|Day's range||0.2000 - 0.2600|
Apple announced this morning it's allocating more than $400 million toward affordable housing projects and other homeowner assistance programs in California, as a part of its earlier multiyear pledge of $2.5 billion to address the state's housing crisis and homelessness issues. The funding is expected to support thousands of Californians with first-time homebuyer assistance or new, affordable housing units, Apple says. Projects launching in 2020 include 250 new units of affordable housing across the Bay Area -- the first affordable housing developments funded in a private-public partnership with Housing Trust Silicon Valley.
(Bloomberg Opinion) -- For a long time, U.S.-based internet giants entertained the idea of finally accessing the world’s biggest market and tapping into a base of more than 1.3 billion potential consumers. Now, just as the door to China appears firmly shut, the next giant market is opening up.Alphabet Inc. CEO Sundar Pichai is ready to realize India’s potential with the one way executives know best: a big fat check. The American search-engine giant said its Google unit plans to spend $10 billion over the next seven years on operations, infrastructure and investments as a “reflection of our confidence in the future of India and its digital economy.”American corporate leaders from Apple Inc.’s Tim Cook and Amazon.com Inc.’s Jeff Bezos to Facebook Inc.’s Mark Zuckerberg have all known that India could be the next big thing. Pichai, himself Indian-born, hasn’t sat idly by, either.Their entry has been slowed by lack of broad-based demand for services offered only in English, a national market fragmented by whimsical local taxation, and an inadequate road and warehousing network that would facilitate quick e-commerce logistics.Favorable Chinese treatment, and protectionism, allowed Alibaba Group Holding Ltd. and Tencent Holdings Ltd. to develop super-apps that deliver a smorgasbord of offerings from instant messaging to news and deliveries to financial services. No U.S. giant offers anywhere near the breadth and depth of services as their Chinese counterparts.Indian oil billionaire Mukesh Ambani has designs on doing in his home country just what the Americans couldn’t do in theirs. Four years ago, he upended the telecommunications sector with a new entrant that offered free voice calls and really cheap data. Suddenly, hundreds of millions more Indian consumers had a mobile phone in their hands and a reliable, affordable internet connection. Ambani followed that up by getting Facebook to buy a 10% percent stake in Jio Platforms Ltd. — Ambani’s holding company for telcos, media and other digital assets — for $5.7 billion. With Facebook now owning a stake in Jio, it makes sense for Google to look for its own telco dance partner, be it Bharti Airtel Ltd. or Vodafone Idea Ltd. — the only two meaningful competitors to Jio’s wireless service that are still left in the fray.Google’s big move is well-timed. The nation’s largely state-owned banking system was in bad shape even before Covid-19. After the inevitable pandemic-linked losses, institutions will be grateful to limp again and digital commerce will present a new growth avenue. When Indian consumers need loans, they’ll be giving consent to lenders to digitally piece together their credit history by pulling scraps from everywhere. Suppliers of goods and services will also want to tap cheaper working capital by sharing a real-time snapshot of their cash flows.Indian banks are at a disadvantage in the coming shakeup. Information collection, analysis and distribution is exactly what the U.S. internet companies do best. Jio with Facebook, Google (with or without a chosen partner), and even Amazon.com could have deeper insights into consumer and supplier habits than the traditional financiers. A Jio or Google-backed finance app could dish out a loan faster than a banker could pull out a ballpoint pen. That would leave the state-owned lenders offering little more than their vast balance sheets for credit creation.Not only is India finally getting the fast mobile coverage it sorely needs, its payments infrastructure is also ready. Pichai has built a payments service specifically for India, using the local platform that allows any two parties, holding accounts at different banks, to send and receive money instantly without knowing anything more than each others’ virtual IDs. The revamped network is so modern and innovation-friendly that Google has asked the U.S. to consider emulating it.Jio has garnered much of the recent attention, helped by a splashy fundraising spectacle that adds up to half of the investment in global telecom deals this year. But Google’s payment app as well as WalMart’s PhonePe have been quietly scaling up. Now, when Indian consumers want deliveries, entertainment, or a loan there’s a good chance they’ll be searching Google. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.Tim Culpan is a Bloomberg Opinion columnist covering technology. He previously covered technology for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
My contention is that using Alexa to control multiple lights simply by speaking a couple of words is convenient and quite fun. My wife maintains that the intellectual might of the world’s most valuable companies could be more usefully expended in other areas than innovating on the light switch, which is reliable, has zero latency and rarely talks back. Virtual assistants have come a long way in the past few years but they still have their foibles.
(Bloomberg) -- SoftBank is exploring options for selling part or all of its stake in Arm Holdings Inc., either through a private deal or a public stock listing, according to people with knowledge of the matter.If it pursues a listing, the chip-design company could go public as soon as next year, said the people, who asked not to be identified because the deliberations are private. That would accelerate a timeline SoftBank Group Corp. founder Masayoshi Son laid out in 2018, estimating an initial share sale for Arm some time around 2023, a goal repeated in October by Arm Chief Executive Officer Simon Segars.No decision has been made, and SoftBank could ultimately choose to hang onto the company, which is wholly owned by SoftBank Group and its Vision Fund. Son and his deputies began considering options in part because of the improving market for semiconductor companies, said two of the people. A deal would also fit into SoftBank’s current strategy to unload many of its holdings and boost the stock price through buybacks.Goldman Sachs Group Inc. is advising on a potential deal, according to the Wall Street Journal, which reported the news earlier Monday. Representatives for Arm, Goldman Sachs and SoftBank declined to comment.Arm was the U.K.’s largest listed technology company, receiving royalties from companies such as Apple Inc. and Samsung Electronics Co. for chip designs used in the world’s most popular mobile phones and tablets. When Son bought it for $32 billion in 2016, change came fast. The company added about 2,000 employees and made plans for a new 48 million pound ($60 million) U.K. office building.The chip designer is still currently valued by SoftBank at its acquisition price, according to the Japanese company’s latest quarterly filings. But semiconductor stocks have been on a tear. Nvidia Corp.’s market value topped Intel Corp.’s last week for the first time, powered by soaring demand for graphics chips in data centers and other fast-growing technology fields.Arm would need ample time to make preparations for a listing if it goes that route. Marcelo Claure, the chief operating officer at SoftBank, said in an interview with the Financial Times published Monday that he doesn’t expect Arm to be public in the next 12 months.If it pursues a listing, it’s unclear whether Arm would go public in the U.K. or the U.S., where it has been slowly shifting many of its key executives in recent years. If it does so in the U.K., the 25% free-float needed would make it one of the biggest tech IPOs in years.SoftBank’s shares have more than doubled from a low in March, taking the Tokyo-based company’s market value to $127 billion, with record equity buybacks and a series of wins helping the stock recover from setbacks in 2019 led by its investment in WeWork. SoftBank sold part of its stake in T-Mobile US Inc. last month, part of a broader $42 billion push to unload assets to finance stock buybacks and pay down debt.Arm, which is owned by SoftBank and its $100 billion Vision Fund, is looking to cut costs and improve earnings, said one of the people familiar with the matter. The company lost 42.8 billion yen ($400 million) in the fiscal year that ended in March. It’s also planning to transfer its data and device-management business to parent SoftBank to focus on its main semiconductor operations. The Internet of Things Services Group was billed by Arm as a key initiative to expand into managing information from millions of new devices being connected to the internet.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
In the latest pandemic-related twist for Apple (NASDAQ: AAPL), the company has asked many of its store employees to work remotely. Amid the recent surge in coronavirus cases across many states, some Apple stores have again shut their doors. In a video circulated among these retail employees, Apple's senior vice president of retail and people, Deirdre O'Brien, asked workers to serve customers over the phone or online.
Apple (AAPL) closed the most recent trading day at $381.91, moving -0.46% from the previous trading session.
(Bloomberg) -- Apple Inc. is readjusting operations as Covid-19 cases continue to spike in the U.S. and some other parts of the world.The Cupertino, California-based technology giant is pushing retail staff to work remotely as the virus forces the company to shut some of its stores again, according to a video message sent to employees. It is also shipping Covid-19 test kits to employees’ homes, and told staff in a memo that a full return to U.S. offices won’t occur before the end of the year.In a video shared with Apple retail employees over the weekend, Deirdre O’Brien, Apple’s senior vice president of retail and people, pressed employees working at stores that have closed again to begin working from home to serve customers buying or seeking support for products online or over the phone.“If your store is closed, please sign up for Retail at Home, please talk to your manager, because we really need to make sure that we shift our teams to greet our customers remotely in this time,” O’Brien told staff in the video. “We may need to be working remotely for some period of time.”The Apple executive said that given the increase in customers looking to buy or service products online during the pandemic, some consumers are experiencing “significant wait times.”“This is not the experience that we want to have for our customers,” O’Brien added. “So we really want to make sure that we are moving to where our customers are, to help them during this very challenging time. As you know people are really dependent upon their devices, especially right now.”In March, Apple launched a program to let retail workers switch to online roles while most of Apple’s stores were shut across the world.Read more: Apple Asks Store Workers to Take On Tech Support RolesIn the video, O’Brien also told staff that, beginning later this month, they will get name tag lanyards for use in store that they can customize with their own Memoiji, Apple’s system for users to create virtual avatars of themselves on the iPhone. This will help retail staff be more recognizable while they wear face masks, she said.Of Apple’s 271 U.S. retail locations, more than 90 have had to close again due to Covid-19 spikes. The company has also shut some stores again in the U.K. and Australia. For locations that remain open, the company is requiring face masks for customers and employees as well as temperature checks upon entry. “The way we have been managing the protocols has been really effective,” O’Brien said in the recent video.The company has also started a program that allows retail and corporate employees working remotely to take Covid-19 tests at home. The tests will be shipped to employees, and then the kit can be sent to a testing site for processing. Last month, Apple started letting corporate employees returning to its offices take on-site Covid-19 nasal swab tests.The company has also shared new information on its plan to return to offices. In a memo to staff last month, the company said, “We currently do not anticipate a full return before the end of the year” for offices in the Americas, but that it does “anticipate full resumption will take place over the coming months based on local conditions” for “many” offices in the Asia-Pacific region and Europe.Read more: Apple Tells Staff That First Phase of HQ Return Begins June 15Apple recently spent several billion dollars on a new Silicon Valley campus and has hardware-development processes that rely on working from the office.The company is bringing staff back to its main office in phases, with the first phase having begun in mid-June. That phase was for employees who can’t effectively do their jobs from home, such as those working on future hardware products. In its recent note to employees, the company wrote that “we’ll begin to welcome back team members who prefer to work from the office or those with projects that require them to be in the office, while continuing to significantly limit total occupancy.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Apple is carving out a new all-time high, and Disney is being forced to shut down its Hong Kong resort.
(Bloomberg) -- Amazon.com Inc. shares rallied on Monday, and the advance lifted the company’s market capitalization above Microsoft Corp. for the first time in more than a year.The stock rose as much as 4.5% in its fourth straight daily advance, giving the e-commerce and cloud-computing company a valuation of about $1.66 trillion, or about $30 billion more than Microsoft’s market capitalization. According to an analysis of Bloomberg data, Amazon last exceeded Microsoft in size in February 2019.Recent gains in Amazon have come amid a growing consensus that it will be a major winner from the pandemic, which has accelerated a shift to online retail and fueled demand for cloud-computing services. Earlier, Cowen raised its price target to the highest on the Street, citing the continued “demand surge” from the pandemic, “in particular as the U.S. faces staggered and sometimes halted re-openings.”Among U.S. stocks, Amazon’s rally means it is second only to Apple Inc. in size; the iPhone maker’s market cap leads at $1.73 trillion. A rally in mega-cap tech and internet stocks has also resulted in Google-parent Alphabet Inc. eclipsing $1 trillion in market cap recently.Globally, the list is topped by Saudi Aramco, Saudi Arabia’s national oil company, which currently has a market cap of about $1.78 trillion.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The second quarter's marketwide earnings are going to be rough -- that's not in dispute. The only question is: How bad? Whereas only the final month of the first quarter of 2020 was crimped by coronavirus lockdowns in the United States, the entire three-month stretch we just wrapped up has been mired by the pandemic.
PoolCorp, Simon Property Group, HP, Dell Technologies and Apple highlighted as Zacks Bull and Bear of the Day
(Bloomberg Opinion) -- The stock market has been on a tear for the past three months, and Big Tech gets much of the credit.But how can this possibly be when the coronavirus has inflicted so much damage on the U.S. economy, with the highest unemployment since the Great Depression and gross domestic product headed into a black hole? And anyway, it's not as if tech is untethered from the economy.Yet, maybe tech isn't all that dependent on growth in the U.S. Compared to the rest of the world, and for the first time in ages, many wealthy industrialized countries are doing better -- and in some cases, much better -- than the U.S. Nations such as Japan, South Korea and Germany not only have managed to contain the pandemic, but their economies are well ahead of the U.S.'s into their re-openings. For the past five years, a small group of tech stocks has had an outsized influence on U.S. markets. Two-thirds of the gains in the S&P500 have been driven by just six U.S. companies -- Facebook, Amazon, Apple, Netflix, Google (Alphabet) -- the so-called FAANG stocks -- and Microsoft. An index of those six stocks is up more than 62% since the March lows, while the S&P 500 is up about 40%.Overseas markets may very well be a key reason shares of the biggest U.S. tech companies are powering higher. These tech companies derive a surprisingly large share of their revenue from foreign markets. According to Standard & Poor's, companies in the S&P 500 derived 42.9% of their sales from overseas markets in 2018 (2019 data is not yet available).But this share is much higher for the big tech companies: Apple generated more that 55% of its revenue outside the U.S. in the year ended in September; in some quarters, overseas accounted for as much as 60% of revenue. International accounted for 54.5% and 53.8% of Facebook and Alphabet revenues, respectively. For Microsoft and Netflix, the split is about half domestic and half overseas (49.0% and 49.4%, respectively). Amazon is the Big Tech exception, generating a sizable majority of its revenue within the U.S.What make overseas so important, though, is because that's where the growth is. Netflix had revenue growth of 21% in 2019, but the domestic side was a laggard at just 7%. Facebook, meanwhile, now has more users in India than in the U.S., with Indonesia and Brazil growing fast. For Alphabet, Asia and Latin America have produced faster revenue growth than the U.S.It isn't a coincidence that these companies that are so reliant on the rest of the globe have seen their stock prices do well. The Covid-19 numbers suggest that much of the world is way ahead of the U.S. not only in terms of managing the pandemics, and that their economies are recovering faster.As of July 9, globally, there were more than 12 million confirmed cases of Covid-19 and almost 550,000 deaths. In the U.S. those figures were 3 million confirmed cases and 132,000 deaths. This data is a report card on how well the country is managing the pandemic: The U.S. has 4.2% of the world’s population, but 25% of the infections and 24% of the deaths.And yet, even this national incompetence has worked to the advantage of the Big Tech companies. All they require of their customers is a computing device and a network connection; users are not limited by geography -- either domestically or internationally. Nor do users need to have a physical presence at an office.Some companies are well positioned to survive the pandemic lockdown, thriving during an era of remote work and social distancing. Many of these same companies are well positioned to benefit from the rest of the world’s economic recovery. As it turns out, tech companies can profit both from the U.S.'s shutdown and a recovering Europe and Asia. It is a very effective one-two punch. It explains so much of the market’s gains.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Barry Ritholtz is a Bloomberg Opinion columnist. He is chairman and chief investment officer of Ritholtz Wealth Management, and was previously chief market strategist at Maxim Group. He is the author of “Bailout Nation.”For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The coronavirus pandemic is creating a boom in demand for traditional PCs, due to a wholesale shift to remote work at many companies across multiple industries. In addition, educational institutions have also moved toward remote learning solutions.
While work-from-home stocks like Zoom Video and Peloton Interactive may have been getting much of the attention in financial media as the highfliers of the current market rebound, the world's most valuable publicly traded company has been regularly hitting new all-time highs as well. Apple (NASDAQ: AAPL) now has a market capitalization of $1.65 trillion, with shares trading above $380. On the flip side, the stock's strong price action may have attracted some new investors who are wondering whether there's still upside ahead for the tech giant.
Having a great balance sheet isn't the only reason to buy a stock, but it's a good place to start. Garmin (NASDAQ: GRMN), which makes high-tech outdoor recreation devices, has such a balance sheet. It is debt-free, with $2.6 billion in cash and marketable securities as of the end of the most recent quarter.
‘Hamilton’ is continuing to soar following its Disney+ debut with 80% of users tuning in to watch the Broadway phenomenon, according to research complied by 7Park Data.
FedEx (NYSE: FDX), Lululemon (NASDAQ: LULU), and Intel (NASDAQ: INTC) are all quietly making moves that set them up nicely for the future. Interestingly, FedEx and Lululemon have been able to adapt to COVID-19 realities and increase business, while Intel works behind the scenes to deliver advanced technology today. In 2019, FedEx cut ties with Amazon (NASDAQ: AMZN), causing many on Wall Street to shake their heads.
Targeting big tech is 'more a reflection of the moral temperature of society than it is on anything necessarily nefarious that these tech businesses are going to do or have done,' says Chamath Palihapitiya.
(Bloomberg) -- Microsoft Corp.’s LinkedIn programmed its iPhone and iPad applications to divert sensitive information without users’ knowledge, according to a class-action lawsuit.The apps use Apple’s Universal Clipboard to read and siphon the data, and can draw information from other Apple devices, according to the complaint filed Friday in San Francisco federal court. The privacy violations were exposed by Apple and independent program developers, according to the suit.Developers and testers of Apple’s most recent mobile operating system, iOS 14, found LinkedIn’s application was secretly reading users’ clipboards “a lot,” according to the complaint. “Constantly, even.” Apple’s clipboard often contains sensitive information users cut or copy to paste, including photos, texts, emails or medical records.“LinkedIn has not only been spying on its users, it has been spying on their nearby computers and other devices, and it has been circumventing” Apple’s clipboard timeout, which removes the information after 120 seconds, according to the suit.LinkedIn spokesman Greg Snapper said the company is reviewing the lawsuit. Erran Berger, head of engineering at LinkedIn, said in a July 2 tweet that the company had traced the problem to a code path that performs an “equality check” between contents on the clipboard and typed text. “We don’t store or transmit the clipboard contents,” he added.The lawsuit was filed on behalf of Adam Bauer of New York City, who says he routinely used the LinkedIn App on his iPhone and iPad.The suit seeks to represent a class of users based on alleged violations of federal and California privacy laws and a breach of contract claim.LinkedIn’s information collecting was reported earlier this month by outlets including the Verge and Forbes.The case is Bauer v. LinkedIn Corp., 20-cv-04599, U.S. District Court, Northern District of California (San Francisco).(Updates with LinkedIn spokesman in fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg Opinion) -- India quite literally needs to put a roof over its China dream.It took a pandemic and a lockdown to highlight the precarious existence of the country’s blue-collar workers. Left without jobs and shelter, an estimated 30 million — roughly a fifth of the urban labor force — have gone back to their villages, with many completing long, hazardous journeys on foot when trains and buses shut down.No wonder, then, that Prime Minister Narendra Modi’s government cleared a plan this week to build inexpensive rental dwellings in cities for 350,000 workers.Giving rural migrants an incentive to return is crucial to restoring economic activity to pre-Covid levels. But there’s an opportunity here to do much more. For India to industrialize, rethinking the housing situation will be as important as freeing the urban poor from large medical bills and helping them build retirement savings. If the country of 1.3 billion people wants to be a factory to the world — the next China — it must start by giving workers low-cost living quarters.India is sitting on an inventory of more than 1.3 million unsold homes. Mumbai-based property researcher Liases Foras estimates that roughly half of these units could face delays and other execution risk; prices on nearly nine out of 10 apartments may have to be cut by 5% to 15% to hook wary buyers. That’s billions of dollars in lost revenue.It may not be possible to repurpose this stock as worker accommodation. Nevertheless, as losses on pricey condominiums crystallize for struggling developers and stretched financiers, they can be made more bearable by tax breaks, cheap government land and other fiscal support for affordable rental housing — a new revenue stream. Assured of a decent rental yield, investors will be encouraged to finance this new asset class. Institutional capital will return to depressed real estate. Construction will absorb surplus manpower and create badly needed wage income. Cheap urban rents will bring India the full benefit of labor mobility, which isn’t constrained by Chinese-style hukou, or city registration requirements. Yet the rapid urbanization that turned East Asia into an exporting powerhouse and created a foundation for mass consumption has eluded the country. Young men migrate to cities for economic reasons, and return to their villages in old age. Apart from cultural factors, availability and cost of housing is the main reason why women and children stay behind, making urbanization in India both slow and rather “masculine,” as economist Chinmay Tumbe, who has studied migration trends since the 1870s, has put it.While the gender ratio of large cities is no longer as skewed as it was in the early 20th century — 500 to 600 women for 1,000 men — it’s still a lopsided 868 in Delhi. For Surat, a major diamond-cutting and textile center on India’s western coast, the ratio is even more unbalanced at 756. Surat is still an exception in that it has a lot of manufacturing. A peculiar facet of rural-urban migration in India, according to Tumbe, is that most of the workers end up in service-industry jobs. Creaky infrastructure, infuriating red tape, occasionally overvalued currency and lack of meaningful free-trade arrangements have held back the share of manufacturing in the economy to 16% — a modest rise from 5% in 1901. Back then, British colonialists had kept India under-industrialized so they could sell their wares in a market that produced little of its own. Now, it’s a small urban elite — whose own ancestors left villages a long time ago — that’s keeping new migrants employed as chauffeurs, housemaids, condominium security and ATM guards.The economy is geared to satisfy the top 150 million earners, as Rathin Roy, until recently the director at the New Delhi-based National Institute of Public Finance and Policy, has argued. This depresses the wages that would be generated by becoming good at making what the next 300 million want. In the absence of broad-based income growth, consumers boosted spending by borrowing. When they eventually started to deleverage last year, India faced an acute demand funk, even for 7-cent munchies.Since then, Covid-19 hasn’t been the only wake-up call. Rapidly deteriorating U.S.-China relations portend sweeping changes in global supply chains, but even in its own neighborhood, India isn’t competitive in manufacturing. A once-in-a-generation opportunity could slip out of its grasp. At a furniture store in Ho Chi Minh City some years ago, I saw colorful satin-upholstered sofas whose sides were drab black polyester. This, I was told, was because the sides would take dirt from motorbike tires and must be easy to clean: A Vietnamese family would park the two-wheeler, its most precious possession, next to the living-room furniture to keep it safe at night. Societies that value and make things that workers themselves use lift living standards and labor productivity. No wonder Vietnam, now a hub for Samsung Electronics Co., is winning investments from Inventec Corp., Apple Inc.’s main assembly partner for AirPods, as well as Hon Hai Precision Industry Co., better known as Foxconn.India must also make more shoes, clothes and toys. To create a permanent urban workforce that will both produce and consume those wage goods, it should also build millions of new homes.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The Nasdaq is like "a train that is moving faster than any train we've ever seen before,” says one veteran strategist.
Apple (AAPL) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.
The Zacks Analyst Blog Highlights: Apple, Microsoft, TMobile US, Goldman Sachs and Cigna
Apple (AAPL) set to support Intel's Thunderbolt USB-C connectivity standard on new Apple silicon computers, despite the lack of Intel processors.