what did you make of tim cook's commentary about generative ai?it is interesting because other conference calls last week mentioned ai 40-50 times. tim cook's response was that ai is something that will be weaved into our current products as opposed to chat gpt or bard. it seems they are very content to weave it into their wearables and their phone. it does not seem that they have a huge catalyst to go and brace a whole new product or something that is based on ai. haidi: the mac computer had a pretty tough quarter as well. what does the future hold? >> that was off about 30%, that was a huge drop and it was anticipated. we know we had a big splurge in buying in terms of mac computers with the work at home the covid. that growth has been deteriorating. on this quarter, that was kind of a big setback. overall revenue was down 30-31% from a year ago. going through a little bit of a cycle bear in the pc space, which is just falling in line with what is happening in the area. shery: you said it before, that apple is about services, providing this ecos

the company giving guidance, but saying fx could impact revenue tim cook saying we view a.i.continue weaving it into our products on a thoughtful basis gene munster, "fast money" friend, what stands out to you >> melissa, let's start with the guidance they essentially guided for revenue to be down 2% in the june quarter, the street was looking for plus 2%. there's a 4% fx impact there, sometimes investors factor that in, sometimes they don't it's a guide down any way you cut it, which begs thequestion of, why is the stock hanging in there, why does it continue to inch higher? and i think investors made up their mind going into this call that this is a generally good quarter, and specifically related to install base. and i heard tim cook mention it once, luca mentioned it twice, it's come up in a couple of questions, and they said that it grew year over year, 2 billion last quarter, 8% last quarter. they didn't give exact, but they said it grew their device revenue is down, call it 5% and that is usually a good indication that people are holding onto their devices, getting mor

tim cook sounding cautious on the post earnings call. for bowstring. haslinda: after three bank failures, investors are asking -- can contagion really be stopped? the fed says there close to managing the contagion, but who is listening to the fed? the fear is reflected in the vix. it is at the highest level in about five weeks, about 20 right now. it was 16 just last week. losses for new zealand, indonesia, but the hang seng is uplifted by the hang seng tech index, higher by about two imports -- higher by about 2%. alibaba giving it a lift. it's online commerce unit, some analysts are saying it is valued at 39 billion dollars. take a look at the csi 300, down about .3%, despite gains overnight. in the asset space, the dollar down for a fourth day, lifting some of those asian currencies up. the aussie also higher at this point in time. we are keeping an eye on, by the way, on the yen. it is back being a haven play, and upside of about 10% is expected. we have seen brent crude up by about .5%, but remember, oil poised for a third weekly lo

tom: what did tim cook have to say about apple and ai then? siri is powered by a ipo that feels dated right now. >> yeah, and he was very pausing when it came to comments about artificial intelligence. all these companies dig up what they're doing with ai even though it is not terribly impressive. saw apple lead the market with the voice assistants when it came out with seery more than a decade ago. since then, it has not really evolved terribly quickly. we have seen reporting in recent weeks about internal problems in the artificial intelligence division and it seems to prioritize vr in the same way that meta-did. it looks as though it will have to catch up a bit. tom: alex webb on those earnings from apple and what we heard about the prospects of ai and how they are trying to build that into apple products. let's look at the key things markets are watching out for. german factory orders from march. at 11:00 a.m., hsbc's agm is due to kick off in birmingham in the u.k.. it will be closely watched. there is a tussle between the biggest shareho

could tim cook save the day? lou basenese reports after the close, the most influential stock in the world. we'll handicap the jobs report. big news for the consumer, obviously today is under pressure. my takeaway on making urge to panic the reason you stay in the game. all that and so much more on "making money." ♪. charles: so i have got two words of the day for you. first will start with outrage, right? an act that violates accepted standards or behaviors or tastes. the anger and resentment aroused by injury or insult. we'll start with that, because a lot of people are really, really outraged. we had the 10th rate hike yesterday in the rate cycle. jay powell and company elicited a lot of outrage you know, outside of wall street and academic circles people are confused about this. then you look what is happening with the banking system, you know, to say it was sound, it is resilient, 90 minutes later after such a declaration from the fed chair, you see banks start to plunge. coming into yesterday's session, reg

discussing the results, apple's ceo tim cook said that supply chain problems which had plagued the companylowing the covid pandemic had now vanished. this follows better—than—expected earnings from many of apple's appears in the us tax base, raising hopes that the worst might be over for the sector. apple remains one of the few giants in the industry, no mass lay—offs so far. for more on the outlook for the company, we can now speak tojeff field hack, from counterpoint chemical research, whojoins me. nice to have you back, jeff. what do you make of the results? yes, i thought the results were very impressive, because the overall smartphone market was down 14% during the quarter, and apple's revenues were up a little. we think their overall volumes may have been down one or 2%, but a great performance when a lot of the other both chip and smartphone oem ats have been talking about lots of headwinds and also large inventory is. how important you think both china and india are to apple's story going forward? and if you can say one is more important in the future? yes, well, for some time, chi

from qualcomm saying, no one's buying phones in china, at least on the android side i talked to tim cook saying china reopening has been great for us and people are buying iphones, especially the more expensive pro models like crazy. apple seems to be in a category of its own when it comes to demand still, sales will be falling throughout the year. >> incredible steve, thanks. steve kovach on apple. >>> breaking news out of washington on the debt ceiling we'll go to kayla. >> the white house is weighing the possibility a short-term extension to avoid a default on june 1st and negotiate with republicans. the biden administration and congressional republicans have suggested that option is not preferable my sources have described it as a last resort or a fallback option even one source called it the prevailing possibility given how little time there is between now and the earlier date treasury secretary janet yellen has set for a possible default two sources familiar with the matter say it's part of the white house's menu of options should the calendar get closer to the x date with no deal

that is a good reason to come here tim cook was here on saturday.r the meeting and got a chance to talk to mr. buffett before the meeting he went out to go ahead and hear the praise tim cook has been coming here every year since they found out berkshire starting to acquire a stake in the company i talked to him friday night he likes to be here and see what is going on. mr. buffett calling apple a better business than any of the subsidiaries thanks to consumers' need for the product. >> apple has a position with consumers where they are paying, you know, maybe $1,500 or whatever, for a phone and same people pay $35,000 for having a second car if they had to give up a second car or the iphone, they would give up their car. we don't have anything like that which we own 100% of, but we're happy to have 5.6% or whatever it may be. we're delighted. it is like adding $100 million to the share of the earnings they use the earnings to buy out our partners >> that begs the question of why they haven't bought more berkshire has $130 billion of cash on hand it

tim cook said we're deeply and thoughtfully looking at ai. in all of our products but it's a potentially exciting time for ai and bet we're focused on it and bullish on ai because i think it can help high manty if done right. wall street loved the results and 11 price target hikes up to 199 and morgan stanley is the most listened to apple analyst house and calling 185 for the stock. $166 billion in total cash, $166 billion, that's more than 80% of the worth s&p 500 companies. they have a lot of money on hand. stuart: that's an understatement but a good one. thanks, susan. a bill in the senate that would ban all children under 13 from using social media. that's a big deal for you. steve hilton is here. steve, i'm sure you approve of that. you want to ban social networks for youngsters, why? >> look, you have parents across the world in total despair at the fact that their children are becoming increasingly addicted to their screens and it's not just social media, it's also all the other things they can access from their smart phones including

you'll want to watch tonight what apple, what tim cook has to say about their efforts.nk it was only mentioned five times on the last earnings call but you can bet it's going to be mentioned today. >> i think it was mentioned dozens of times between microsoft and alphabet >> dozened and dozens. see you soon. >> paramounting problems see what i did there is this a bad omen for the streaming industry overall plus, macy's shares lower today. working on a big move away frth strategic markets. as sleek as it is spacious. as smart as it is beautiful. introducing lucid air. experience the best. ♪ ♪ (cecily) you're looking pleased with yourself. (seth) not to brag, but i just switched to verizon. (cecily) so you got an awesome network... (seth) and when i switched, i got to choose the phone i wanted. for free. not bragging. (cecily) you're bragging. (neighbor) oh, he's bragging. (seth) who, me? never. oh, excuse me. hello, your royal highness, sir... (cecily) okay, that's a brag. (seth) hey, mom. i gotta call you back. (vo) visit your verizon store during our spring savings eve

makes sense when you remember they have about two billion active users tim cook said he's been movingnesia, philippines, saudi arabia, turkey, ma lash yashgs india. that add up to 2.2 billion potential customers. plus, we know that facebook has three billion users. it's reasonable that they could equal that number taking share from android when you have more than two billion users with a 99% customer satisfaction rate, you could easily get the people to stick with your products as you rollout new services, they're much more likely to buy them the cost of acquiring new customers is ridiculously low. a user of april sl eye lifetime user of apple with the greatest market they could ever want. something no other tech company or consumer packaged goods company can claim. that's why they still have upside even though it looks expensive. i wish i knew what the lifetime value of the user really is. i bet it's worth a lot more than the covered share price. there is always a bull market somewhere. i promise you that i'll find it r r fofoyoyou.u. i' "last call" starts now >>> hi, i'm brian sulli

apple ceo tim cook is all-in on ai.s off to the kentucky derby we'll talk to the premier hat designer for the event, i'll be wearing one. more "coast to coast" right after this. ♪ ♪ it's hard to put it into words ♪ ♪ when i tried i felt absurd, ♪ ♪ you light the rooms of my soul ♪ ♪ and i tell myself not to lose control ♪ ♪ i'll take it slow, but it's hard to do ♪ ♪ when you're a lion like me and a lion like you ♪ ♪ you got the hands that i wanna hold ♪ ♪ you light the rooms to the house of my soul ♪ i got into debt in college, and no matter how much i paid, it followed me everywhere. so i consolidated it into a low-rate personal loan from sofi. get a personal loan with low low fixed rates, and borrow up to $100k. sofi get your money right. so it's decided, we'll park even deeper into parking spaces so people think they're open. surprise. [ laughs ] [ horn honks, muffled talking ] -can't hear you, jerry. -sorry. uh, yeah, can we get a system where when someone's bike is in the shop, then we could borrow someone else's?

looking at a huge record march quarter for iphone sales, which was surprising, and i spoke to ceo tim cookwas an emerging markets demand story for iphones so you saw record sales in india, brazil, indonesia, et cetera, so guidance was a bit weak. it wasn't really specific because they don't give specific guidance, but on the call, the earnings call they said it be similar to what you saw to start the year. 4% more in dividends so you're getting the cash back as expected. $90 billion in stock buybacks as expected, and of course, i asked tim cook about ai, artificial intelligence, and here is what he told me. he says i can tell you that we're deeply and thoughtfully looking at ai and we of course use it today, and in all of our products, but this is a potentially exciting time for ai, and you can bet that we're focused on it. he says i'll bullish on ai because i think it can really help humanity but if done right. also, you saw record services revenue, yes, that includes record payments revenue, and on that new apple savings account, cook told me that we don't talk about an exact number but

and tim cook had words. >> he said that there are many issues in the modern age that ai needs to work through. -- with a out that we need to work through. to use a -- ai thoughtfully and weave it into their devices. i'm not going to let him off the hook. they were the first to permit ai into their products, and -- siri was the first ai personal assistant integrated into the iphone 4s. siri has not moved the needle and you don't see people using it very much, it has not had that sort of explosion that you would have expected. it does not work as well as other apple products and services. i think they have a long way to go to really implement ai. and i think there is a way they could thread the needle between privacy and security and thoughtfulness moving away from those concerns about chat gpt and other ai while making something that is a solid offering to the consumer. >> a time with a lot of concerns over where the china recovery story goes, we see a lot more and -- of interest and excitement about india. >> india i believe according to my colleague, was mentioned 20 times between ap

apple ceo tim cook said the firm is thrilled to make commitments that harness the ingenuity, creativityand innovative spirit of american manufacturing, promising to continue to deepening investments as part of a pledge it made in 2021 to invest $430 billion domestically over five years. finally, a new high-speed railway in indonesia -- the first in southeast asia, has entered its final testing and is expected to go into service tech smoke. the rail link has been built by china as part of the belt and road initiative. it will cut travel time between the two cities from over three hours to just over 40 minutes. the chinese foreign ministry spokesperson hails the project as an example of all in cooperation between beijing and its neighbors and concerns indonesia could fall into china's so-called debt trap. that is it for business. mark: thank you very much. time to go true thing or faking. a fake image of an explosion at the pentagon goes viral on the social network we call twitter. tell us more about this. guest: many accounts on twitter, including verified accounts shared this image in t

apple ceo tim cook says, quote, we'll continue to deepen our investments in the u.s. economy because we have an unshakable belief in america's future. >> whether time now as we take a live look outside san francisco where it's getting cooler by the day little breeze. there is. we see coit tower in the background. lawrence is here to fill in the blanks here. yeah. temperatures kind of tailed off a bit today, guys. we have that stronger sea breeze. we've got a little trough of low pressure, kind of moving. >> in the state that help to knock down the numbers across the board outside, especially inland today. coming off a good 10 plus degrees in some spots from yesterday's highs. well, that fog beginning to march back on shore right now. it's broken right now. kind of patchy likely to fill in a bit overnight. temperatures today. how about this? we had instead of those up mid 80's? well, we have 73 degrees today in concord. that was 12 degrees cooler than yesterday. 74 in livermore. 69 in san jose, 60 for both san francisco and oakland and 73 degrees and pleasant in santa

elon musk joined apple's tim cook and other technology company bosses and emphasizing the importance of maintaining ties with china. musk met with china's foreign minister in beijing today. he said the interest of china and the u.s. are intertwined. and tesla opposes decoupling and is willing to expand in the country. global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm john hyland. this is bloomberg. ♪ >> let's get a quick check of what's going on in the markets right now. we do see the s&p 500 down about a quarter of a percent, even after the weekend agreement on the debt ceiling. the u.s. 10 year yield, coming down as well. off by 10 basis points at 36904. the dollar index, really little changed at 1245. nymex crude coming down 344 to under $70 a barrel, trading at $69.23. >> energy stocks under pressure. of the 11 subgroups, you've only got three that are positive territory. to your point about tech, that is helping at the very least keep us closer to the flatline. the nvidia story still getting attention,, the stock off

eunice, it's david tim cook was there not that long ago there as well.e shanghai factory, he has a battery factory they're building as well, i believe, and there are some who say he made certain commitments to the chinese government in terms of investing over time. do we know anything about that >> nothing very specific like you, i've heard a lot of rumors or reports about what he might be doing, that there's a possibility that he would be overseeing and checking a refreshed model 3 for this market the market has -- tesla as a leader but there's a huge price war going on and tesla doesn't have a new product that's one thing people have been talking about you mentioned tim cook i think what's interesting is that when tim cook came and when a lot of other american ceos came here, they were very much under the radar or when they did speak publicly, they tried to not really take any sides or sound overtly pro beijing. elon musk taking a different task obviously, much more pro-beijing than a lot of the others, and one would wonder then what that could potenti

how would you prepare for that possible outcome in. >> i think folks like tim cook and others need toingly think about what does it mean to have redundant supply chains that don't necessarily involve sourcing all your stuff from the prc and that means potentially even moving it back to the usa to manufacture smome of these items or to other countries. the second thing is i think that folks like tim cook and others are actually people that the ccp might be listening to, and i think they should use their voice with regard to some of the issues this we care about so much, whether it's taiwan or other matters. but i think that folks here in the u.s. are going to have to think hard about their supply chains and their connections to the prcbecause at the end of the day, the ccp is a strategic adversary and competitor to us and we have to protect our values and our interests, even at the same time that we engage them >> very good thank you. thank you to you both. both congressmen we appreciate having you on. we got talk more events going on on this. the guy at the bottom, the coupling, do we

they did exceed what most of the analysts following the company had been forecasting find out what tim cookold cnbc about the quarter. >>> plus, wrapping up another rough week for regional banks, this amidst worries about many of those banks' health a number of the beaten-down names, though, they look to recoup some of those losses. you probably saw it in the last few minutes. a lot of them up double digits >> you like that comerica >> we'll begin with the april jobs number, though, as we said, 253. street was looking for 180. the revisions kind of make the last couple months a wash. >> i thought that was interesting. first of all, we're all used to numbers being accurate, so in any other business, we would think that you run them through, you had salesforce, you had service now, you would never get this kind of thing you have to look at the revisions first, and then you realize, wait a second, so the economy may not be that hot, but then we come back to these same areas keep dogging us. we don't have enough people working health care, because so many retired so, you're having people who ar

. >> the chips will power iphones and macbooks, as tim cook could attest. apple had to buy all the advanced chips from overseas. now they're going to bring more of their supply chain here at home. >> applied's new sunnyvale's facility should be up and running by 2026. back to you. >> thanks, scott. >>> to our other top story, highway 101 in sunnyvale open again after a horrific collision that killed at least three people. >> bob red dell is joining us. you've been talking with the chp this morning. do they have a clearer picture at this point of what happened? >> reporter: they are talking to witnesses, but what we do no is that three people who were killed were initially involved in what was a minor accident. they got out of their vehicles to survey the damage, and that's when they were hit and killed by other vehicles who were coming along the way. this happened along northbound 101 between the lawrence expressway and fair oaks avenue in sunnyvale around 12:30 this morning. a driver of a pickup truck lost control and hit the center divide with such force

. >> well, and tim cook had a big india discussion and trip recently, and a lot of analysts got on board, and there were upgrades on that alone so guy's right to point out, i just think the nature of the qual com that's going to be down 20% and apple's going to be flat part of it is that, their pricing power. they're taking market share in growth markets and in all markets. and don't underappreciate the financials of the company and the dwindling share account. and don't underestimate this is coming on a day when, okay, those are their numbers. a day when we have a payroll number hourly earnings are better than expected do you have a fed that largely told you they're on hold they're not cutting any time soon this is a backdrop for a market that now has leadership from apple and microsoft and nvidia these are the biggest companies in the world and so it's market friendly as well i think part of this move today is not just apple. the entire market went higher. we had a day one, even the first post fed, and then the next day we digested that and market worse consumed there's not enough cut

let's listen to what tim cook had to say. m: i think it is very important to be deliberate and thoughtful in how you approach these things. and there is a number of issues that need to be sorted. ed: thoughtful, deliberate, competent ai machine learning but how different was that from zuckerberg, pichai? guy: is that a good thing or a bad thing? that is what i cannot figure out. maybe they are cautious. maybe they are just hiding what they are doing. it would be surprising if apple was not spending a great deal of time and effort and money thinking about what is happening here. i find it fascinating what is happening with the consumer versus the enterprise story. fantastic coverage. i enjoy what you did last night and this morning. you can catch ed on bloomberg technology in around 90 minutes time. we are going to carry on our conversation. the fed's next move, hike or cut? this is bloomberg. ♪ s compressed air leaks to save manufacturers, like colgate, over 20% in energy costs. go brush your teeth. go boldly. emerson. [office

look at the stock and how it's performed since tim cook has taken over and iphone is proliferated, it'sing opportunity anytime it's sold off the key to the report coming up the slower order is chinese demand and what the average selling price is, those are the two that will matter thursday and determine where the market goes next. stuart: i've been looking at chipmakers especially nvidia and they seem to be doing extremely well recently. have they taken over leadership to the market from big tech? >> i think they are the underpinning, best the foundation, big tech runs on trips, it's my favorite sector in the market today and forever to be honest because if you look at every tech trend, ai, whether we talk about robotics, automation, electric vehicles, everything wearables, it goes on and on, consumer electronics, everything has chips and there's only one time in the history of semiconductors with year over year decline and that was back in the financial crisis so if you get a pullback in chip demand, it's momentary because tech proliferates everywhere so easy way to gain exposure, etf

store in vietnam next week it is just weeks after the company opened the first retail store in india tim cookting the fresh locations will do well with younger populations in countries with few iphones >>> carl ichan's holding company buying back shares after losing a third of the val following the short seller hindenberg research that's according to regulatory filings. >>> and s&p global downgrading u.s. bancorp rating from a plus to a the bank may need to build capital to meet regulatory requirements by the end of next year interesting story there. u.s. bancorp up in the market now. >>> ahead on "worldwide exchange," ryan reynolds backs out of the biddingar w the top trending stories when we come back on "worldwide exchange." what if buildings could tell you how they could be more efficient? i'm listening. well, with ibm, you can use software to help you connect and analyze data— from hvacs to elevators to lights. what if we use ai-driven insights to pinpoint inefficiency? yep. and act on it. saving energy, money... ... and emissions. yup. that's a big one. now you've built something better

times i counted that india was mentioned in this earnings call and part of a larger market trend tim cookbetting on. when we look at india, we already know about their relationship when it comes to a production line coming out of india to d risk some of their supply chain when it comes to heavily being reliant on china, but it is not just about production. they see india as a crucial market. he characterized it as a country with a huge and burgeoning middle class, but this is not just an indian story. he sees emerging markets coming out and buying iphones, meaning indonesia, philippines, mexico all mentioned on that earnings call as places that have boosted their affable -- there apple revenues this quarter. francine: this comes as relief for investors because we had qualcomm, which is a supplier, warning about the downturn ahead this week. so how do you match up the two? aggi: it is something depending on the suppliers of these big tech companies and the consumer products the end. also saw intel saying they are seeing green shoots this quarter after the lackluster pc sales of the last qu

if problems arise, apple is the major gatekeeper if it has to update policies to keep up tim cook said apple is looking at app store policies and thoughtful of the issues that may come up. they are not ruling out changes. he said they are asking all the time if they should change app store policies including a.i that is an important way to think about apple and a.i. beyond anything they make. big problems arise in apps like social media, apple can be the gatekeeper we have seen what they have done to facebook. >> steve, can i ask and we will talk to sam altman later i think about a.i. more broadly. i think it could disrupt the entire app store actually. right now you are going to the varied places. in the future, i imagine you just ask the question and you get the answer >> it is not just about that, andrew it is also about the development of apps. these technologies make it easier for people like me who don't know how to code to actually code. imagine that you have a great idea for an app that you don't know how to make, but talk to an app like chatgpt and it makes it for you. a lot o

i just laugh when tim cook came at the helm and everybody was worried about how he could live up to thelegacy of steve jobs. i tell you how he did it, you have a machine well oiled. 90 billion-dollar buyback. stock you don't bet against. no short-alers have made money in the stock consistently. maria: it's more than $2 trillion in market value. clearly it's doing something right but i guess the question is do you want to sell into the strength? >> from a valuation perspective, some people are trying to argue that it's overvalued but when apple unlocked segment, you saw the valuation multiple expand and you still have another call it 20 to 30% upside from historical pe and forward pe ratio perspective. you could see the stock break out to new highs above 52-week highs above $176 and go on the backseat of i15 launch. maria: i want to talk health care, commissioner praised eli lily which in trials have slowed alzheimer's, the stock is up again today after a good day yesterday, your reaction? christopher. >> well, the stock -- sorry. the stock has we are formed really well. 400 million-doll

susan: tim cook, apple. biggest company in the world. ceo of the $3 trillion company.. susan. lauren: lauren. stuart: lauren, sorry. right. lauren: i've said that before, bill clinton and not focusing on glamping and asked him a few questions and bill clinton looked at me in such a piercing way i'd never forget. stuart: sally writes, desantis and trump and ask all the questions your listeners want and do a better job in all the media and name your own panel and i don't think so. lauren: why not? stuart: not much of a moderator or panel discussion kind of guy. not that kind ofday guy. susan: do it on twitter spaces. stuart: i would argue with him. pick a fight. susan: you're not objective enough. is that so? stuart: totally so. that's much. this from june. what is your favorite thing to do on your farm? that's easy, trail maintenance. he does that on his ranch in california. trail maintenance and satisfied and doing physical work in the woods and coming down. lauren: ride the tractor. that's .y stuart: you don't ride a tractor into the woods. sarah writes, i'd love for

overall, they fell for a second quarter in a row apple not providing formal guidance tim cook told cnbcwas a good quarter from the iphone point of view joining me now to breakdown the results is martin yang martin, good morning martin, you might be on mute i can't hear you hope we fix that technical difficulty let's get a sense of the quarter. revenues decline, but there were beats in segments including the iphone >> we account for the foreign exchange headwinds and the quarter will show growth across several key markets. including china. i think overall, the tough and weak mobile phone market, the iphone did well. >> i want to look at the device sales for apple. that is a point of weakness. we saw a buy up of devices during the pandemic. we saw that pull forward of demand that should be here now looking at iphone sales, they were up 2% mac sales were down 30% year over year. ipad sales down 30% year over year what do you make of that and when do trends reverse >> we are likely to see most trends across tablets and notebooks reversing to later around fourth quarter this year. >> was the

caroline: apple helping to drive the market higher and you mentioned it, let's talk about how apple ceo tim cook was discussing the earnings. he was on the call after the beat. he touched on artificial intelligence. >> i do think it is very important to be deliberate and thoughtful in how you approach these things. there is a number of issues that need to be sorted. caroline: let's get more on all of this. scott kessler. let's go back to basics with that it the broader picture. were talking about nuances of ai but really it is about iphone with demand internationally. scott: if you think about the quarter they reported, more than half of revenue came from my phone. iphone outperformance but as you alluded to it seems that major other product areas, we dig about hardware, mac and ipad and wearables, those also i declines -- those all saw declines. iphone was the standout in total revenue but also in the beat. that helped carry apple over the finish line. i think there is a real interest here on india and emerging markets. how much confidence does that give you that apple has pockets for major gro

nobody gives a [ bleep ] about right after "stared at an eclipse" and right before "called apple ceo tim cook [ cheers and applause nothing. nothing involving the criminal justice system is fun. oh, sure, you might think it's fun to be one of the guys they bring in to fill out a police lineup well, i used to do that for a little extra money back in the day, and it was fun. till the day i got fingered for the liquor store that b.j. novak knocked over they should've known that it was him because you know what he did to the security camera [ laughter ] donald trump thought it would be fun to be arraigned in new york city. nothing involving the criminal justice system is fun, especially in new york if they told me i won the lottery but i have to go to the manhattan courthouse to pick up the check, i'd think, "i don't mind working." [ laughter ] but here's one thing i can tell you, just as an outside observer who has watched donald trump for many years now the man is not having fun. for one thing, he wasn't paraded around by authorities. he moped through the hallways of the criminal courthouse sur

they say tim cook on the call with a record quarter in india strong double digit growth year on year. there is growth happening. it is important to recognize a small market for apple with a tiny revenue the market share generally in india is 6% or so versus the bigger players who still come nature that market -- still dominate that market. it is not just iphone sales in i india, but manufacturing and increasing that manufacturing as they pivot away from china with the supply chain issues and fragilities for that last year it is about iphone sales and manufacturing. >> arjun, excellent analysis we will continue with richard windsor. richard, great to speak with you this morning we had debate around the desk. i don't know if you have been listening of how we should think of the apple numbers you think this is a strong set of numbers from apple. not a case of as bad as feared, but flawless what is your case here >> in the smartphone market with the conditions, the smartphone market will decline 10% this year if you look at the supplies of the smartphone market, they had a pretty difficul

there's a real kind of mystery going on in china right now, mike, with tim cook telling me, when i talkedings a couple weeks ago saying, look, china reopened and people went out there and bought iphones. then we hear the opposite story from other manufacturers, especially qualcomm, which supplies chips for android phones i was talking to jim cramer about this a couple days ago we're scratching our heads, what is going on with smartphone demand, especially in china? it's almost as if the country woke up -- or opened up and everyone went out and bought iphones and nothing else i'm curious to get more data from the retailers to get a read on what's really happening over there in china >> historically, steve, we can all recall times when you do have these reports, whether from an analyst or from a news outlet about the supply chain, trying to figure out the channel checks and what the contractors are up to in terms of volumes it hasn't always matched up that well with what apple itself eventually ends up reporting, whether because they're getting pricing or just have a clearer window on deman

not just talk i think this is a big piece of really the cupertino strategy that tim cook is sort of going partly pressure from lawmakers watching communist china watch into companies like bane con subtle subtleing rated the place steel but will property i spoke with carolso jimenez he said you need get out of the china specifically apple. >> apple unbelievably vulnerable to china we advise time to get out phenomenal china will pull that string will cut you off. maria: i know you wrapped up a two week trip to asia. >> her definitely seeing more shy away from china toward u.s., i think a clear sentimentship a lot of stock alibaba you never know what is going to happen coming out of beijing so you see a lot more to u.s. -- moderating pap continues hearts and lungs you are seeing diversification i know you said a.i. is 800 planned opportunity chatgpt brought major competition among tech giants elon musk spoke to "the wall street journal" ceo yesterday about future of a.i. said i think is there should be significant third horse in the race i don't want to jump the begun on announcements but op

by the way, tim cook does not like you to call it consumer >> what does he want you to call it >> a techct. but sue decker, the lead director, called it a consumer product. >> we'll get cramer's "mad dash," countdown to the opening bell obviously, a lot to get to on an important and interesting week one more look at futures ahead of the opening bell in about nine minutes when we come back dad, we got this. we got this. we got this. we got this. life is for living. we got this. let's partner for all of it. edward jones municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free, now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least 10,000 dollars to invest, call and talk with one of our bond specialists at 1-800-376-4376. we'll send you our exclusive bond guide, free. with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income an

their install base the spend is per user is going higher they have emerging markets i thought that tim cook's comments of india being at the tipping point, on the cusp of something really great -- >> you'd be overweight then? >> i'm not overweight right now. i'm not, no. i missed it. i think what they're doing is very good. the valuation has been hard with this one, right? you're paying 26, 27 times >> it hasn't always been hard because it was in the teens. >> sure, but -- >> ex-cash. >> it's not all gloom and doom >> in fact, if it is all gloom and doom, that's the place you want to hide >> for sure. i agree with you on meta it's much more compelling and you're going to go from declines in revenues to the second half of the year and that's an inflection point and some of it is reflected into the stock pr price. >> some is reflected in the stock price of meta? what's meta's forward p/e? >> 17 times. >> it's that much more compelling >> 17 times. 17 times for a 30% earnings growth i take that way over >> they're continuing to initiate catalyst. i know we weren't supposed to kind of dive into i

tim cook made waves after visiting back in march this a

>> i see a great brand, and i think a good management team i think andy jassy is being tim cooked theket underestimated him and continued to say he's not a great ceo, he's not innovative they were wrong and he was right. so jassy brought the cloud business to amazon i think he needs to be given a little bit of time the stock is up quite a bit, but it has the potential with the cloud business, with advertising, with retail, there's a lot of levers to pull at this company. sometimes i think some of these companies get underestimated because they have too many good businesses the microsoft problem. but you use this as an opportunity that the volatility to add to holdings, and this is when you want to continue to hold i calculated the returns i can't remember, but it's some ridiculous number. and there's been a lot of ups and downs. >> they're all up there. it's not just tech, and people, lulu, and o'reilly, that one with auto zone looking a little more questionable, maybe not so there are some consumer names, obviously the growthier ones >> yeah, and kelly, really quickly, one of the thi

last week steve could he vac and i had a call with tim cook who made it clear that apple's phones aref two boe bones. not long after apple hr sold to tell co chip makers, they said android has been a star and has simply hit a wall. i was talking about how the mighty had fallen but it's pretty clear it's in keeping with the rich are spending like that in china. they don't want cheap bones that run on android or maybe the rich can afford apple and the rest of the country is too worried to buy anything even coach picks up scaled handbags did incredibly well in china. the was it just okay for starbucks, which gave us a so-so forecast, shocking, given we thought sales would come roaring back at the gate i still believe we earn them for the trust. at the top of the show, we didn't see good numbers from estee lauder they sell expensive cosmetics but the purchase point are from duty free stores that have been favorites of the mid dle class. if you didn't know better, you might have to conclude that china's become a normal late stage capitalist company where the rich have a lot of money and ar

that's the overall picture and tim cooke and the apple ceo saying they expect the operations to fare healthy. supply issues and constraints seem to have abated as well. >> i've had this phone for a cup of years and now the case is broken. i need to update that. the european central bank has slowed the pace of interest rate hikes, potentially good news. what else have we learned yesterday? >> yeah, so it is perhaps a suggestion towards a pause, right, because a similar picture to what we saw from the fed earlier in the week as well also hinting seeing that 25 basis point hike in interest rates lower than the 50 basis point hike we'd seen previously. really noting quite heavily in fact that slow down does not mean they've actually stopped their fight against higher inflation for the entire 20 coneztries and usually ineuro inflation is at 7%. that's more than two times than they wanted to be and of course the fight against inflation still continues with the president of the ecb. the banking crisis isn't affecting europe as much but still a few fears here and there. but 25 basis points i

apple's ceo tim cook talked to analysts and reporters thursday afternoon about the company's profitsno big layoffs, the head of apple says. a dividend and stock buybacks for shareholders, as we predicted. this is pacific western bank, the latest regional bank to get itself into trouble. this is remarkable. the amount of money the share price fell is actually bigger than the share was at the end of the day. so around 6 1/2, a 50% cut. pacific western says it has not seen significant outflows, that is people aren't pulling their money out of the bank, which turns the bank's problems from bad to disaster. this bank is based in beverly hills. these regional banks, like pacific western in 90210 or silicon valley bank, had a lot of rich clients, and you would think rich clients are good clients. but when a bank has depositors who have more than $250,000 in deposits, they're more likely to withdraw that money because it's not protected by the fdic. pacific western bank is the one in trouble. they're at the bottom, but there's also an oregon-based bank called pacific west bank corp., totally

you have been hearing lately tim cook at apple hammering a way, india, india, that is where our fortunes other day, internet users in india versus america, two to one of the world's largest democracy. get, it doesn't feel hike we do have a great relationship with them. not only that though, listen, they have been buying russian oil. they have been doing a lot of different things. of course they want to take care of their nation first. if that oil is cheap. we've been wagging our fingers at them. how can we wag our fingers at the same time woo them away from china? >> this is a great, this will be the billion dollar question, charles. i actually think the democratic party especially with biden administration is not suited well to do this unless there is some major change because they're doing all of this, progressive policies are forefront in a lot of their foreign policies that are very controversial in conservative countries like india. what the united states should be doing, listen, you're very different, india is very different country, very different democracy than the united states.

tim cook made waves after visiting back in march this as tensions between the u.s. and china remain high >>> plus despite facing headwind after headwind, the markets remain relatively calm before every major risk seems to be quickly resolved or at least ignored. but what some might see as calm against all odds, others could interpret as problematic kelly, more on this ahead. >>> and let's get a check on the markets. the s&p has gone negative and below 4200 now with a 10 point drop, a quarter percent decline. dow still down, nasdaq up by two. and nvidia briefly joined the trillion dollar club we're a couple backs at $989 billion. it joins little ranks of microsoft, apple and alphabet and amazon all thanks to that ai boom >>> and also a quick power check on the positive side of the s&p today. ford getting an upgrade to buy at jeffries, and this is overtaking gm's market cap on the negative side, comerica off session lows and bulk of the bank crisis seems to have subsided but a lot of small banks are still struggling compared to the big ones >>> and we begin with a maj

apple's tim cook talked to analysts and reporters about profits and plans. no big layoffs, he says. a dividend and stock buyback for shareholders as predicted. now, the breaking news, i don't know how many times i have stood before you and said, well, that jobs report was way bigger than expected. maybe i have to do a better job with my predictions. but the jobs report number for april just came out a few minutes ago, and that jobs report was way bigger than expected. bigger than last month's, in fact. the american economy added 253,000 jobs in april, in the midst of bank failures and interest rate hikes. the unemployment rate falls to 3.4%, back to historic lows we have not seen since the '60s. now, there were some downward revisions to the past month's estimates, but the american economy is just a stream train. the fed, of course, trying to slow that train down to fight inflation, but hourly wages were up. we're making 4.4% on average this year compared to last more, and the current inflation rate is 5%. so we are almost there. >> pacific western is the latest bank in trouble, tho

liz: we're going to be the also listening very closely to tim cook's conference call after the bell.time around. venture beat has been counting how many times ceos mention a.i. or artificial intelligence on their earnings call, and alphabet mentioned it 50 times, meta, 49. microsoft, 46. is this a fad or is it something real? i mean, meta verse or not mentioned that much anymore. >> oh, i don't think you can possibly think of this as a fad. this is a, this is -- [laughter] i used the word forever. i feel that i've been part of so many revolutions during my 50-plus years in the venture business whether it was originally in the chip revolution and then initial computer revolution and apple with the personal computer revolution in the late '70s, the cellular revolution, and then we had the internet in the '90s. i think that a.i. and every aspect of it, chatgpt, is a, probably the most, the single most dramatic development i've seen in my career. liz: wow z. and i think it's going to have a profound influence in education, in medicine, in the every arena. and i think the biggest impact w

however, mack watch and ipad sales slipped ceo tim cook says the service is part of the its movies music app set a record for sales and the attorneys general of new york and california opened a joint investigation into allegations of workplace discrimination in pay inequities at the nfl. the attorneys general who issued the subpoenas to the nfl. we're asking for information about how they've handled the claims, what steps they have taken to prevent discrimination and retaliation in the workplace from the nasdaq market site. i'm jane king. back to you during. thank you, jane. >> all right, 7.19, the time in the south bay. police now asking for your help in finding those 50 koi fish that been stolen out from the park in san jose. the fish were reportedly missing wednesday from the san jose japanese friendship garden. that's out on center road. police are not sure exactly how the thieves got inside, but one business owner tells us that koi fish are worth a lot of money. >> stick. 84, hundreds, maybe 1000 years and the fancy colors are highly desirable. can't think of any reason why anybody

actually for me i define the term, it is relatively simple exercise because if you look at ceos like tim cook, you look at elon musk, you look at the true visionaries of the universe they are in line to make billions of dollars for their shareholders. if you switch on to the other side of the fence you get the dog ate my homework. you get excuses about inflation, supply chain a management which are a cover story for a management that didn't anticipate the market correctly. finding heroes and zeros is a matter of lining up perspective. a matter of going to the stores you know and support, see with your own eyes if they continue to charge forward. that to me is how you define a hero versus a zero. charles: you see the potential of a melt up, would you take the bet on a melt up versus another pullback? >> i already have been. i've been since the beginning of the year talking about this. a lot of people i was out on a limb somewhere, that narrative is catching up with me. we're already positioned. you don't switch horses in the middle of a race you're winning. for me it is big tech. i'm particula

it's why all my talks with tim cook and his brilliant cfo start now not with the quarterly numbers but with customer satisfaction percentage which is near 100%. that's what makes this company so extraordinary no one else does it. no one, i repeat no one. most companies don't keep track of customers satisfaction. i think they're afraid to. for many companies it's seen as meaningless and expensive, that kind of customer satisfaction. in this short-term maybe it is meaningless. apple stock is hostage to the same things that plague the market, but long-term, ideally apple wants everyone in the world as a customer. there are only two things that impede their growth. there are 2 billion people who haven't been woken up by siri at 2:45 this morning or they haven't been to an apple store, haven't watched ted lasso. will adopt what the developed world adopts it's really not that hard, people it's why i always dismiss these downgrades based on seeming slowdowns. that makes as much sense as deciding not to buy a tesla because there's too many teslas. i'm remained that the lifetime value of an app

and that's major and we -- you know, tim cook has done a phenomenal job of kind of knave gaiting below the radar screen, but at some point, apple has the biggest target on their back >> the thorny issue, though, the conundrum is you put a discount on the companies that rely on china that operate out of china and you put, it sounds like, a discount on companies that are going to be near shoring, because it's inflationary. in this transition period, it's going to be very difficult >> listen, elon said it last week to david faber. i mean, all focus back on apple to your point, and, you know, when you think about their exposure there, obviously from a sales standpoint, from a manufacturing standpoint, all the investment they have made on that i think it's kind of interesting here, and i look at that apple chart, that looks like the mother of all double tops, and to your point, mel, there is no discount placed on an apple trading where it is at 27 or 28 times earnings or anything like that so, there's no discount anywhere in the market i can find for any of these things that we detail the d