After Apple Fails to 'Glow,' Will Debate, AI Steal the Show?
The market gives 'Glowtime' a big meh; tonight expect a circus of promises and theatrics; and what did Larry Ellison just say?
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Following a simply horrible first week of September, stocks notched their first winning day yesterday and that looks to continue. We have little on tap for corporate earnings and economic data today, so expect Apple’s AAPL “Glowtime”, Oracle’s ORCL earnings and tonight’s 2024 presidential debate to carry the news.
With no other debates scheduled and polls putting the vice-president Kamala Harris and former president Donald Trump neck and neck, both candidates will be targeting undecided voters during the 90-minute event. Our focus will remain on policy and its impact.
Apple Glowtime a Bit Bruised
As we expected, we weren’t alone in being underwhelmed with yesterday's Apple “Glowtime” event. Some of the perma bulls are banging the same drum, but they are the outliers. Bernstein called Glowtime “somewhat underwhelming," KeyBanc saw it as “a modest negative” and Citi thought it was “in line with expectations.” In other words, there’s not a lot of buzz emanating from an event that left folks with more new devices and not much in the way of Apple Intelligence.
The question now is whether the relatively fat trade-in values offered for older iPhones will be enough to spur what has been expected to be a large iPhone upgrade cycle. Even though the Apple supply chain is gearing up -- and we should see more of that with Taiwan Semi’s TSM August revenue report -- device sell-through to consumers is just as important as device sell-in to stores. This is one of the reasons why we’re asking members to tell if they will upgrade their iPhones in the coming weeks and months. (
