As expected, at its “Hi, Speed” event Apple (AAPL) debuted its several new 5G iPhone models, expanded its iPhone lineup from as low as $399 to a high as $1099, and introduced a new device, the HomePod Mini. Along with the new products, CEO Tim Cook continued to reinforce the company’s commitment to privacy, calling out how the feature is intrinsic within each device. But the item that caught our attention was the special offers that were announced by mobile carriers for Apple’s new iPhone models.
Early on in the event, Hans Vestberg, Chairman and CEO of Verizon (VZ) appeared to discuss his company’s 5G nationwide network and 5G Ultra-Wideband offering, including a focus on network capacity in stadiums, airports, and music venues – if anyone can remember what those are. Investors were apparently impressed by what Vestberg had to say as his company’s share price, having dropped over
The Department of Justice recently released a report that served as a “Cryptocurrency Enforcement Framework” as part of the Attorney General’s Cyber Digital Task Force. The full contents can be read here. What follows are some key takeaways from the report and some additional context.
1- Distributed ledger technology and even cryptocurrency itself is regarded as a potential positive technological force by the Department of Justice
“At the outset, it bears emphasizing that distributed ledger technology, upon which all cryptocurrencies build, raises breathtaking possibilities for human flourishing.” — in almost the beginning of the report this key point stands out almost right away —a somewhat positive
Coming in at 451 pages, the U.S. House Judiciary Committee antitrust subcommittee’s report this week on competition in digital markets is a comprehensive summary of the ways in which Apple, Facebook, Google and Amazon capitalize on and allegedly abuse their market power to benefit themselves.
Amazon is mentioned by name 1,866 times in the report, almost twice as many times as Facebook, and second only to Google at 1,964 mentions.
The report dedicates an 83-page section to the Seattle-based e-commerce giant, informed by internal company emails, extensive market research, interviews with third-party retailers, submissions from industry groups, and testimony including the widely followed hearing this summer with Amazon CEO Jeff Bezos and others.
PREVIOUSLY: Antitrust report says Amazon has ‘monopoly power’ over sellers, company slams ‘fringe’ findings
Amazon sets the rules for digital commerce, and Apple favors its own apps and services on its devices. Facebook holds “firmly entrenched” monopoly power over social networking. Google has maintained its search dominance by grabbing information from third parties without permission to improve search results.
Those are some of the findings from a sweeping report by House lawmakers accusing four of the world’s largest tech companies of abusing their market power. The document, which was released on Tuesday, concludes a 15-month investigation.
Read more of our coverage of the report:
House Lawmakers Condemn Big Tech’s ‘Monopoly Power’
In a 449-page report that was presented by the House Judiciary Committee’s Democratic leadership, lawmakers said the four companies had turned from “scrappy” start-ups into “the kinds of monopolies we last saw in the era of oil barons and railroad tycoons.” The lawmakers said the companies had abused their dominant positions, setting and
(Amazon chief executive Jeff Bezos owns The Washington Post).
The report could provide a regulatory blueprint for lawmakers who have significantly ramped up rhetoric criticizing the tech giants in recent years, but have yet to actually pass any laws that would significantly check the industry’s power. The report’s authors, all Democrats, hope it will be a turning point for how Washington approaches corporate consolidation.
“ … Congress must revive its tradition of robust oversight over the antitrust laws and increased market concentration in our economy,” the report said.
Here are our top seven takeaways after sifting through the nearly 450-page report:
1. It proposes some most sweeping revisions to antitrust law in decades.
The report proposes changing existing laws in ways that could have far-reaching effects throughout the entire economy. The report recommends:
New limits on companies operating in adjacent lines of business, which could impact how tech companies operate
3. Partnerships Can Ease the Burden in Times of Crisis
With so many procedures changing, IT departments have a lot to keep straight on their own. That’s where partnering up with an outside resource can be invaluable.
Todd King, a VMware software-defined data center architect at CDW, said his company was able to help its customers immensely during the initial transition to remote work.
“In the beginning with COVID, we were dealing more with just enabling workers to work from home and enabling those IT staffs to be able to support all that,” King said. “Now, as we start to settle into this work-from-home idea, we’re actually starting to help customers understand security for working from home, understand data center infrastructure, and expanding on demand to address all these dynamic workforces and the needs of the business.”
Tom Cahill, vice president for product and partner management at CDW, said those
Though it once more topped estimates, a light EPS outlook and mixed demand commentary is weighing on Micron’s (MU) stock post-earnings.
On Tuesday afternoon, the memory giant reported August quarter (fiscal fourth quarter) revenue of $6.06 billion (up 24% annually) and non-GAAP EPS of $1.23. Those numbers respectively beat FactSet consensus estimates of $5.89 billion and $0.98, thus continuing a recent string of sales and EPS beats.
On the flip side, Micron guided for November quarter revenue of $5 billion to $5.4 billion (down 3% to up 5% annually) and non-GAAP EPS of $0.40 to $0.54. Those numbers respectively compare with consensus estimates of $5.27 billion and $0.66.
As of the time of this article, Micron’s stock is down 3.5% in after-hours trading to $48.92. Shares were initially trading following the release of Micron’s report, but sold off after Micron shared its earnings presentation and prepared remarks.