newest Surface laptops on Wednesday, saying the devices top the performance of Apple's MacBooks. Speaking at an event in San Francisco, Microsoft executives said the Surface Ultra Laptop, powered by Nvidia's RTX Spark systems, is aimed at gaming and artificial intelligence, with executive Pavan Davuluri saying hundreds of AAA title video games will run on it. Nvidia CEO Jensen Huang said during the unveiling, "We have reinvented the computer as we know it." The new laptop starts at $2,599 and will start shipping to consumers soon, while the Dev Box starts at $5,999. Microsoft CEO Satya Nadella also announced a tweak to the company's AI strategy, stating that Copilot is now available on devices and in the cloud, and Microsoft said Meta Platforms' Muse AI agent would be coming to Windows in the near future.

The European Union is considering adjusting its levy on large companies so it can capture revenue from major US technology firms without introducing a digital tax aimed directly at those companies, in order to avoid conflict with the United States. The Financial Times reported today, October 7, citing six EU officials, that the European Commission is weighing changes to its revenue-raising proposal, the Corporate Resource for Europe, or CORE, to find ways to collect more revenue from major US technology companies such as Apple, Meta and Google without targeting them specifically. CORE currently requires companies operating in the EU with revenue of more than 100 million euros a year to pay a flat annual contribution of roughly 100,000 to 750,000 euros, which is seen as collecting only a small fraction relative to the earnings of large multinationals. One EU official said some member states oppose a direct digital tax because they do not want to antagonize the United States, while several other countries oppose the CORE proposal, making an expansion of the measure to cover nearly all large companies one of the options under consideration. A European Commission spokesperson said the commission stands ready to support the Council of the European Union and the European Parliament in reaching agreement on new EU revenue sources, which are important for allocating the budget for joint missions over the next 10 years. The effort comes amid continued tension in trade relations between the EU and the United States. US President Donald Trump has threatened to impose 100% import tariffs on goods from countries that levy digital services taxes on US companies, while the Office of the United States Trade Representative, which has long opposed such taxes, has also threatened retaliatory tariffs on European countries that apply the measure, alleging discrimination against US companies.

Apple has offered to replace some iPhone 18 Pro Max devices after a small number of customers on the AT&T network suffered a cellular connectivity issue. The bug surfaced two weeks after the $1,299 handset reached the market, making it Apple's most expensive phone apart from its upcoming foldable, the iPhone Duo. Apple said it identified an issue affecting a small number of iPhone 18 Pro Max users on the AT&T network that may cause a device to lose service and be unable to make calls. The company released iOS 27.0.1 and a carrier settings update to keep the bug from hitting additional devices, but said the software will not restore cellular connectivity on units already affected, which require a hardware replacement. Those customers can contact Apple Support or AT&T, or visit an Apple Store or AT&T location for next steps.

Google has raised the price of its seven-month-old Pixel 10a smartphone by $100 to $599 for the 128GB model, another sign of how rising memory costs are pushing up prices across the consumer electronics industry. The Pixel 10a launched in March at $499 for the 128GB model and $599 for the 256GB version, and Google's U.S. website now lists the phones at $599 and $699, respectively. The increase was first spotted on Google's online store in Japan and later appeared on its U.S. website, according to 9to5Google. The move comes amid a persistent memory-chip shortage that has pushed up costs across the consumer electronics industry, with Samsung this week raising prices on most of its Galaxy S26 smartphones by $100, while Apple raised prices on its iPhone 18 lineup and also increased prices on some older models. Google had already raised prices across its Pixel 11 lineup by $100 when it introduced the phones in August, according to Bloomberg, offsetting some of the higher starting prices by including more storage in the base configurations. The Pixel 10a had been discounted to $424 last month, and Walmart still appeared to be selling the phone for $499, although supplies were limited.

Huawei Technologies has unveiled its Mate 90 flagship smartphone lineup, pressing ahead with its own operating system and in-house chip design technology amid US restrictions that have made access to advanced semiconductors and chipmaking equipment increasingly difficult. The premium models, including the Mate 90 Pro Max, use the Kirin 9050 Pro chip, produced with a technique Huawei calls LogicFolding, which restructures the internal connections of the chip from a two-dimensional to a three-dimensional layout. This allows for denser circuitry and faster processing, but requires more wafers in production. Richard Yu, CEO of Huawei's consumer business group, said advanced chip capacity remains tight because China must allocate part of its production capacity to the Ascend family of AI chips, and rising memory prices have pushed Huawei's smartphone costs up by an average of about 200 dollars per unit. The company therefore has to raise prices, but more slowly than costs are rising. The phone also runs the self-developed HarmonyOS 7 operating system, which now supports more than 450,000 applications and services. Huawei has not yet disclosed target prices for the Mate 90 Series. Data from International Data Corporation shows smartphone shipments in China fell 7% from January to August compared with the same period a year earlier, but Huawei's shipments in China rose 13%, and the average selling price of smartphones in China climbed 11.3% year on year in the second quarter to 543 dollars. Huawei's average selling price fell 14.7% to 628 dollars. Competition in China's foldable smartphone market has intensified since Apple launched the iPhone Duo in September. Richard Yu said Huawei holds about 75% of China's foldable smartphone market, and sales of the Pura X Max rose 76% week on week between September 10 and 13, with shipments surpassing 1.2 million units in China since its launch in April. Counterpoint Research expects Apple to ship about 6 million iPhone Duo units in 2026, with China, the world's largest foldable smartphone market, accounting for nearly a quarter of total shipments.