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- 📈 EU’s Apple crunch.
📈 EU’s Apple crunch.
The EU is once again taking none of Apple’s sh*t. Regulators are coming down on what they see as unfair practices in the App Store. Rumors that they’re impounding Taylor Swift’s jet until the problem is sorted have not been confirmed.
Weekend roundup
Here’s what you missed while you were living your best life:
🍎 The EU said Apple was breaching its new tech rules. Regulators accused the company of preventing developers from giving consumers alternative ways to pay. If found guilty, Apple faces a fine of up to 10% of global annual revenue.
💰 Prudential launched a $2 billion share buyback plan. The insurance giant said it planned to complete the buyback by mid-2026, and laid out plans for more capital returns.
🚗 Data showed Tesla laid off 14% of staff this year. The major downsizing, measured by the number of people on the company’s “everybody” email list, suggests globalhead count is now around 121,000 people, including temporary workers.
Featured weekend story
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/d336f8de-32f6-46e3-a006-588ace442d9b/0-cb0d883e8d2c1c45bafb93eb7cd64468.png?t=1719217162)
Credit: ByteDance
TikTok’s owner is working with Broadcom on an AI chip
ByteDance is working with US chip designer Broadcom to develop an advanced AI processor, according to Reuters, which cites two people familiar with the matter. The move would help the TikTok owner get hold of the chips it needs despite trade restrictions.
Washington introduced export controls on cutting-edge semiconductors in 2022 in an attempt to limit AI breakthroughs by China’s military. The chip ByteDance is producing with Broadcom would be compliant with those restrictions, and manufacturing would be done by Taiwan’s TSMC.
The export controls mean ByteDance has been unable to access Nvidia’s most advanced chipsets, leading it to stockpile the company’s semiconductors. The new chip would give it a stable supply of higher-end chips, as well as cutting procurement costs.
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What to watch this week
It’s been a cautious start to the week with most indexes selling off. Bitcoin extended its drop after one of crypto’s worst weeks of 2024.
▼ | Nasdaq | 17,693.38 | -0.16% |
▼ | S&P | 5,464.62 | -0.16% |
▲ | Dow | 39,150.33 | +0.04% |
▼ | 10-Year | 4.253% | -0.004 |
▼ | Bitcoin | $62,311.36 | -3.20% |
▼ | Oil | $80.70 | -0.04% |
Indices at 12:00 AM (ET)
Here are your upcoming market events:
👟 Nike earnings. The sportswear maker reports earnings after market on Thursday. Analysts expect higher quarterly sales and profit compared to last year, as the company looks ahead to the Olympics.
🇺🇸 US inflation. We get a PCE reading on Friday, the Fed’s preferred inflation gauge. The latest one showed prices unexpectedly tracking sideways. Another similar print could undermine the case for cutting rates soon.
🇪🇺 Eurozone inflation. France, Italy, and Spain also report their inflation numbers on Friday. The ECB cut rates last month, and investors expect at least one more this year.
Off-balance sheet items
Here’s what we’re reading this week:
💸 My internship at Bridgewater Associates felt like a ‘Black Mirror’ episode (Business Insider). Under Ray Dalio, everything was recorded and we constantly rated each other. I loved it.
🏺 How ancient Greek speaking skills can supercharge your presentations (Big Think). Rhetorical mastery is within everyone’s reach — equipped with some basic techniques you can rock it like Aristotle.
🎤 The Swifties are invading Europe (Glamour). Like an army landing on the continent’s shores, diehard fans are rolling from town to town in country after country in a blaze of glitter, friendship bracelets, and red lipstick – and businesses are seeing dollar signs.
Chart of the week
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The bottom line
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