It culminated in a weekslong trial two years ago in California where Apple CEO Tim Cook and Epic Games CEO Tim Sweeney testified. The store remains a critical source of profit for the company, contributing to Apple's $78.1 billion in services revenue in fiscal 2022.Īpp and game developers have chafed under store rules and fees for years, and Epic Games claimed to represent not only itself but also the interests of the broader developer ecosystem by suing Apple claiming that it violated antitrust law.Įpic sued Apple after the game company introduced its own payment system into Fortnite, which broke Apple's rules and ultimately got the company banned from the App Store. The tech giant's employees check every update before they go live and can reject entire apps, and the company takes as much as 30% of all digital sales inside iPhone apps. "For the second time in two years, a federal court has ruled that Apple abides by antitrust laws at the state and federal levels."Īpple fiercely controls the App Store, which is the only way to sell iPhone apps to consumers. "Today's decision reaffirms Apple's resounding victory in this case, with nine of 10 claims having been decided in Apple's favor," a company spokesman told CNBC. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower I would at the very least handsomely take profits, if I were them." (Grantham was offering advice to investors who've made bank on Big Tech stocks this year.Best Debt Consolidation Loans for Bad Credit They've played right into the strong speculation around artificial intelligence, they've made an unprecedented 25% over anything. "A good reflex would be to think that they've been extremely lucky. I agree with the group that says they should be regulated."Ĩ. This is where you start to panic, and decide that you better destroy them or limit them quickly, before they get ideas above their station. "Imagine a world where you have a million devices that all learn everything simultaneously, and they have acquired an IQ of 200. Some of the brightest people on the planet are saying, 'It's all nonsense, it's just a parrot learning by trial and error.' Other people are saying, 'It will change everything, it will double productivity for decades.' And there's everybody in between."ħ. "Artificial intelligence has the biggest scrambling of opinions of the future that one has ever seen. That was about as easy a recession as you will ever get, a genteel recession, and still the Nasdaq came down 82%."Ħ. If you handle it pretty well like 2000, you still get a respectable recession, one that will do the job and bring the market down. "History says if you handle the economy very badly, you might end up like 1929. (Grantham separately told the Wall Street Journal that AI could shore up stocks for a couple of quarters, but it wouldn't stop the bubble from bursting.)ĥ. That's why I've taken my probabilities back from 85% certain to 70% certain. "I suspect it already has elongated this process somewhat, and there is some fairly small chance that it will mitigate it so that we only have a modest decline. We can do that before the real effects of AI kick in."Ĥ. We have a year or two to have a fairly traditional bubble losing air, recession, decline in profit margins, and some grief in the stock market. "My guess is it's not operating on the timeframe of this bubble. We had inflation, the Fed, how quickly would rates go up, how far would they go up, how would the war play out. "Lord knows this was complicated before AI raised its ugly head.
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