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Apple's Two-Year AI Delay 🔍

And, Boeing sells small defense unit.

October 21, 2024

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Today is Monday, October 21, 2024.

The Early Bird Index today is 75.53.

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Apple's Two-Year AI Delay 🔍

Before Apple (Nasdaq: AAPL) finally releases its signature artificial intelligence program, a new report suggests internal fears about how the technology giant compares to the market.

Details: Bloomberg reported on Sunday that some Apple employees believe that its generative AI tech is at least two years behind the industry leaders. The report pointed out how Apple’s AI features might be underwhelming compared to those of other companies, such as OpenAI.

Background: Apple’s AI tech, Apple Intelligence, is scheduled to be released on October 28. Critics argue that competitors have already released superior generative AI products.

Stock Price: Despite the AI lag, Apple’s stock is up 26% this year.

Early Bird’s Nest Egg Gains: Don’t count Apple out! Apple is making significant strides to catch up in the AI race, despite being a relatively late entrant.

  • Apple's user privacy features give it an advantage as other tools may not have a strong reputation for data security. 

  • Apple's tight control over hardware and software allows for deep integration of AI capabilities, potentially enabling more efficient and powerful on-device AI.

Final Thoughts: Apple reports earnings next week.

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Notables

Notable Earnings Today: Nucor (NYSE: NUE), W.R. Berkley (NYSE: WRB), BOK Financial (Nasdaq: BOKF), Sandy Spring Bancorp (Nasdaq: SASR), Zions Bancorp (Nasdaq: ZION), AGNC Investment (Nasdaq: AGNC), SAP (NYSE: SAP), Logitech International (Nasdaq: LOGI), Alexandria RE (NYSE: ARE), Cadence Bank (NYSE: CADE), Cathay Bancorp (Nasdaq: CATY), Dynex Capital (NYSE: DX), Equity Lifestyle Properties (NYSE: ELS), Guaranty Bancshares (NYSE: GNTY), HBT Financial (Nasdaq: HBT), HealthStream (Nasdaq: HSTM), Hexcel (NYSE: HXL), Lufax Holding (NYSE: LU), Medpace Holdings (Nasdaq: MEDP), Preferred Bank (Nasdaq: PFBC), Simpson Manufacturing (NYSE: SSD), TFI International (NYSE: TFII), Washington Trust Bancorp (Nasdaq: WASH), Wintrust Financial (Nasdaq: WTFC).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: Avalon AI (PicMii), Turn Therapeutics (StartEngine), Porter Road (StartEngine), JD’s House of Bacon (Honeycomb).

Notable Economic Events Today: U.S. Leading Index (10:00 a.m.).

Boeing Sells Small Defense Unit

Boeing (NYSE: BA) still has a long way to go to turn things around, but the aerospace giant is reportedly finding creative ways to raise cash.

On Details: On Sunday, Reuters reported that Boeing just sold Digital Receiver Technology (a small defense subsidiary) to Thales Defense & Security.

Background: Dealing with safety and labor issues, Boeing is having a bad year. A potential credit downgrade and cash crunch could spell doom for the company.

Final Thoughts: Boeing, down 38% this year, reports earnings on Wednesday.

Solana Jumps on Sunday

The price of Solana jumped about 6% on Sunday, leading most of the other major cryptocurrency price increases.

Final Thoughts: Solana is up about 68% this year.

Some Pain Relief: Activist Starboard Value Takes Stake in Tylenol-Maker Kenvue (Wall Street Journal)

Yearning for Energy: Big Tech’s dash for nuclear power (Financial Times)

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.