If the reports are true, Apple ($AAPL) will be testing out a new strategy for its all-important fall hardware event. Traditionally, this year would be what's come to be known in Apple parlance as a "mid-cycle" upgrade year: some feature and processor refreshing, but no major overhauls of its core iPhone, iPad, and MacBook lines.
But reading the tea leaves from a Bloomberg report published Thursday, Apple's plans this year go further than what would be typical of a mid-cycle refresh.
In addition to iPad and MacBook refreshes, Apple plans to unveil three new iPhones, according to Bloomberg, including a "Pro" line to replace the XS. The upgraded iPhone Pro will reportedly include a major overhaul to the camera to include a third, wide-angle sensor that will essentially take three photos and use A.I. to stitch them together into one image. Samsung has made huge strides in its phone camera tech, and the Galaxy S10's ultrawide camera is increasingly seen as the smartphone camera to beat.
The new line of iPhones are said to also include reverse wireless charging, enhanced Face ID, increased water-resistance, faster chips for A.R. ー though no 5G capability.
Dan Ives, managing director of equity research for Wedbush Securities and a full-time Apple watcher, told Cheddar that Apple is leaning into the mid-upgrade cycle in a bid to offer just enough new features to convince customers who may be on the fence about upgrading to pull the trigger.
"Apple realizes there's 350 million iPhones in upgrade opportunity," Ives said. "That's what the focus is going to be."
After a disastrous holiday quarter last year, a successful fall hardware launch needs to show investors that Apple is still capable of driving demand for iPhone even in off years, especially overseas. Ives said he expects Apple could sell 75 million to 80 million new iPhones in the first few months, but it will be dependent on China, which accounts for 20 percent of the iPhone upgrade market.
"This will not be successful if iPhone demand in China has not shown growth," he said.
Apple is taking a calculated risk by not waiting until 2020, when it has said it expects to be able to provide 5G technology in new devices. The hope, according to Ives, is that the average iPhone user, who hasn't purchased a new device in three years, will be swayed by the camera technology and faster processor that are expected to be revealed in the next month. "I do not believe many can wait until 5G," Ives said.
It will be a busy fall for the Cupertino-based company. Apple's subscription streaming service TV+, rumored to be priced at $10/month, is also expected to launch before the holidays. Ives is more bullish than some on the success of TV+, predicting it could reach 100 million consumers in three to four years. "But they're going to need more content," he said. "They significantly have to step up their game." Ives predicts Apple will ink major acquisition deals with big studios in the coming years when it becomes apparent it can't possibly produce enough high-end content on its own to catch up to Disney, HBO, or Netflix.
Cheeze, Inc. is a media platform that hopes to help photographers to tell stories through the use of NFT’s. Simon Hudson, founder and CEO of Cheeze, Inc. joined Cheddar News to explain the process as well as teasing its "Women of Authenticity" display for Women’s History Month. "We've made it very simple and focused very hard on reducing all of the friction to bring their items to the blockchain." Hudson explained. He also addressed reports that cloud software giant Salesforce could be getting into the NFT marketplace.
President Biden's push for electric vehicles is doing more than trying to hold off climate change as it also hopes to revive American manufacturing jobs. The latest company to open an EV charging production plant in the U.S. is Australia-based Tritium, looking to open its new Lebanon, Tennessee, facility in the fall of 2022. It's expected to create at least 500 jobs in the region and reach a production capacity of 10,000 charging units per year. Jane Hunter, CEO and executive director of Tritium, joined Closing Bell to discuss the plant, production capacity, and working with the Biden administration. "The policies that they put in place have directly driven demand for our fast charging products," she said. "Discussions that we have are just incredibly positive because this administration wants to have an electric superhighway that runs all across the country so that it's open equitably for all people to drive electric vehicles."
Samsung unveiled its latest product lineup, including a new family of Galaxy S22 smartphones featuring the S22 Ultra with a larger screen, more powerful camera, and the Samsung S Pen stylus. The company also revealed its latest tablet, the Tab S8 Ultra, featuring a 14.6" screen, expanded storage, and 4K video capability. Cheddar News was able to showcase each device as Allison Johnson, reviews writer at The Verge, joined Closing Bell to discuss the new releases, the standout features, and more.
Shares of Canadian cannabis giant Canopy Growth surged after the company reported Q3 earnings Wednesday morning, with shares up more than 15 percent at the close of the day's trading session. Despite net revenue declining year-over-year, Canopy beat analyst expectations and has ramped up efforts to develop a "THC ecosystem' in the U.S. Canopy Growth's CEO, David Klein, joined Cheddar News' Closing Bell to discuss the report. He noted that its brands Storz & Bickel vaporizers and BioSteel beverages showed record growth.
Commercial property ownership platform withco recently raised $32 million across a seed and Series A funding round. The company purchases properties and then rents them back to small business owners and works to transition them into full ownership. Founder and CEO Kevin Song says withco was inspired by his family's experience of operating a Brooklyn grocery store for two decades and being forced to shutter the business due to a doubling in rent by a new landlord. Now, Song says his mission is to help small business owners become commercial property owners, in a way that's simple and affordable. Song joined Cheddar News' Closing Bell to discuss.
