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Good Morning!
Happy Tuesday! Let’s see what is moving markets:
👉Apple’s major tech event
👉 NYC real estate disappointment
👉Elon Musk’s wild comments
APPLE: Major Tech Event
Apple grabbed the tech world's attention at its annual Worldwide Developers Conference. The big highlight was the launch of Apple Intelligence, a new AI-powered platform designed to enhance user experience across all Apple devices.
Source: Apple
This system will integrate with iOS 18, iPadOS 18, and macOS Sequoia, bringing more personalization and efficiency. Apple also announced a partnership with OpenAI to improve its AI capabilities, integrating ChatGPT into Apple’s ecosystem for smarter voice commands and predictive suggestions. Additionally, Apple introduced various updates to its existing software and hardware.
🎯 GRIT TAKE: Apple's WWDC highlighted Tim Cook's focus…upgrade to VIP now to read the full GRIT Take!
NYC: Real Estate Disappointment
A New York City office building owned by a Related Cos. affiliate is being sold at a significant discount. Empire Capital Holdings and Namdar Realty Group agreed to purchase 321 W. 44th St. for under $50 million, a 67% discount from the $153 million Related paid in 2018. The short sale was made for less than the outstanding mortgage amount, over $100 million.
Source: SquareFoot
The 10-story building in Hell’s Kitchen has about 220,000 square feet and tenants like Battery Studios and ad agency AKA. CBRE managed the sale, but all parties declined to comment. Office values across the US have dropped due to rising borrowing costs and remote work. Older buildings struggle to fill space, and short sales are becoming more common.
MUSK: Wild Comments
Elon Musk, CEO of Tesla and SpaceX, threatened to ban Apple devices from his companies after Apple announced a partnership with OpenAI. On his social media platform X, Musk called the integration "an unacceptable security violation" and criticized Apple for not understanding the risks.
Source: CNN
He warned that if OpenAI is integrated at the OS level, Apple devices would be banned from his companies, and visitors would need to check their Apple devices at the door.
Chart of the Day
📊Big Bubbles
Source: GS Investing
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