Apple is about to unveil new iPhones at its annual hardware event

Tim Cook, chief executive officer of Apple Inc., arrives on stage during an event at the Steve Jobs Theater in Cupertino, California, U.S., on Wednesday, Sept. 12, 2018.David Paul Morris | Bloomberg | Getty ImagesApple is hosting its annual fall product launch on Tuesday and is kicking off the event with a keynote address at 1 p.m. Eastern Time. The company is widely expected to unveil new iPhones and Apple Watches alongside a slew of other updates at the event in Cupertino, Calif.Apple’s September launch event is generally reserved for…

SoftBank may need to write down its stake in WeWork, Bernstein says

A man enter the doors of the ‘WeWork’ co-operative co-working space on March 13, 2013 in Washington, DC.Mandel Ngan | AFP | Getty ImagesSoftBank could be forced to write down its multi-billion dollar investment in WeWork if the company fetches an IPO valuation below $25 billion, Bernstein analysts said in a note Tuesday.WeWork, which rebranded to the We Co. in January, is still trying to gauge investor appetite for a planned offering valued at between $15 billion and $20 billion. At that level, WeWork would be worth less than half…

Google’s cloud chief says antitrust scrutiny won’t hamper ability to do big deals

Thomas Kurian, CEO of Alphabet’s Google Cloud, speaks at the Google Cloud Next conference in San Francisco on April 9, 2019.Michael Short | Bloomberg | Getty ImagesThomas Kurian, who took over Google’s growing cloud business last year, isn’t concerned about regulators hampering his ability to expand, even as the Justice Department investigates the parent company for potential anti-competitive behavior. »They’re different businesses, » Kurian told CNBC’s Josh Lipton in an interview this week. « There’s a business in the consumer space. There’s business in the enterprise space. The cloud business…

Microsoft president: Being a big company doesn’t mean you’re a monopoly

Just because a company has had exponential growth, does not mean it is a monopoly, Microsoft President Brad Smith told CNBC on Tuesday. »I don’t think that one should ever equate size in-and-of-itself with a potential threat or harm, » said Smith, who also serves as the company’s chief legal officer. However, he added, « I do think that with power comes responsibility. »Smith was referring to several investigations that have popped up in recent months into Big Tech’s market power.One day after attorneys general from eight states and the…

CEOs from Amazon, IBM, Salesforce and more ask Congress to pass a consumer data privacy law

CEOs of 51 companies from the Business Roundtable, including Amazon, IBM and Salesforce signed a letter to U.S. congressional leaders Tuesday urging them to create « a comprehensive consumer data privacy law. »The executives, who span a range of industries, said a federal law is necessary ensure « strong, consistent protections for American consumers » and allow « American companies to continue to lead a globally competitive market. » »As Chief Executive Officers of leading companies across industries, our companies reach virtually every American consumer and rely on data and…

The WeWork IPO is full speed ahead with roadshow to kick off as soon as Monday, sources say

CEO of WeWork Adam NeumannGetty ImagesThe WeWork initial public offering is full speed ahead, sources familiar with the matter tell CNBC’s David Faber, despite a number of a setbacks including a dramatic cut in its valuation and its biggest outside investor urging the controversial real estate company to shelve the offering.The IPO roadshow is set to kick off as soon as Monday, the sources said.WeWork’s roadshow flies in the face of reported advice from its investor SoftBank, which urged the We Co. to shelve the IPO. The We Co. is…

George Soros offers rare praise for Trump and how he’s handled Huawei in the trade war

George SorosJoshua Roberts | Bloomberg | Getty ImagesBillionaire liberal financier George Soros offered some rare praise of Donald Trump’s policies in a Wall Street Journal op-ed Tuesday, but said he worried the president will undermine his own strategy.Soros called Trump’s policy on China, « coherent and genuinely bipartisan » as well as « The greatest — and perhaps only —foreign policy accomplishment of the Trump administration. » Specifically, Soros said the Trump administration was right to put Huawei on the Commerce Department’s « entity list » as a national security…

Amazon and Roku are bringing their streaming rivalry to Europe

Hisense Roku TVRokuAmazon and Roku are bringing their fierce rivalry in the U.S. streaming device market to Europe.At the IFA consumer electronics show in Berlin last week, both companies announced expansion plans into key European markets like the U.K. and Germany. The goal: bring their platforms to the televisions of international customers eager to take advantage of a slew of new streaming services. »We are starting to look a lot harder at international, as our growth continues into the U.S., » Roku CEO Anthony Wood said in a CNBC interview…

Cloud computing could be the ‘next frontier’ for Alibaba

Signage for Alibaba Group is displayed at the company’s offices in Hong Kong, China, on Thursday, May 5, 2016.Justin Chin | Bloomberg | Getty ImagesChina’s Alibaba is often compared to Seattle-based Amazon — but the two don’t really compete.Still, there are many similarities in their businesses: Both run e-commerce sites and have streaming services.But what could shed some light on the future direction of Alibaba is something that Amazon has already turned into a big business — cloud computing. It’s an area analysts see as crucial to the Chinese firm’s…

Huawei drops one of its lawsuits against the US after its seized equipment was returned

A Huawei logo on display at MWC Shanghai in June 2019.Arjun Kharpal | CNBCHuawei dropped one of its lawsuits against the U.S., after equipment seized by Washington nearly two years ago was returned to the company.In September 2017, U.S. authorities confiscated the gear which was on its way back to China from a Huawei testing facility in California. The equipment was not returned to Huawei, and the Chinese technology giant filed a lawsuit against the U.S. Commerce Department, as well as several other government agencies, in June.The seizure was in…

Jack Ma steps down as Alibaba’s chairman. Here are key moments in the company’s history

2019 is a big year for Alibaba. The Chinese e-commerce giant is celebrating its twentieth anniversary and its high-profile founder Jack Ma, is stepping down as chairman on Tuesday.Since its founding in 1999, Alibaba has gone from being a traditional e-commerce company to a conglomerate that has businesses from logistics to food delivery and cloud computing. It is now a company valued over $460 billion.Here are some of key moments in Alibaba’s history.April 1999: The journey beginsAlibaba founder Jack Ma holds a meeting in his apartment in 1999, the year…

Apple’s new iPhones might not be able to charge other devices after all, says analyst Kuo

Tim Cook, Apple CEOJohn Chiala | CNBCApple’s next iPhones might not be able to charge other devices like the Apple Watch or AirPods after all, TF International Securities analyst Ming-Chi Kuo said in a note distributed to clients on Monday.The planned two-way wireless charging feature, which Kuo and Bloomberg have both reported is in development, would allow people to charge other Apple devices simply by placing them on a charging spot on the back of new iPhones.The revised prediction indicates that Apple might have encountered new issues to deliver new…

Facebook warns about iPhone privacy change that could unsettle Facebook users

Mark Zuckerberg, chief executive officer and founder of Facebook Inc., listens during a joint hearing of the Senate Judiciary and Commerce Committees in Washington, D.C., U.S., on Tuesday, April 10, 2018.Al Drago | Bloomberg | Getty ImagesLess than two weeks before a likely iOS software update that will give iPhone users regular pop-ups telling them which apps are collecting information location in the background, Facebook has published a blog post about how the Facebook app uses location data.The blog post appears to be a way to get out in front…

SoftBank reportedly asks WeWork to shelve IPO

SoftBank, WeWork’s biggest outside investor, is urging the startup to shelve its initial public offering, according to a Monday report from the Financial Times.The We Co., as the co-working company is formally called, had been in discussions with SoftBank and other shareholders and advisors about whether or not to move ahead with its IPO, CNBC reported on Friday. WeWork has faced criticism regarding its complicated corporate structure, its governance and payments made to CEO Adam Neumann.WeWork advisors are still evaluating investor appetite for an IPO valuation between $15 billion and…

Watch Tesla drivers apparently asleep at the wheel, renewing Autopilot safety questions

A viral video of yet another Tesla driver asleep at the wheel, apparently driving an estimated 60 miles per hour  down a highway in Massachusetts, renewed safety questions surrounding the car’s Autopilot system this week. The 28-second clip posted by Twitter user Dakota Randall at 3:13 p.m. Sunday had been viewed more than 560,000 times and garnered thousands of likes and retweets on the social media platform within the first 24 hours: « Some guy literally asleep at the wheel on the Mass Pike (great place for it). Teslas are sick, I…

State probes into Big Tech are a ‘backstop’ in case the feds back down, say antitrust experts

District of Columbia Attorney General Karl Racine (L) and Texas Attorney General Ken Paxton speak during the launch of an antitrust investigation into large tech companies, outside of the US Supreme Court in Washington, DC on September 9, 2019.Mandel Ngan | AFP | Getty ImagesNearly all the country’s attorneys general are now putting their weight behind antitrust investigations of Big Tech. And while the state-led probes will turn up the heat on companies like Google and Facebook, they will also likely add pressure to federal regulators who have launched their…

Microsoft Clippy lives again as software developer brings the assistant to the Mac

Former Microsoft CEO Bill Gates, center, presents a T-shirt as a retirement gift to Clippy, right, a person dressed as the Microsoft Office Assistant, as Amazon CEO Jeff Bezos, left, looks on at the Office XP launch in New York on May 31, 2001, in New YorkStan Honda | AFP | Getty ImagesClippy, Microsoft’s love-it-or-hate-it virtual assistant that debuted in the 1990s, has come back to life as a free application for Apple’s MacOS.The resuscitation capitalizes on people’s memories of bygone software from Microsoft, which last year recaptured the title…

Jeffrey Epstein got a meeting with Bill Gates after an aggressive lobbying campaign

U.S. financier Jeffrey Epstein appears in a photograph taken for the New York State Division of Criminal Justice Services’ sex offender registry March 28, 2017 and obtained by Reuters July 10, 2019.New York State Division of Criminal Justice Services | Handout | ReutersBill Gates once wanted nothing to do with Jeffrey Epstein, a wealthy financier and sex offender who already had several powerful connections. That changed in 2013, when Epstein unleashed an aggressive lobbying campaign to meet with Gates, the Microsoft founder and one of the richest, most influential people…

Shopify will soon trail only Amazon for US e-commerce, and the stock is soaring

Tobias Lütke, CEO of Shopify, speaks at the Collision conference in Toronto, Canada, on May 22, 2019.David Fitzgerald | Sportsfile | Getty ImagesShopify’s stock has been on a tear in the past 12 months, jumping over 150% en route to surpassing eBay’s market cap earlier this year. It is now expected to pass eBay in terms of merchant sales volume in the U.S. as well.In a note published Monday, R.W. Baird wrote that Shopify is expected to become the second largest e-commerce platform in the U.S. this year — behind…

Google faces a new antitrust probe by 50 attorneys general

Sundar Pichai, chief executive officer of Google LLC, arrives to the White House for a meeting in Washington, D.C., U.S., on Thursday, Dec. 6, 2018.Andrew Harrer | Bloomberg | Getty ImagesFifty attorneys general are joining an investigation into Google over possible antitrust violations, Texas Attorney General Ken Paxton, the initiative’s leader, announced Monday.The news confirms reports last week about the bipartisan investigation into Google’s practices. The bipartisan probe will take place as Facebook faces its own antitrust investigation led by New York Attorney General Letitia James with attorneys general from…

Teen culture shifted to embrace brands, and the VSCO girl was born

Fjallraven kanken backpackSource: Fjallraven kankenExperts say it’s easy to spot a VSCO girl in the wild.If they’re adorned with a puka shell necklace, oversized T-shirt, scrunchies, and socks with sandals, the teen is sure to be participating in a fashion trend embraced by middle school, high school and early college-aged girls around the country.VSCO is a photo editing app that also allows users to post on the Instagram-like platform. Some teens prefer VSCO to Instagram because it doesn’t show likes or comments. But its name (pronounced vis’-co) has been co-opted…

Florida’s attorney general: There’s no ‘case study’ for our multistate Facebook antitrust probe

Current antitrust inquiries into Facebook won’t be following any common case studies, Florida Attorney General Ashley Moody told CNBC on Monday. »It’s an entirely different way of dealing with a monopoly, » said Moody, just days after Florida revealed its participation in a multi-jurisdictional investigation into Facebook for possible antitrust violations.On Friday, New York State Attorney General Letitia James announced the Facebook probe, which is also being supported by six other states and the District of Columbia. »We will continue to share information [with the other states and D.C.] as…

AT&T CEO Randall Stephenson is officially under fire for questionable M&A decisions

The expression « go big or go home » doesn’t equate for the possible « go big and go home. »That’s what Elliott Management seems to be suggesting in its announcement Monday that it’s taken a $3.2 billion stake in telecommunications giant AT&T. The activist hedge fund cites the company’s history of questionable acquisition decisions, including buying DirecTV and Time Warner, and lackluster operational performance to justify its move into the company. In all, AT&T has spent about $200 billion in recent years on acquisitions.That’s a lot. You can’t fault…

Facebook and Instagram downloads are declining, Bank of America analysis says

Mark Zuckerberg testifies before the House Energy and Commerce Committee in the Rayburn House Office Building on Capitol Hill April 11, 2018.Chip Somodevilla | Getty ImagesMobile app downloads of Facebook and Instagram are down a combined 13% year over year, a Bank of America analysis found. The combined download numbers, based on SensorTower data, are tracking down 3% in the third quarter of 2019 compared to last quarter, the analysts wrote.Instagram downloads fared slightly better than Facebook’s, down 9% year over year compared to 15% so far in the third…

WeWork’s valuation could fall below $20 billion in IPO

Signage is seen at the entrance of the WeWork offices on Broad Street in New York.David ‘Dee’ Delgado | Bloomberg | Getty ImagesWeWork’s parent company is considering slashing its IPO valuation to less than $20 billion, the Wall Street Journal reported on Sunday.At that level, WeWork would be worth less than half the $47 billion private valuation assigned to it in January. Since WeWork unveiled its IPO prospectus last month, the company has cut its IPO valuation in response to weak demand among investors.WeWork, which rebranded to The We Co.…

Netflix rises after Bank of America says there’s ‘reacceleration’ in mobile app downloads

Reed Hastings attends Reed Hastings panel during Netflix ‘See What’s Next’ event at Villa Miani on April 18, 2018 in Rome, Italy.Getty ImagesNetflix is « seeing significant reacceleration » in mobile app downloads in the third quarter of 2019 Bank of America analysts said in a note Monday.Netflix shares reacted to the note by rising more than 2% Monday morning.The firm credited the popularity of summer releases including the third season of « Stranger Things » for a 30% quarter-over-quarter increase in downloads. The analysts used mobile app download and…

Fitbit’s new $200 watch does the basics, but feels way behind the Apple Watch

I like the new bright screen.Todd Haselton | CNBCThe Versa 2 is Fitbit’s new $200 smartwatch that includes all of the company’s fitness-tracking features. It adds things like Amazon Alexa, which you can talk to after pressing a button on the watch, and a nice new screen.Fitbit’s business has been hurting as companies like Apple run away with the premium smartwatch market. It lowered guidance in its second quarter earnings by $95 million to $1.45 billion after sales of the $160 Versa Lite came in lower than expected. For the…

Review: The Google Nest Hub Max can read your face, but some may find that creepy

I liked using it to watch live sports and recaps with YouTube TV.Todd Haselton | CNBCGoogle’s Nest Hub Max, a larger version of the Nest Hub that was announced during Google I/O in June, is now available for purchase. I’ve been using it for the past several days, so I wanted to let you know what it’s like.It’s similar to the Nest Hub, which launched last year and serves as a smart display that lets you watch YouTube TV ($50 a month), stream music and speak to Google Assistant. It…

The ‘Apple of China’ expanded into 80 new markets in four years. Here’s how Xiaomi grew so rapidly

Chinese tech giant, Xiaomi has often been dubbed, « the Apple of China » — due to its similarities with the i-Phone maker in terms of its sleek product design, or retail stores which feature bright lights and eager employees donned in solid-colored T-shirts.But, despite its outward appearances, Xiaomi disputes their similarities. »I think Apple is a great company, they do a lot of technology innovation. We are doing the same, but our model is different, » Xiang Wang, Xiaomi’s global senior vice president and head of international business, told…