Tech rundown: Apple's almost bigger than France

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Here’s today's tech rundown — everything you need to know from the world of tech in 3 minutes!

In today’s email:

• Apple’s enormous size

• Bedbug startup raises a round

• The cybertruck of scooters

The Lead Story

Tim Cook has every reason to be jubilant these days.

Apple's ascent to a $3 trillion market cap marks a phenomenal milestone, catapulting the tech giant to a stature almost rivaling France's entire stock market.

Apple's valuation, an impressive $3.1 trillion, is rapidly approaching the Paris stock exchange's collective worth of $3.2 trillion. The French exchange (Euronext Paris) is no slouch: it’s the financial home for global giants like LVMH, Airbus, and Renault.

In 2023, Apple has shone brightly, reflecting the broader success of the tech industry. The company's stock has skyrocketed by over 55%, buoyed by a recent earnings that bested expectations with $81 billion in revenue.

This valuation achievement brings with it a series of critical considerations:

1. Political Acumen: As Apple hits a $3 trillion valuation, Tim Cook's role now demands a blend of strategic insight and political savvy. Every decision carries geopolitical consequences. For instance, relocating a factory from one country to another could provoke political backlash, as national leaders strive to safeguard local jobs.

2. Innovation Imperative: This market cap places Apple under further pressure to maintain a relentless pace of innovation, aligning with the finance world’s insatiable appetite for growth.

3. Ethical Stewardship: At this echelon, Apple's operational and ethical decisions have far-reaching implications, setting industry benchmarks in labor practices and data privacy. (A comparable would be how Californian car regulations often set national standards, given the state’s importance and size.)

Alongside these philosophical challenges, the Cupertino-based company has a number of immediate concerns, too.

Tensions over national security between China and the US threaten Apple’s access to 1.3 billion consumers (early restrictions are already taking shape). There are also concerns about iPhone sales slowing. And the mass market appeal for their latest big bet, the Vision Pro, remains speculative at this point.

I know, that’s a lot of nitpicking for a company that made nearly $400 billion last year. Apple makes exceptional products for a very loyal customer base.

No doubt Apple seems well-equipped for sustained growth, not just as a tech leader but as a trendsetter in the global market. Beyond the headline numbers lies a story of a company adeptly navigating the complexities of modern business. It's a narrative that's as much about strategic foresight as it is about technological brilliance.

To top it off, Apple is on track to end the year as the world’s most valuable company, a distinction it would hold for the fifth consecutive year.

More Tech News

Elon’s Guarantee: Reports indicate that Musk verbally assured lending banks they would not incur losses from his Twitter deal; it’s already down $2b (more)

DocuSign Deal: E-agreements firm DocuSign is looking to sell to a private equity firm, which may be tricky at its current $12.5b market cap (more)

Crypto Crooks: Hackers stole $1.7b in crypto this year — a more than 50% decline from 2022 (more)

Wait & See: Adobe’s stock sinks after company confirms AI will take longer to generate material revenue (more)

More Layoffs: Online checkout startup Bolt laid off 29% of its staff recently, in a drive towards profitability (more)

VC Funding

Urban Sports Club offers users a single membership to visit hundreds of sports & wellness venues. Raised $105m (more)

Spotta has developed a bedbug detection sensor for hotels rooms and hospitality businesses. Raised $4m (more)

PursueCare is a tele-health startup to help with addiction treatment. Raised $20m (more)

Certainly Health provides a platform to book doctors with transparent, upfront pricing. Raised $2m (more)

Hyperplane is leveraging AI to help banks predict customer behaviour. Raised $6m (more)

HANG lets fans livestream with their favourite athletes; similar to Twitch but for sports. Raised $9m (more)

AutogenAI uses artificial intelligence to help businesses write bids and win tenders faster. Raised $40m (more)

Useful Sites

Merge PDFs: Merge several PDFs into 1

Bloks: AI note taker

Just Delete Me: Delete your data from websites

Chart of the Day

Distractions

The cybertruck of scooters?

220 ton building moved with soap

Birthplace of famous US cocktails

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