—— Apple in Talks to Team Up with Google; Apple Buys Canadian AI Startup; UK consulting market to flatline; Shell Plans to Divest 1,000 Retail Sites; Audi Unveils Long-Delayed Q6 E-Tron; Manhattan Condo Starts Sales After 7 Yrs; Florida Is Not So Cheap Anymore
1. Apple in Talks to Team Up with Google
Apple Inc. is reportedly in discussions with Google to incorporate Google’s Gemini artificial intelligence engine into the iPhone. Gemini consists of generative AI models developed by Google.
These negotiations hint at a significant agreement that could disrupt the AI industry. Additionally, Apple has engaged in talks with OpenAI and is exploring the possibility of using its model for upcoming iPhone software features. Sources familiar with the matter requested anonymity due to the confidential nature of the discussions.
Should a deal between Apple and Google materialize, it would expand on the existing search partnership between the two companies. For several years, Alphabet Inc.’s Google has been paying Apple billions of dollars annually to have its search engine set as the default option in the Safari web browser on iPhones and other Apple devices.
Alphabet shares saw a 4.5% increase in premarket trading on Monday prior to the opening of New York exchanges.
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2. Apple Buys Canadian AI Startup
Apple Inc. has acquired DarwinAI, a Canadian artificial intelligence startup, as part of its strategic move towards enhancing its generative AI capabilities in 2024.
The acquisition took place earlier this year, and numerous employees from DarwinAI have transitioned to Apple’s artificial intelligence division. This information comes from sources familiar with the matter, who preferred anonymity as the deal has not yet been officially announced.
DarwinAI specializes in AI technology for visually inspecting components during manufacturing processes and caters to various industries. However, one of its key focuses is on optimizing artificial intelligence systems to be smaller and faster. This aspect aligns well with Apple’s objective of implementing AI directly on devices rather than solely relying on cloud-based solutions.
Alexander Wong, a prominent AI researcher from the University of Waterloo who played a significant role in building DarwinAI, has joined Apple as a director within its AI group as part of this acquisition.
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3. UK consulting market to flatline
The UK consulting market is projected to stagnate in growth for the first time since 2020 due to concerns regarding economic resilience, an upcoming election, and geopolitical tensions. Sectors such as retail, telecoms, pharmaceuticals, and manufacturing are anticipated to reduce spending on consultancies, impacting a market worth almost £16 billion.
This forecast is based on an annual report on the consulting market by Source Global Research, which involves input from major firms like Deloitte, EY, KPMG, and PwC, and is widely regarded as an industry benchmark.
The Big Four consulting firms are expected to encounter challenges in the market this year due to cautious spending by companies amidst economic uncertainties and an upcoming election.
Source: Financial Times – UK consulting market to flatline as clients cut spending, study finds
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4. Shell Plans to Divest 1,000 Retail Sites
Shell Plc has announced plans to divest approximately 500 retail sites annually over the next two years, in response to the increasing demand for electric vehicle chargers.
The company stated in its latest energy transition strategy that it is upgrading its retail network to meet changing customer needs, including expanded electric vehicle charging and convenience offers. Shell intends to divest around 500 of its owned sites, including joint ventures, each year in 2024 and 2025.
The company will prioritize expanding these public chargers in China, where it currently operates more than half of its recharging stations, and in Europe, where demand for electric vehicle charging is rapidly growing.
Shell’s focus will be on public chargers, aiming to increase the number to 200,000 by the end of the decade, compared to the current 54,000.
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5. Audi Unveils Long-Delayed Q6 E-Tron
Audi has introduced its long-awaited Q6 e-tron, aiming to rejuvenate its brand amidst a slowdown in electric vehicle sales.
Priced at €74,700 ($81,315), this luxury mid-size SUV shares the same platform as Porsche AG’s electric Macan. Featuring rapid-charging technology capable of reaching 80% battery capacity in just over 20 minutes, the Q6 e-tron marks Audi’s first fully electric model produced at its Ingolstadt headquarters in Germany.
Production delays due to software issues postponed the rollout by approximately two years. Audi’s factory head, Siegried Schmidtner, emphasized the significant responsibility of overseeing the production of this car at the Ingolstadt plant, which also has its battery assembly capabilities.
In efforts to revitalize its operations, Audi replaced its CEO last year and pursued closer collaboration with Chinese partner SAIC Motor Corp Ltd.
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6. Manhattan Condo Starts Sales After 7 Yrs
Sales have resumed for a long-delayed condo skyscraper in Manhattan’s Financial District, known as the Greenwich, after a hiatus of seven years since they first began. Situated just south of the World Trade Center, the 88-story tower’s apartments were reintroduced to the market on Monday, with the expectation for buyers to move in by this summer. Originally, sales for the Rafael Vinoly-designed building commenced in 2017 but were halted due to financing challenges and disagreements among the project’s original partners.
The prolonged delays may now work in favor of the sales team. When sales initially started, the building faced stiff competition from a surplus of new condos across the city, coinciding with declining demand. However, the current landscape offers fewer options, particularly in the Financial District.
Over the years, ground-up construction and conversions of office spaces into apartments have increased the residential population in the area, resulting in a greater availability of amenities and services.
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7. Florida Is Not So Cheap Anymore
The migration from New York to states like Florida and Texas, driven by the desire to save on taxes, is facing a challenge due to rising housing costs in destination cities such as Miami, Austin, and Dallas. While individuals earning over $100,000 annually may still experience notable savings in states without income tax, the benefits have diminished since 2019.
SmartAsset, a financial information provider, analyzed data indicating that as more people relocate to these areas, the increased demand has led to higher rent and home prices, reducing the financial advantage of moving to these cities for tax purposes.
Despite the decreased inventory, the median price for these transactions rose by 2.2% to $2.025 million.
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The content of this article comes from various financial news media such as The Wall Street Journal, Financial Times, and Bloomberg.