Michael Siluk/UCG/Universal Images Group via Getty Images
Novo Nordisk said it will cut prices of Wegovy amid rising sales and competition.
Sales of the blockbuster drug more than doubled in the first quarter year-on-year.
Novo faces competition from Eli Lilly and scrutiny from the US government over drug pricing.
Danish drugmaker Novo Nordisk will lower prices of its weight loss drug Wegovy as it plans to raise sales volumes and navigate tough competition.
Prices for the blockbuster drug fell in the first quarter. The company plans to continue to cut prices in the US because of high volume and competition,chief financial officer Karsten Munk Knudsen said on the company's Thursday earnings call.
Sales of Wegovy more than doubled in the first quarter year-on-year, to 9.4 billion Danish crowns, or $1.3 billion, according to the company's earnings. In the US, more than 25,000 new patients are starting the drug weekly, compared to 5,000 in the beginning of the year, Knudsen said.
Knudsen and CEO Lars Fruergaard Jorgensen said on the earnings call that they're prioritizing accessibility to Wegovy, instead of keeping prices high — despite significant demand at current costs. They did not specify how much Novo plans to cut Wegovy's prices.
The Danish pharmaceutical maker, which also produces viral weight loss drug Ozempic, reported better-than-expected sales of 65 billion Danish crowns, or $9.4 billion, in the first quarter. The company also raised forecasts for 2024 and said it expects to sales to grow between 19% and 27%.
The Wegovy price cuts come as Novo faces competition from US rival, Eli Lilly, which also posted earnings this week and reported a 26% increase in revenue in the first quarter. Eli Lilly said that revenue growth was driven by Ozempic and Wegovy competitors Mounjaro and Zepbound, which are used to treat Type 2 diabetes and obesity, respectively.
Novo's pricing for Ozempic and Wegovy has come under recent political scrutiny. Last week, US Senator Bernie Sanders launched an investigation looking into "the outrageously high prices" Novo charges for both drugs in the US, which he said were much higher than in other countries.
Wegovy and similar weight-loss drugs have become a huge business. With the US adult obesity rate at around 40%, the drugs could be prescribed to 15 million Americans in the next few years, per a 2023 Goldman Sachs report. The bank estimated that the anti-obesity drug market to grow to $100 billion by 2030.
The highly-coveted drugs are being snagged by celebrities like Oprah Winfrey, Elon Musk, and Charles Barkley. They are also gaining popularity with people who are going out of their way to afford them.
Travis Kalanick, the CEO of City Storage Systems, speaking at a 2013 event.
Eric Piermont/AFP
City Storage Systems' restaurant tech arm cut staff this week, including more than 80 in the US.
Otter, which runs a number of software and hardware businesses, is seeking profitability.
Otter has $80 million in annual recurring revenue and continues to grow, an executive said on Thursday.
Six months after layoffs at food technology company City Storage Systems, another round of cuts hit teams globally, per leaked audio obtained by Business Insider.
More than 80 US employees were cut at Otter, the company's restaurant tech arm, said a source familiar with the people laid off. Layoffs also affected teams in Canada and Latin America, among other regions.
Otter head Guido Gabrielli told staff in an all-hands meeting on Thursday that Otter made the cuts because the company is "trying to get profitable as soon as possible," per audio obtained by Business Insider. He said leaders would "try our best" to avoid future layoffs.
The total number of staff affected was not immediately apparent. CSS employs about 3,300 people — down from about 4,300 in November, before the last significant layoffs.
A representative for CSS did not immediately respond to a request for comment sent outside normal business hours.
In fall 2021, CEO Travis Kalanick raised $850 million for CSS from investors including Microsoft, at a $15 billion valuation. Since then, the company has faced similar headwinds to the rest of the tech and real estate industries, including higher interest rates and slower customer demand growth than during the pandemic boom.
Through CSS, Kalanick wants to reinvent the business of food, just as he upended transportation by founding Uber. CSS's other big unit is CloudKitchens, which renovates warehouses into ghost kitchen facilities for mom-and-pop restaurateurs and big companies like Chick-fil-A.
At Thursday's all-hands, Gabrielli said the company has notched $80 million in annual recurring revenue and has 100,000 restaurants paying for at least one service.
"Growth is not something very common today in the SaaS world and in the tech world and we still have it," Gabrielli said.
Otter's business includes order management for platforms like DoorDash; a virtual menu arm; a revenue recapture business, which claws back money owed to restaurants; and a newer point of sale system.
Gabrielli said Otter has about 500 McDonald's customers for its revenue recapture business. That product faces increased competition and slowing growth, he said.
Otter's point-of-sale system "is doing fantastic" for its small size, with about half a million dollars in revenue annually.
Otter's leaders have also talked with tech companies that are trying to raise money, Gabrielli said. Some companies that notched billion-dollar valuations two years ago — at the height of zero interest rate-catalyzed investor enthusiasm — are now struggling with a year of no growth, he said.
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Students protesting Israel's war on Gaza may be ruining their career prospects, says Kevin O'Leary.
The "Shark Tank" host said employers could identify applicants who joined in the protests using AI.
"I can't believe the stuff I find in background checks now. These people are screwed," he said.
"Shark Tank" host and investor Kevin O'Leary says pro-Palestinian student protesters will be "screwed" when they start job hunting.
This, O'Leary says, is because employers can now use AI technology to screen applicants and filter out those who have taken part in protests. Advancements in technology have made it much easier to identify people on camera, the businessman added.
"Here's your resume with a picture of you burning a flag. See that one. That goes in this pile over here, cause I can get the same person's talent in this pile that's not burning anything," O'Leary told Fox News' The Five on Wednesday.
"There's plenty of consequences for all those people. Even an image that far away, AI can generate who they are by the way the body moves. I can't believe the stuff I find in background checks now. These people are screwed," he said.
Kevin O'Leary on the campus protests: "There's plenty of consequences for all those people. Even an image that far away, AI can generate who they are … These people are screwed." pic.twitter.com/P1NnWqbL23
— The Post Millennial (@TPostMillennial) May 1, 2024
O'Leary told CNN in an interview on the same day that protesters could still be identified even if they tried to mask their identity by donning a mask. This is because they can be identified via retinal scanning, he claimed.
"This is what's happening with AI. So if you're burning down something, or taking a flag down, or fighting with police, I'm sorry, you're trashing your personal brand," O'Leary told CNN's Laura Coates.
Representatives for O'Leary did not immediately respond to a request for comment from BI sent outside regular business hours.
O'Leary isn't the only business executive who has weighed in on the pro-Palestinian student protests taking place at various campuses, such as Columbia University and UCLA.
Darren Woods, the CEO of Exxon Mobil, told CNBC in an interview last month that the oil giant "wouldn't be interested" in hiring students from universities that have been embroiled in pro-Palestinian protests.
"Harassment and intimidation, there's no place for that, frankly at those universities, and certainly no place for that at a company like Exxon Mobil," Woods told the outlet. "If that action or those protests reflect the values of the campuses where they're doing it, we wouldn't be interested in recruiting students from those campuses."
Exxon Mobil CEO shares his thoughts on campus protests. "Harassment and intimidation, I think there's no place for that at those universities and certainly no place for that at a company like Exxon Mobil." pic.twitter.com/Zkgs99bjmH
Comments from executives like O'Leary and Woods underscore the damage students might be inflicting on their own careers through their political activism.
German Chancellor Olaf Scholz (R) and NATO Secretary General Jens Stoltenberg depart after speaking to the media prior to talks at the Chancellery on April 26, 2024 in Berlin, Germany.
Sean Gallup/Getty Images
NATO is accusing Russia of "malign activities" in its member states, including Germany and the UK.
The alliance said this includes sabotage, acts of violence, and disinformation campaigns.
The North Atlantic Council said it "will act individually and collectively to address these actions."
The North Atlantic Treaty Organization on Thursday singled out Russia in a statement condemning "recent malign activities" in its member states.
"This includes sabotage, acts of violence, cyber and electronic interference, disinformation campaigns, and other hybrid operations," the North Atlantic Council statement said.
The council said it made its statement amid investigations and charges against people accused of hostile state activity in Czechia, Estonia, Germany, Latvia, Lithuania, Poland, and the UK.
The treaty organization said these individuals' actions were part of an "intensifying campaign of activities" carried out by Russia.
"We will act individually and collectively to address these actions, and will continue to coordinate closely," the statement added.
It further condemned Russia for its accused behavior and called on Moscow to uphold international obligations.
"Russia's actions will not deter Allies from continuing to support Ukraine," the statement read.
Russia's invasion of Ukraine in February 2022 — which the Kremlin has billed as a response to NATO aggression — has widened the rift between Moscow and its Western rivals.
The US-led alliance has provided Ukraine with some $168 billion in aid, now bolstered by a new tranche of $61 billion from the US. About $125 billion of this total includes advanced weaponry and ammunition, with NATO states saying Ukraine's defeat would be devastating for Europe's overall security.
The divide has also long been clear in NATO's rhetoric toward Russia. French President Emmanuel Macron, for example, has for months said that he would not rule out sending troops to Ukraine should Russia make significant advances on the battlefield.
Meanwhile, Russia says the alliance has effectively waged war against Moscow by sending aid to Kyiv.
In late April, two British men in their early 20s were charged by UK authorities and accused of helping Russian intelligence services in a suspected arson attack in London.
Jan Sramek is the CEO of California Forever, a billionaire-backed company that is trying to building a new city in California.
Terry Chea/AP
Jan Sramek, CEO of California Forever, wants to build a new city in Solano County, California.
He said he hopes to provide more affordable housing with the new city.
The recent "AI boom" will only make the housing crisis worse, Sramek told Kara Swisher.
The leader behind the grand plans to build a new city in Northern California believes his project will address the state's ongoing housing crisis — a matter he says will only get worse with the recent demand for artificial intelligence.
Jan Sramek, CEO of California Forever, which is a company backed by Silicon Valley's wealthiest, made his case for the new Solano County city during an episode of the podcast "On With Kara Swisher" on Tuesday.
Sramek said in the interview that his vision for the city, which would be about 60 miles away from San Francisco, is simple: to build a more walkable, dense city that is also affordable.
Previously published information from California Forever revealed that the city will be about 18,600 acres with a capacity to welcome 400,000 residents.
Sramek said on the podcast that the city could have homes or apartments starting at $400,000. The average home value in Solano County is about $590,000, according to Zillow.
The ex-Goldman Sachs trader-turned-City Founder said he has no interest in building a smart city or a libertarian utopia, but instead wants to address a persistent problem in the Golden State that is quality, affordable housing.
More than 800,00 people left California between 2021 and 2022, according to Census Bureau data. The high cost of living was one factor former California residents cited to Business Insider last year for their exodus.
A 49-unit apartment complex that is taking 17 years to build has become one recent example of the housing issue in the state.
The CEO later added that the housing problem will only get worse with the advancement of artificial intelligence, arguing that this problem makes his project more necessary.
"If the AI boom continues and the salaries continue in the Bay Area — that's going to just increase the pressure on the housing market," he said. "And it's going to be harder and harder and harder for working families to stay in San Francisco or in Palo Alto."
Sramek didn't elaborate on what role artificial intelligence will play in the housing crisis. A California Forever spokesperson didn't address the question in an emailed response to Business Insider.
One investigation by The Lever revealed that landlords could use AI to screen potential tenants, potentially opening the door for discrimination against people even with minor convictions such as littering.
But Sramek appeared to be suggesting that AI will have an impact on wages — higher salaries to attract top talent, for example — and, as a result, on people's ability to afford housing.
A blog from the International Monetary Fund stated that AI could result create a split between workers who can take advantage of AI and those who cannot.
"We may see polarization within income brackets, with workers who can harness AI seeing an increase in their productivity and wages—and those who cannot, falling behind," the IMF forum said. "Research shows that AI can help less experienced workers enhance their productivity more quickly. Younger workers may find it easier to exploit opportunities, while older workers could struggle to adapt."
Apple CEO Tim Cook at the 2024 China Development Forum in Beijing.
Tatan Syuflana/AP
Apple reported better-than-expected sales in China in its latest earnings, including the iPhone.
Still, CEO Tim Cook believes there's still "work to do" in bolstering sales to its major market.
"I think it has been and is the most competitive market in the world," Cook said regarding China.
Apple CEO Tim Cook says there's still more work to do on the China front.
Apple reported in its second-quarter earnings that the company saw better-than-expected sales in China, a major market, which has been a source of concern for investors worried about a slowdown.
While overall iPhone sales were down 10% year-over-year, CEO Cook noted that Apple "still saw some growth" on iPhone in China, specifying that "two best-selling smartphones in urban China" are the iPhone 15 and iPhone 15 Pro Max. That growth may come as a surprise to investors, as Counterpoint Research reported earlier this year that iPhone sales to China fell by 24% in the first six weeks of 2024 amid competition from local rivals like Huawei.
Still, Cook noted that there's "clearly work there to do" in bolstering sales of other products like the iPad to one of Apple's biggest markets.
"I think it has been and is the most competitive market in the world," Cook said on Apple's latest earnings call. "I believe it was last quarter as well."
Nevertheless, the CEO told investors that he continues to feel "very optimistic" about the China market, citing better economic conditions in the region as a driving factor for greater consumer spending.
"If you step back from the 90-day cycle, what I see is a lot of people moving into the middle class," Cook said on the call. He added that Apple has "a lot of happy customers" in China, pointing to the tech giant's recent store opening in Shanghai as indicative of consumer interest in its products.
"I feel good about China, I think more about long term than to the next week or so," Cook told CNBC in an interview before earnings.
Apple didn't immediately respond to a request for comment from Business Insider before publication.
Donald Trump on the cover of the National Enquirer in 2017, his first year in office.
Associated Press/Mary Altaffer
Trump's hush-money trial went full National Enquirer during a heated cross-examination on Thursday.
Stormy Daniels rep Keith Davidson was grilled by Trump's lawyer on his salacious previous cases.
Charlie Sheen, Hulk Hogan, Lindsay Lohan, and Tila Tequila were all name-dropped.
Donald Trump's hush-money trial has always had the National Enquirer as its flashy backdrop.
But Thursday's testimony was so chock-a-block with talk of C-list celebrity sex tapes and rehab scoops, it was as if the supermarket tabloid had somehow engulfed the proceeding.
Charlie Sheen, Hulk Hogan, Lindsay Lohan, Floyd Mayweather, Tila Tequila — all were name-dropped in morning testimony.
What explains their cameo appearances on week two of testimony in the only-ever criminal trial of a current or former president?
Turns out each has had a run-in with attorney Keith Davidson, a key prosecution witness who repped both former Playboy Bunny Karen McDougal and porn star Stormy Daniels.
Manhattan prosecutors say that Trump falsified 34 business records in order to hide an illegal, election-influencing, 2016 hush-money payment to Daniels.
On direct, Davidson told jurors how both women pursued catch-and-kill cash from the Enquirer for their tales of sex with Trump.
On Thursday, Trump attorney Emil Bove went on the attack.
Donald Trump at the defense table in his Manhattan hush money trial with attorney Emil Bove.
Reuters/Jane Rosenberg
Bove appeared to have one main mission in cross-examining Davidson — to create distance between Trump and his campaign on one side, and the lawyer's wheeling and dealing on the other.
"You've never met President Trump, correct?" Bove asked Davidson, as his very first question.
"Never," Davidson answered.
"And Tuesday was the first time that you've been in the same room as him, right?" Bove asked.
"That's true," the witness answered.
"You've never spoken to President Trump?"
"Never," he answered.
Scandals and money
Then Bove amped up his attack, with a series of questions suggesting that Davidson, who was a top source of stories for the Enquirer's editor, had made a career of shakedowns and scandal-mongering,
Trump was a victim, not an instigator, in any hush-money schemes, the line of questioning implied.
"What does the word 'extortion' mean to you?" Bove asked Davidson.
"Extortion is the —" Davidson fumbled. "It's the obtaining of property by threat of fear or force," he said.
"When you were negotiating on behalf of Ms. McDougal and behalf of Stormy Daniels, one of your concerns was on staying on the right side of the line with respect to extortion, correct?" Bove asked.
"I suppose," Davidson answered, hesitantly.
At another point, Bove asked, "In 2016, you were well-versed in getting right up to the line, without committing extortion, right?"
"I don't understand the question," Davidson answered after a pause.
And in this context came Thursday's onslaught of C-lister cameos.
Hulk Hogan was name-dropped during testimony in Donald Trump's NY criminal trial.
Kevin Winter/Getty Images
First, Hulk Hogan
"Isn't it a fact that in connection with events in 2012, you were investigated by state and federal authorities for committing extortion against Terry Bollea — Hulk Hogan," Bove asked.
Bollea was Hogan's given name.
"That's true," Davidson answered.
Davidson was asked about the infamous Hogan sex tape. It was Davidson who asked Hogan for cash to purchase, and bury, the tape, the witness conceded.
"At some point in 2012, you reached out to Hulk Hogan's representatives, right?"
"Yes," answered Davidson .
"You made a monetary demand to Hulk Hogan's representative in order to not publish these tapes, correct?" Bove asked.
"No," Davidson answered.
Moments later, as Bove's cross-examination continued, Davidson backpedaled.
"Did you ask for money?" Bove asked.
"There was a monetary demand made," Davidson answered, vaguely.
"Was it for purchase, so that Hulk Hogan could purchase the tapes? The rights to the tapes?" Bove asked.
"Yes," Davidson admitted.
Lindsay Lohan also made a cameo appearance, at least by name.
Amy Sussman/Getty Images
Then, Lindsay Lohan
Davidson said he also represented an employee at the Betty Ford rehab clinic in 2010.
Davidson took a very long pause, during which he took a sip of water.
"It was reported that that's what she did," the witness answered cautiously.
Bove noted that the story ran in TMZ, and asked "and you had connections at TMZ at the time, right?"
"True," Davidson answered.
"You still do, right?"
"No. Well, perhaps," Davidson answered.
"Perhaps," Bove responded, skeptically.
"You helped Ms. Holland get paid in connection with what I just described, didn't you?" Bove then demanded.
"I don't recall," Davidson answered.
"You don't recall that TMZ paid Ms. Holland $10,000 around this time?
"I don't recall," Davidson answered again.
Tila Tequila was name-dropped at the Trump hush-money trial.
Valerie Macon/Getty Images
Next up: Tila Tequila
"Do you know who Tila Tequila is?" Bove then asked suddenly of the reality TV personality.
"I do," Davidson answered.
"And in 2010, you took steps to broker a deal of a sex tape involving her, correct?"
"I believe so," Davidson answered.
Davidson was asked if he worked on that "engagement" with someone named Kevin Blatt— "sort of known as a sex tape broker, is that right?"
"I think that's fair," Davidson answered cautiously.
Bove asked Davidson if he recalled that "Ms. Tequila" was threatened by a man who said if she didn't pay $75,000 the sex tape would be published.
"I don't recall that," Davidson answered.
"You don't recall at the time of that transaction, you were on a 90-day bar suspension?" Bove pressed.
"I don't recall that," came Davidson's answer, once again.
Charlie Sheen's name also popped up at the Trump hush-money trial.
Jamie McCarthy/ Getty Images
And finally … Charlie Sheen
The topic of the cross-examination then veered without warning to Charlie Sheen.
"You know who Charlie Sheen is, right?" Bove asked.
"I do," Davidson answered.
"And you've represented some clients who you helped get paid by Charlie Sheen, right?" Bove asked.
"I've represented several clients who had claims against Charlie Sheen," Davidson answered carefully.
"And who you extracted sums of money from Charlie Sheen on behalf of, correct?" the Trump lawyer pushed.
Davidson smiled.
"There was no extraction," he answered, adding, "we asserted that there was tortious activity committed and valid settlements that were executed."
Bove asked Davidson to talk about his representation of one Sheen accuser he said "was under the influence of methamphetamine at the time," in 2011.
"You don't recall she was barely completing sentences when you got her to sign the letter" agreeing to Davidson's representation, Bove asked.
"No, I don't recall that," Davidson answered.
Davidson testified he did remember that the woman had been referred to him by Blatt, the so-called sex-tape broker. But he didn't remember if Sheen paid the woman $2 million.
"Is it fair to say that your memory seems a little fuzzy around some of these issues?" Bove asked.
"I've had 1,500 clients in my career," Davidson protested. "You're asking me about events that took place many, many years ago."
"A $2 million payment is a typical payment for you on one of these cases? So much so that you don't remember it? Is that your testimony?" Bove asked, his voice rising in pitch.
"I don't remember a settlement from 13 years ago," Davidson answered.
Capri Anderson and Keith Davidson on the set of Good Morning America in 2010.
Heidi Gutman/Getty Images
At another point in the Sheen portion of Thursday's testimony, Bove asked Davidson if he remembered "extracting another settlement from Mr. Sheen" while representing Capri Anderson.
"Again, it was no extraction," Davidson responded.
"You got Mr. Sheen to pay, correct?" Bove asked.
"Assuming arguendo that he did pay and that there was a settlement agreement, that settlement would be confidential," Davidson snapped. "And I would not discuss it here."
"Look," Bove shot back. "We're both lawyers. I'm not here to play lawyer games with you. I'm just here to ask questions and get straight answers."
The judge sustained an objection to this non-question from the prosecution.
Davidson then invoked attorney-client privilege in declining to say if there was a settlement between Anderson and Sheen.
Tesla is revoking summer internship offers as the automaker grapples with layoffs.
One college senior said she was disappointed to lose her internship just weeks before she was set to start.
Brook Gura said she turned down offers at other companies in favor of working at Tesla.
A college senior who scored a prestigious Tesla internship is scrambling to make new professional plans after the automaker revoked her offer less than three weeks before she was supposed to start.
Brook Gura, 21, was looking forward to spending her summer as a recruiting intern in Tesla's human resources department, she told Business Insider this week. The senior at the University of Texas at Austin said she spent about three weeks interviewing with the company earlier this year before signing a contract with Tesla on February 29. Business Insider viewed part of Gura's offer letter from Tesla.
"It was exciting. I was looking for a big corporate internship," Gura said. "And it was close by. I wouldn't have had to relocate."
Gura, who said she turned down internship offers at other companies in favor of Tesla, was particularly stoked about the compensation — $26 an hour, she told BI.
The 12-week internship was scheduled to start on May 20. Gura said she was told she would get more information about picking up a company laptop the first week of May.
When Tesla announced layoffs last month affecting 10% of the company's workforce, Gura said she wasn't initially worried.
"Interns are relatively cheap compared to full-time employees," she said. "I figured if they were trying to cut down, I might even be working more."
But as Gura was studying for finals on Tuesday, she said she got a call from an unknown phone number. A couple of hours later, she received an email from a Tesla recruiter asking her to call back.
Gura said she immediately panicked and went online to see if the company had done more layoffs. That's when she saw a LinkedIn post from another intern who had lost their offer.
By the time she called the recruiter back, Gura said she was fairly certain she knew what was coming. The "pretty short" conversation, however, still took her by surprise.
"They just explained the company was making cuts that were going to start impacting interns, and that meant me," Gura said. "There wasn't any room for negotiating."
Gura said she initially started panicking over how she'd spend her last summer before she graduates in December.
"I was upset. This was not the only internship offer I had. I picked Tesla out of other organizations," she said.
Tesla did not immediately respond to a request for comment from Business Insider.
Gura made her own LinkedIn post on Wednesday, asking her professional network for support and opportunities. Other would-be interns have posted about losing their Tesla internships, as well. Gura said several interns have connected in the aftermath of the cuts and are offering support to one another. She feels lucky compared to other interns who had already paid for flights and housing.
Gura said she's trying to stay positive and look to the future.
"Taking the time to think about this, I have learned that rejection is redirection," she wrote on LinkedIn. "While I am incredibly disappointed that I will not have the summer I intended to have, I know that this moment will only help me grow stronger as a professional."
But she can't help but feel disappointed by the whole experience.
"What bummed me out the most is I didn't even have the chance to showcase my skills," Gura said.
Former President Donald Trump has stepped up his criticism of Robert F. Kennedy Jr.'s long-shot presidential campaign.
Getty
Donald Trump dismissed the notion that he should debate RFK Jr.
The former president said Kennedy "not a serious candidate."
Trump claimed to know little about Kennedy, despite stepping up his attacks on the long-shot rival.
Donald Trump on Thursday scoffed at the notion that he would debate long shot presidential hopeful Robert F. Kennedy Jr. even as the former president's allies show more concern about Kennedy's campaign.
"I don't know anything about him," Trump told reporters as he left his criminal trial in Manhattan. "Look, RFK is falling very low."
Trump repeatedly attacked Kennedy over social media this past weekend, despite the former president's claim that he knows little about Kennedy.
"He's, uh, not a serious candidate," Trump said on Thursday. "They say he hurts Biden. I don't know who he hurts, he might hurt me. I don't know. He has very low numbers, certainly not numbers that he can debate with. He's got to get his numbers a lot higher before he's credible."
Early polling has also shown that Kennedy's inclusion hurts Trump.
An NBC News national poll found that Trump led Biden by two points, but when Kennedy and other third-party hopefuls were added, Biden ended up with a two-point lead. It should be noted both outcomes are within the margin of error and illustrate the extremely close margin of the race entering the summer. According to FiveThirtyEight's weighted national polling average, Kennedy is polling at 10% while Trump and Biden are at 41.4% and 40.8% respectively.
The former president's barrage of criticism comes after Kennedy showed genuine efforts to appeal to Trump voters.
The noted vaccine skeptic has refused to rule out recalling the Moderna COVID-19 shot, a position held by his running mate, Nicole Shanahan. Kennedy has also expressed sympathy for some Americans convicted of charges related to the January 6, 2021, Capitol riot.
As Politico reported, Kennedy has repeatedly appeared on more MAGA-aligned podcasts and shows. Kennedy rose to initial fame as an environmentalist in line with his family's well-known liberal views, but in recent years, he has found much more in common with the right-wing. He abandoned his primary challenge to President Joe Biden in favor of an independent run.
Trump's refusal to debate Kennedy may not be entirely in his hands.
The nonprofit Commission on Presidential Debates, created by both major US parties, has hosted every presidential debate since 1988. The commission has faced intense criticism over its treatment of third-party candidates. It allowed Texas businessman Ross Perot to participate in all three debates in 1992 but blocked him four years later. No third-party candidate has come close to surpassing Perot's mark of nearly 19% of the popular vote he received in 1992. Since 2000, the commission has imposed a 15% threshold in major national polls, which no third-party challenger has met.
But Trump and his allies have been harshly critical of the debate commission. The Republican National Committee voted in 2022 to leave the commission. On Wednesday, Trump's campaign managers threatened to hold a debate without the commission if they refused the former president's request to move up the first debate, which is set for September 16 at Texas State University in San Marcos, Texas.
Biden recently told radio host Howard Stern that he would like to debate Trump, but there is rampant speculation such a debate will never occur. The pair's first debate in 2020 was an objective disaster. The second debate was canceled after Trump refused to accept a virtual format after the then-president tested positive for COVID-19.
While millions of Americans vote before Election Day, the debates hold a powerful place in the political calendar. In an era where Americans watch little live TV besides sports and the Oscars, the debates are frequently one of the highest-rated telecasts of an election year.
Apple is boasting about its "services" revenue in Q2. It didn't boast about iPhone sales, which declined.
Which is why Apple has been telling Wall Street that "services" are an important growth category for some time.
The problem: Apple's two primary growth drivers for services are at risk from antitrust suits and rules.
Apple had a great second quarter, Apple says: The company hit an "all-time revenue record in Services," the company reports.
But … what about the thing that actually drives Apple — the iPhone?
There's no mention of that in Apple's press release. And if you head over to the company's financials, you can see why: iPhone sales dropped by 10% in the last three months.
That drop isn't a surprise to Wall Street, though the cause of the decline is up for debate. Prior to Thursday's earnings, analysts had fretted that Chinese iPhone sales were soft, but on Thursday afternoon, Cook told CNBC that iPhone sales in China were up. "That may come as a surprise to some people," he deadpanned.
Step back, though, and Apple's earnings confirm a story we've been telling you about for some time: Sales of the iPhone, which have been powering the company for a decade-plus, just aren't going to grow like they used to.
If you want an iPhone, you have an iPhone. And iPhones are now so good that there's less reason to replace them every couple years, despite Apple's efforts to convince you that new features like a better camera or talking poop emoji are worth the upgrade. I've got an iPhone 13 Max, and it's great. So I've got no interest in moving up to the iPhone 16 Apple will show off this fall.
Why Apple is so focused on "services"
All of which is why Apple has increasingly been stressing its "services" business, which many people think is about sexy stuff like Apple Music and Apple TV+. But the main driver for services is really two things: the money Google pays Apple to be the default search engine on iPhones, and the money that Apple makes from in-app purchases in its App Store.
But both of those revenue streams are facing some degree of risk. The US Department of Justice's antitrust suit against Google focuses on moves the company makes to maintain its monopoly on search — like paying Apple $20 billion for its search deal in 2022.
Regardless, the App Store revenues are a major contributor to "services." And Apple has made it clear that it's only going to change the way it runs its App Store when it's compelled to by regulators. And that even when that happens, it's only going to do so kicking and screaming. Thursday's earnings report helps underline why.