Market Beats | Apple delays iPhone Air launch in mainland China; Tesla valuation faces skepticism; Armani Will Outlines Sale of Stake; Gemini IPO Surges on First Day; Nasdaq Fires Employee Over Social-Media Post on Charlie Kirk Shooting; RH CEO Says Deep Discounts Are Essential

—— Apple delays iPhone Air launch in mainland China; Tesla valuation faces skepticism; Armani Will Outlines Sale of Stake; Gemini IPO Surges on First Day; Nasdaq Fires Employee Over Social-Media Post on Charlie Kirk Shooting; RH CEO Says Deep Discounts Are Essential

1. Apple delays iPhone Air launch in mainland China

Apple Inc. has postponed the launch of the iPhone Air in mainland China due to regulatory approval issues.

When global pre-orders for the new devices began last Friday, Apple’s China website did not allow customers in the region to order the thinner iPhone Air. Instead, the site displayed a message saying: “Release information will be updated later. All models will be released after approval.”

Apple had originally planned to open pre-orders in China on September 12 and make the device generally available on September 19, in line with the US and other major markets. But the iPhone Air rollout is more complicated in China because the device relies on eSIM technology — enabled by its slim frame — whereas the Chinese market still predominantly uses physical SIM cards.

The company previously said the iPhone Air would initially be offered only through China Unicom, requiring users to visit carrier stores to activate eSIM service. Apple’s website now adds that China Mobile and China Telecom will eventually support the iPhone Air and eSIM as well.

Meanwhile, Apple’s other new devices — the iPhone 17, 17 Pro and 17 Pro Max — launched in China as scheduled and continue to include physical SIM card slots.

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2. Tesla valuation faces skepticism

US federal investigators have recovered what they believe to be the rifle used to fatally shoot conservative activist Charlie Kirk during a campus event in Utah, as the manhunt for the gunman entered its second day.

Robert Bohls, special agent in charge of the FBI’s Salt Lake City field office, said the high-powered bolt-action rifle was discovered in a wooded area near Utah Valley University, where the shooter fled after the attack. The weapon, along with footwear impressions and palm prints collected at the scene, has been sent to the bureau’s lab for forensic analysis. Authorities said the assailant appeared to be of college age, blended into the campus, then climbed to a rooftop firing position before escaping into a nearby neighborhood. Investigators recovered an older imported Mauser rifle wrapped in a towel along the gunman’s escape route, with one spent cartridge still chambered and three unfired rounds in the magazine.

The rifle has been turned over for DNA and fingerprint testing. The FBI said it has received more than 130 tips and appealed to the public for additional photos and videos. Bohls stressed the case is being treated as an attack on free speech, stating: “Any attack on the First Amendment is an attack on the very foundation of our democracy.”

Utah Public Safety Commissioner Beau Mason urged caution against speculation, noting that two individuals initially questioned were cleared of involvement but faced harassment after their names circulated.

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3. Armani Will Outlines Sale of Stake

The will of late Italian designer Giorgio Armani, who passed away earlier this month at the age of 91, has been published, revealing a precise plan for the future of his namesake fashion empire. The documents instruct Armani’s heirs to sell an initial 15% stake in Giorgio Armani SpA within 18 months to one of three preferred buyers: LVMH Moet Hennessy Louis Vuitton SE, EssilorLuxottica SA or L’Oréal SA — or another luxury firm of similar standing. After three years, the buyer will be allowed to increase its holding to a controlling majority.

Throughout his lifetime, Armani resisted selling the company, repeatedly rejecting offers in order to preserve its independence. The detailed roadmap laid out in his will came as a surprise to many observers and effectively paves the way for the brand to join a larger luxury conglomerate.

According to analysts Nick Anderson and Harrison Woodin-Lygo at Berenberg, Giorgio Armani SpA is valued between €5 billion and €7 billion ($5.9 billion–$7.9 billion). With its global recognition and reputation as a hallmark of “Made in Italy,” Armani represents a rare strategic acquisition opportunity for the largest players in luxury.

Industry experts believe the sale plan could trigger another wave of consolidation in the luxury sector. Armani, long considered both a design icon and a bastion of independence, may soon become part of the portfolio of one of the industry’s dominant global groups.

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4. Gemini IPO Surges on First Day

Gemini Space Station Inc. surged as much as 64% above its IPO price in its US debut, highlighting strong investor demand in a busy week for listings. The cryptocurrency exchange, founded by the Winklevoss twins, raised $425 million in the offering.

As of 1:51 p.m. Friday, shares traded at $40.02, well above the $28 IPO price, giving the company a market capitalization of more than $3.5 billion. Gemini was previously valued at $7.1 billion in a 2021 funding round. Roughly 20% of shares were allocated to retail investors, including through online brokerages and a directed share program for friends and family.

Founded in 2014, Gemini manages more than $21 billion in assets and offers a crypto exchange, a US dollar-backed stablecoin, staking services, digital asset custody, and a crypto-rewards credit card. Nasdaq Inc. also invested $50 million in a private placement alongside the IPO.

The debut comes amid a resurgence in the US IPO market, with seven sizable deals pricing this week, fueled by strong retail demand.

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5. Nasdaq Fires Employee Over Social-Media Post on Charlie Kirk Shooting

Nasdaq Inc. terminated an employee after she posted comments on social media appearing to celebrate the fatal shooting of conservative activist Charlie Kirk.

“We are aware of social media posts by an employee regarding the shooting of Charlie Kirk that were a clear violation of our policy,” Nasdaq said in a post on X Friday. The firm said it enforces a “zero-tolerance policy toward violence and any commentary that condones or celebrates violence.”

Kirk, 31, executive director of Turning Point USA and a close ally of President Donald Trump, was shot in the neck Wednesday while speaking at Utah Valley University and later pronounced dead at a local hospital.

The employee, who worked in a sustainability role, used derogatory language in her post referring to Kirk and his death. Her remarks were widely circulated on X, drawing outrage.

Financial firms have taken similar actions in the past. Citigroup fired an employee in October 2023 for making an antisemitic comment on her personal social media page.

On Friday, the FBI identified the suspect in Kirk’s killing as 22-year-old Tyler Robinson of Utah. He was apprehended after a tip from a family member.

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6. RH CEO Says Deep Discounts Are Essential

Gary Friedman, CEO of luxury furniture retailer RH, told analysts Thursday that the industry must rely on steep discounts to survive the ongoing weak housing market.

He noted that upscale furniture makers are offering 30%–40% promotions to entice shoppers, describing the current environment as “the third year of the worst housing market I’ve seen in my 38 years in this industry.” RH itself offers a $200-per-year membership program that provides lower prices to paying customers.

“Furniture, at the highest level, does not sell at full price,” Friedman said. “Unless you just want to f—ing go bankrupt, excuse my language, in a market like this, you know, and stand there and be righteous … good luck.”

Friedman has made headlines before for his blunt style. In April, reacting to President Donald Trump’s tariff announcement, he glanced at RH’s stock price and exclaimed, “oh sh-t.”

Shares of RH slid as much as 8.4% in premarket trading Friday after the company cut its full-year sales outlook, citing the tariff impact. The stock has dropped 42% so far this year.

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7. Apple launches ultra-thin iPhone Air while holding prices steady

Lenders to luxury fashion retailer Ssense are asking a Canadian court to approve a quick sale of the cash-strapped company, with first bids due in early October.

A group led by Bank of Montreal filed an application to the Quebec Superior Court, saying creditors had lost confidence in Ssense’s ability to oversee operations. Other lenders include Royal Bank of Canada, JPMorgan Chase, National Bank of Canada, and Bank of Nova Scotia, with total debt of about C$145 million ($105 million).

Creditors want the company placed under court supervision via Canada’s Companies’ Creditors Arrangement Act. They are pushing for a fast-track sale process, with potential buyers contacted next week and non-binding bids due by Oct. 6. They’ve also proposed selling inventory this month to raise cash.

Ssense, once a Montreal family-run success story valued at more than C$5 billion in 2021, is now threatened by debt and eroding trust.

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