62 - 🍎 WWDC Recap
⬆️ ⛽️ what's new?
Apple’s WWDC Recap
Demand Destruction from ⬆️ ⛽️
Why a Portfolio Needs a Hedge (🔒 Premium Content)
Apple’s WWDC Recap
Monday was Apple's Worldwide Developers Conference (WWDC), and they used this annual event to announce updates to iOS, macOS, WatchOS, and some new Macbook hardware.
The biggest updates to this iPhone software version come in the lock screen, iMessage, and Apple Pay Later. Apple is allowing users to customize their lock screen with different fonts, widgets, and notifications moving to the bottom of the screen instead of blocking your picture.
Apple allows users to unsend, edit iMessages, and mark opened messages as unread. All very welcome additions to the beloved iMessage.
The last major announcement of iOS was around Apple Pay and Apple's foray into the Buy Now Pay Later space with Apple Pay Later (creative name). This will allow users to split Apple Pay charges into four payments over six weeks, with no interest fees.
Learn More: iOS 16 Preview - Apple
There are a lot of minor tweaks to the OS, but some of the updates that I am most excited about are continuity camera and Freeform.
With a continuity camera, Mac users can use their iPhone Camera as a webcam. This doesn't require any additional software to work, allowing users to take advantage of the fantastic iPhone camera during video chats.
I'm a big fan of digital whiteboards. Coming later this year, Apple will be releasing Freeform. This will allow users to write notes, paste digital post its, and collaborate with others on an expansive digital whiteboard.
Learn More: macOS Ventura Preview - Apple
I saved the best for last. I am really excited about what Apple is doing with the Apple Watch. With OS 9, Apple is taking the fitness tracking capabilities of the watch in direct competition with other leading fitness trackers.
Apple is adding the ability to do heart rate zone tracking, running power, and advanced sleep tracking. For those inclined, Apple also added the ability for automatic detection between running, biking and swimming during a triathlon.
Learn More: watchOS 9 Preview - Apple
Demand Destruction from Higher Gas
The Labor Department released its consumer price index on Friday morning, and the numbers were higher than expected. Prices rose 1% from April to May and an 8.6% increase since last year. The biggest driver of the rise in prices was, you guessed it, prices at the pump, which were up 4.1% from April and almost 50% since the beginning of the year.
Many are looking to the President to get oil prices under control, but Biden is blaming the oil companies for taking what he thinks are unfair profits. But on the other side of the coin, Biden has made it clear that he is not in favor of oil companies long term. It puts the oil companies in a tough spot, many of these companies are making significant investments to reduce their carbon footprint and transform their companies, but they have to pay for these projects somehow.
CNBC Host Jim Cramer slammed the President for not breaking bread with the American oil companies and is visiting Saudi Arabia instead. Cramer also doesn't expect the President to change his tune; Biden fears any warming up to the oil companies will turn off his environmentalist base.
Because the price of energy touches almost every aspect of our lives, it has an outsized impact on the rest of the economy. Many economists, business leaders, and analysts are concerned that gas prices will continue, and this will cause demand destruction throughout the rest of the economy. As more of the consumers' budget goes to filling up their cars, less money will be spread out to the rest of the economy.
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