Apple is set to launch the iPhone 16 at its “Glowtime” event on Monday, along with other anticipated updates around its hardware and artificial intelligence (AI).
In addition to four new iPhones, the company is also expected to debut a tenth anniversary edition of the Apple Watch and new AirPods.
The rollout of the Apple Intelligence AI platform will another be a focus of the showcase, with voice assistant Siri due to get an update from this generative AI.
This annual event is considered one of the most important in Apple’s calendar and helps set the tone for the year ahead. T
he European Commission is also reportedly set to announce its ruling on a case involving Ireland as to whether Apple has to pay €13bn (£11bn) in taxes.
Read more: Apple iPhone 16 event: What to expect from the AI-packed ‘Glowtime’ show
Shares jumped in June after the company unveiled Apple Intelligence at the 2024 Worldwide Developers Conference, with the stock up nearly 15% year-to-date. However, it was little changed in pre-market trading on Monday.
Susannah Streeter, head if money and markets at Hargreaves Lansdown, said: “Clearly this is a this is a key moment for a business that’s struggled to deliver real innovation in recent times and its impressive brand power, which keeps legions of fans loyal, should help it maintain its edge, and give it that extra bit of momentum amid consumer wariness.”
Shares in Chinese electric vehicle (EV) maker Nio have surged since it released second quarter figures last week, with the Hong Kong-listed stock up 13% in Monday’s session.
Nio posted a second quarter revenue of 17.5bn Chinese yuan (£1.9bn), an increase of 98.8% on the same period in 2023.
Meanwhile, the company reported that net losses had fallen nearly 17% from the second quarter of 2023.
Nio’s EV deliveries also soared to a record high of 57,373 vehicles, having previously reported declines in August.
William Bin Li, founder, chairman and CEO of Nio, said: “The total delivery volume for the third quarter is expected to set another record, further solidifying and expanding market share.”
E-commerce company Alibaba announced new products last week to to enhance operations in both the US and around the world.
This included a new generative AI-driven sourcing agent intended to simplify global trade. Alibaba also launched a co-branded credit card for businesses with Mastercard (MA) intended to encourage transactions on Alibaba by providing easier access to capital and additional protections for buyers.
Kuo Zhang, president of Alibaba.com, told Yahoo Finance last week that the company was building out networks to “enable small and medium-size businesses to meet, trade, and work [on the platform].”
Read more: Stocks to watch this week: Apple, GameStop, Inditex, Oracle and WH Smith
These announcements come as part of efforts to diversify beyond China, amid a slowing economy domestically. In addition, there is also the looming threat of lawmakers in the US and Europe considering additional tariffs on Chinese goods, citing concerns about overcapacity and unfair subsidies.
Alibaba shares were nearly 2% lower on Monday but are around 4% up year-to-date.
Shares in London-listed gambling company Entain surged nearly 8% on Monday morning, rallying on a back of an update on trading in the second half of the year.
Entain said that growth in online net gaming revenue had been ahead of expectations so far in the second half of its fiscal year.
The gambling giant has been one of the worst performers on the FTSE 100 (^FTSE) year-to-date, with shares down 31%. The group’s joint venture with MGM Resorts International (MGM) in the US, BetMGM, reported a loss of $123m before deductions in the first half of the year and had said it expected to report a similar loss for the second half.
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Russ Mould, investment director at AJ Bell, said: “Gavin Isaacs has only been chief executive of gambling group Entain for a week and he’s already managed to issue a trading update that’s put a rocket underneath the share price.”
“So much bad news has been priced into the company’s valuation that it might only take the smallest bit of positivity to drive a recovery rally, just as we’re seeing from the latest trading update,” he added.
Entain is due to share more detail on third-quarter performance on 17 October.
Server maker Dell is set to join the S&P 500 (^GSPC) before market open on 23 September as part of a rebalancing, along with data analytics firm Palantir Technologies (PLTR) and insurer Erie Indemnity (ERIE).
Dell shares closed Friday’s session nearly 5% lower but rebounded in pre-market trading on Monday, up more than 6%.
The company recently reported second-quarter earnings that beat estimates. Dell posted revenues of $25.03bn, compared to estimates of $24.12bn, while adjusted earnings came in at $1.89 per share against an estimate of $1.71.
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The company reported an 80% jump in server and networking revenue year-on-year to a record $7.7bn, citing growing demand across its artificial intelligence (AI) and traditional servers, which includes those powered by Nvidia (NVDA) chips.
Dell also raised its annual revenue outlook to between $95.5bn and $98.5bn, up from previous guidance of between $93.5bn and $97.5bn.
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