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New iPhones Revealed as Apple Addresses Radiation Claim
Apple [AAPL] has released four updated iPhone models and two new watches. The new iPhone 15 Pro Max models will be priced at $1,199, which is $100 more than the previous version. Apple said its iPhone 12 meets global radiation standards, after the French radiation watchdog put a freeze on its sales in France, claiming it exceeds EU limits. China has said it detected security issues with the iPhone, which is what prompted the government to restrict its use in certain departments and state-owned companies.
Chinese EV Makers Drop on EU Probe Announcement
Chinese-made electric vehicles (EV) are “distorting” the EU market, European Commission President Ursula von der Leyen said on Wednesday, announcing the launch of an anti-subsidy probe. BYD [1211.HK] closed down 2.8% and XPeng [9868.HK] fell 2.5%. Elsewhere in the space, VinFast [VFS] is to invest up to $1.2bn in Indonesia, of which $150–200m is slated for a production facility that is expected to begin operating in 2026. Ford [F] is doubling production and lowering the price of gasoline-electric hybrid F-150 pick-ups, on the back of sluggish EV sales.
Alibaba to Release Open-Source AI
Chinese tech titan Alibaba [9988.HK] announced on Wednesday that it is to make an open-source version of its artificial intelligence (AI) model, called Tongyi Qianwen, available to the public. The move can be interpreted as a sign that Beijing has given the product, developed by the Alibaba Cloud Intelligence Division, regulatory approval, Reuters reports. Organisations including Taobao, DingTalk and Zhejiang University will use Tongyi Qianwen to develop their own large language models.
Novo Nordisk Splits Stock
Having been Europe’s most valuable company in August, Novo Nordisk [NOVO-B.CO] shares fell by 2.3% on Wednesday after a two-for-one split. The split is intended to boost the liquidity of the Ozempic and Wegovy maker’s stock. Analysts are almost universally convinced of the potential of the weight-loss drugs: “This is a once in a generation type of story in that this is not just a big market, but these drugs… have the potential to change society in meaningful ways,” said Barclays’ Emily Field.
TSMC Looks to Japan
Taiwan Semiconductor Manufacturing Company [TSM] is increasingly turning to Japan as a production base, impelled by issues at its US factory, where it has struggled to recruit sufficient workers. Meanwhile, its $8.6bn fab currently being built in Japan — on the island of Kyushu, which is positioning itself as a chipmaking hub — should be ready to produce chips by 2024, according to Reuters sources. The world’s largest contract chipmaker is reportedly weighing building a second fab in the country.
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