🚀 Apple Cuts iPhone orders

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. AI Updates:

   1. Apple has released a beta version of its new AI-driven features, including long-anticipated integration with OpenAI's ChatGPT. These tools, available on the latest iPhone models, are expected to encourage upgrades. Among the key features in iOS 18.2 are Genmoji (an AI emoji generator), Image Playground (for creating AI images), and Image Wand (which removes objects from photos). Siri will also be able to hand off complex queries to ChatGPT. Public release for iOS 18.1 is expected next week.

   2. Morgan Stanley is expanding its use of OpenAI-powered tools with the launch of AskResearchGPT, an AI assistant integrated into its institutional securities group. This tool enables employees to quickly extract insights from Morgan Stanley’s vast research database, improving efficiency and client response times. The bank reports that staff now use the tool three times more frequently than a previous AI system. Nearly half of Morgan Stanley’s 80,000 employees use generative AI tools, reflecting the broader adoption of AI across the financial sector.

2. Apple's shares dropped around 2% following analyst Ming-Chi Kuo's report that the company reduced iPhone 16 orders by about 10 million units. The cuts mainly affect the regular iPhone 16, not the Pro models, which remain more popular. Kuo now estimates 84 million iPhones will be produced in the second half of 2024, down from 88 million. Production cuts are expected to continue into 2025, which may pressure Apple’s revenue. Kuo remains optimistic about Apple’s AI initiatives despite the forecasted slowdown.

3. In September, the median price of existing homes rose 3% year-over-year to $404,500, marking 15 consecutive months of price gains. Inventory increased 1.5% from August, but sales of previously owned homes dropped 1% month-over-month and 3.5% from the previous year, reaching their slowest pace since 2010. Cash sales accounted for 30% of transactions, and homes stayed on the market longer, averaging 28 days. First-time buyers made up only 26% of sales, matching an all-time low. Inventory of distressed properties remained minimal.

4. Headlines

   1. The 10-year treasury yield topped 4.25% yesterday, the highest since July.

   2. Approximately 20% of McDonald’s in the US are not selling Quarter Pounders after the CDC warned the company of an E. coli outbreak that could potentially impact its Quarter Pounders.

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