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Apple hits a record! Becomes third tech giant to cross $4 trillion valuation; joins Microsoft, Nvidia club – The Times of India
Apple has reached a historic milestone, becoming the third Big Tech company to cross $4 trillion in market value, driven by strong demand for its latest iPhone lineup.The company’s shares were last up 0.2 per cent at $269.2 in early trading on Tuesday, marking a record high, reported news agency Reuters.Apple’s stock has surged nearly 13 per cent since the launch of the iPhone 17 series and iPhone Air on September 9, reversing earlier losses and pushing the stock into positive territory for the first time this year. Analysts said the robust demand for the new devices, especially in key markets such as the US and China, helped offset concerns about the company’s slower progress in artificial intelligence.“The iPhone accounts for over half of Apple’s profit and revenue, and the more phones they can get into the hands of people, the more they can drive people into their ecosystem,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management, ahead of the milestone, as quoted by Reuters.According to data from Counterpoint Research, sales of the iPhone 17 outperformed its predecessor by 14 per cent in the US and China. The ultra-slim iPhone Air is also expected to help Apple fend off competition from Samsung Electronics.Brokerage Evercore ISI expects the strong iPhone demand to help Apple beat market expectations for the September quarter and issue a positive forecast for the December quarter. The company is set to announce its fourth-quarter earnings on October 30, according to CNBC.Apple’s cautious approach to AI continues to raise investor concerns, especially amid reports that some of its senior AI executives have moved to Meta. The company’s Apple Intelligence suite, including ChatGPT integration, has been rolled out slowly, while an AI upgrade to Siri has been delayed until next year.Zaccarelli added, “The lack of a well-understood artificial intelligence strategy is clearly one of the things that is an overhang for the stock. If they could figure out how to incorporate artificial intelligence in a way that would excite consumers and the market, you’d see a whole different company.”Apple joins Nvidia and Microsoft in the $4 trillion club. Nvidia remains the world’s most valuable company with a market cap of over $4.5 trillion, while Microsoft recently reclaimed its spot after shares rose 2.2 per cent following a new deal with OpenAI to restructure it into a public benefit corporation.
Heineken has announced a substantial investment exceeding £44 million into hundreds of its pubs across the UK, a move expected to create approximately 850 jobs.
The Dutch brewing giant’s Star Pubs operation, which manages 2,350 sites nationwide, is undertaking this significant financial commitment despite a challenging period for the pub sector.
The industry has faced considerable pressure over the past year, grappling with escalating labour costs and increases in national insurance contributions.
Concurrently, consumer spending has been constrained by concerns over inflation and rising unemployment, further impacting pub revenues. However, pubs did receive additional business rates support from the government last month, aimed at alleviating some of these financial burdens.
Lawson Mountstevens, managing director of Star Pubs, indicated that the investment strategy is partly designed to bolster revenues and help the group navigate the recent “sustained increases in running costs”.
This year, £44.5 million will be allocated to upgrades for 647 pubs. A notable 108 of these venues are earmarked for particularly significant cash injections, with each transformation costing at least £145,000.
Heineken clarified that while the majority of its pubs are group-owned, they are independently operated by local licensees. A key focus for this investment, particularly in the lead-up to the 2026 football World Cup, will be on sports-focused venues.
The pub firm and brewer has a history of significant investment in British pubs, having pumped £328 million into the sector since 2018. Work has already commenced at 52 locations, including eight projects dedicated to reopening boarded-up pubs that have endured lengthy closures.
Mr Mountstevens also urged the government to reduce the tax burden on pubs, arguing it would ease cost pressures and foster further job creation within the industry.
He stated: “We can only do so much; the root-and-branch reform of business rates that the industry has been calling for over many years is urgently required, as well as a lowering of the burden of taxation on pubs, including VAT and beer duty.”
He concluded with a direct appeal: “We are calling on the Government to support us in bringing out the best in the Great British pub.”
GameStop’s boss Ryan Cohen says he sees potential to make eBay a much bigger rival to Amazon.
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It comes as the US said on Monday it will begin to help “guide” vessels out of the Strait of Hormuz.
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