Insider Today: Apple's new iPhone is here

September 13, 2023 • 5 min read

with Dan DeFrancesco

Hey there! To the Milwaukee bar-goers banking on the Jets losing to get a free bar tab only to be let down, welcome to the club. Take it from a Jets fan: Even when they win, they still manage to disappoint. 

In today’s big story, we’re looking at Apple’s big event that gave us our first look at the new iPhones and Apple Watches. 

What’s on deck:

But first, I need a new phone.

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The big story

A new iPhone era

Are you ready for some new Apple products?

It’s September, which means Apple is unveiling some new stuff. The tech giant’s launch events are a chance for it to show off new devices with the help of some flashy visuals. 

This year’s edition included a skit about Apple’s pledge to reach zero carbon emissions by 2030, featuring Academy Award winner Octavia Spencer as “Mother Nature.” Apple CEO Tim Cook, who also appeared in the scene, even won over some fans online with his acting chops.

Apple

But the show's real stars were the new versions of Apple’s iPhone and Apple Watch. 

Apple is sunsetting its ring/silent switch, a staple of the phone since its original iteration. Instead, the iPhone 15 Pro includes a new “action button.” The iPhone 15 Pro and Pro Max are also the first iPhones made from titanium. 

Meanwhile, the new Apple Watch has some tricks up its sleeve. Dubbed the “double tap,” users can do a myriad of things on their Apple Watch by simply tapping their index finger to their thumb. 

According to Apple, it's possible thanks to a new algo triggered by “changes in blood flow when the index finger and thumb perform a double tap,” which is a great example of how tech is equally terrifying and incredible.

Insider’s Sarah Jackson, Jordan Hart, and Lakshmi Varanasi have a rundown on the biggest news from the event. 

But if you were hoping a new iPhone will send Apple’s stock soaring, think again. Shares slumped about 1.7% on Tuesday by market close, extending a tough September for the tech giant. 

To be sure, Apple’s stock usually doesn’t immediately rise from a new iPhone announcement. Prior to Tuesday’s event, Apple’s shares fell an average of 0.2% on days a new iPhone was announced, according to Barron’s. 

New iPhones eventually pay off. Historically, Apple’s share price has enjoyed double-digit returns, on average, six months after the release date. The new iPhones and Apple Watches are set to be available September 22. 

But all bets are off this year, as Apple remains caught in the rising tensions between the US and China. According to multiple reports, several state agencies and companies in China ordered staff to stop bringing Apple devices to their offices. Early Wednesday, China said it issued no such ban, but did warn of "security incidents related to Apple's phones."

3 things in

Markets

🔔 Before the opening bell: US futures fall early Wednesday ahead of the new inflation report. It comes after a difficult Tuesday for tech stocks

Gary Coronado/Getty Images

1. Most investors believe US consumers are going to cut spending next year. The majority of the 526 investors polled by Bloomberg predict personal consumption will decrease in early 2024. Some even believe it could happen as early as this year, as household savings have consistently fallen for the past 23 months.

2. Jamie Dimon sounds off. The JPMorgan CEO raised concerns about the impact a recession and additional interest-rate hikes would have on consumers and businesses. And he looked to a longtime business associate — Warren Buffett — to make some of his points. Here are eight of his best quotes from a recent interview.  

3. Wall Street billionaires are fighting over nicknames. Pimco cofounder Bill Gross, who is also known as the Bond King, took umbrage with the fact DoubleLine’s Jeffrey Gundlach shares the same moniker. “Pimco had $2 trillion, ok? DoubleLine's got like $55 billion. Come on — that's no kingdom, that's like Latvia or Estonia,” Gross said during a recent interview.

3 things in

Tech

Anna Moneymaker/Getty Images (R); Thomas Trutschel/Getty Images (L)

1. Google CEO isn’t worried about falling behind on AI. Sundar Pichai said in an interview that he’s “very comfortable” about Google’s position. But a few months ago, the company internally issued a code red over the rise in ChatGPT’s popularity.

2. Catch up on the buzzy Elon Musk biography. From learning hypnosis as a child to whispering about being the “alpha” in a relationship, Walter Isaacson covers a lot in the Musk biography. Follow along for the highlights.

3. Read the leaked, internal email that Google lawyers sent to employees. Google’s top lawyer Kent Walker sent the memo to employees, asking them to “please refrain from speculating or commenting on this (or any legal case), internally or externally.” The government sued Google in 2020, accusing it of illegally maintaining a monopoly in search. And the trial begins this week.

3 things in

Business

Chelsea Jia Feng/Insider

1. The American West paradox. Housing prices in western US states like Colorado and Arizona are soaring. They appear to have ample empty land to build more homes on. But the West has a potent concoction of barriers: legal and cultural hostility to dense housing, mixed in with environmental protection.

2. The next frontier of creator-fan relationships: group chats. Patreon doesn’t think subscriptions are enough. “We often say that creators have never felt further from their fans, and fans have never felt further from each other,” Patreon's community product lead told Insider. Now, top fans could have the opportunity to be in group chats with their favorite creators.

3. The top high-paying, fast-growing jobs for the next decade. Insider’s analysis examined roles that pay fairly well and are projected to grow in the 10-year period after 2022. Software developers and financial managers led the pack, each with a six-figure median annual wage.

In other news

What's happening today

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The Insider Today team

Dan DeFrancesco, senior editor and anchor, in New York City. Diamond Naga Siu, senior reporter, in San Diego. Hallam Bullock, editor, in London. Lisa Ryan, executive editor, in New York.

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