Apple faces regulatory headwinds after the EU voted overwhelmingly to back a resolution that calls for a common mobile charger.
The proposed legislation targets electronic waste rather than Apple’s competitive practices but could still have major implications on the iPhone maker’s business.
Regulation is just one of many reasons Apple’s stock could be on short-sellers’ watch list.
Apple’s (NASDAQ:AAPL) ability to milk its loyal fanbase could get a lot harder this summer when the European Union (EU) implements a consumer protection proposal limiting the iPhone maker’s price-gouging tactics.
On Thursday, members of European Parliament backed a proposal that would establish uniform charger requirements for all mobile device makers across the region. This means companies like Apple won’t be able to force consumers to buy new chargers with each device purchase.
EU Lawmakers Vote for Common Mobile Charger
Apple was in lawmakers’ crosshairs Thursday after European Parliament voted 582-40 for a resolution that protects consumers against buying new chargers with each new mobile device [Reuters]. The resolution, which was tabled to the European Commission, could be implemented as early as July.
To be clear, lawmakers weren’t fixated on Apple’s chargers but on so-called electronic waste. The proposal cites research showing that EU inhabitants generated 12.3 million tons of electronic waste in 2016. That amounts to 16.6 kilograms (36.6 pounds) per head.
While lawmakers acknowledged that voluntary industry agreements were necessary in reducing waste, they’re insufficient in meeting the EU’s lofty targets. As Reuters reports, the EU proposal would affect Apple more than any other company because most of its mobile products use Lightning cable as opposed to the standard USB-C connector.
In 2019, plaintiffs in a California lawsuit alleged that Apple forced its customers to purchase new iPhone chargers by pushing updates that disrupted compatibility with previous connectors [Apple Insider].
All this puts Apple at the center of the EU’s war against electronic waste. A European Parliament briefing from mid-January claimed that “old chargers generate more than 51,000 tonnes of electronic waste per year.”
Apple has sold more than 1 billion devices that use a Lightning connector. The company says the EU proposal,
would have a direct negative impact by disrupting the hundreds of millions of active devices and accessories used by our European customers and even more Apple customers worldwide, creating an unprecedented volume of electronic waste and greatly inconveniencing users. [Business Insider]
There Are Other Reasons to Short Apple
Legislation targeting smartphone chargers probably isn’t enough to cause investors to roll over on Apple’s stock. But combined with other factors, it could embolden the iPhone maker’s short-sellers to up their stake.
Obviously, a large swathe of investors believe Apple is primed for correction after months of relentless gains. That’s because Apple’s stock performance is characteristic of the overvaluation and investor complacency that currently dominates Wall Street.
Lance Roberts of RIA Advisors told MarketWatch in January that companies like Apple represent the “overbought, extended and complacent market” whose day of reckoning is coming. After all, “near vertical price acceleration,” like Apple has witnessed over the past 12 months, is a strong indicator that the top of the business cycle is near.
Apple’s stock price virtually doubled between January 2019 and January 2020. | Chart: Yahoo Finance
Tech investor Paul Meeks also warned CNBC viewers in late December that AAPL shares were overvalued by around $100. The stock is up another 8% from where it was on New Year’s Eve.
Then there are the real reasons Apple’s stock continues to surge: Share buybacks and abundant Federal Reserve liquidity. Take a look at how much Apple has doled out on buybacks over the years:
Apple’s buyback program is reaching epic proportions. In May 2018, the company announced it will buy back $100 billion in stock. | Image: YCharts
By most accounts, Apple has a rosy outlook as it continues to expand into China and maintains a strong foothold in established smartphone markets. But with the stock hovering near record levels, and markets veering into dangerous territory based on key fundamentals, the EU’s regulatory onslaught could complicate matters for America’s second-most valuable company.
Disclaimer: The opinions expressed in this article do not necessarily reflect the views of CCN.com. The above should not be considered trading advice from CCN.com.
CHICAGO (AP) — United Airlines has struck a deal with Elon Musk’s SpaceX to offer satellite-based Starlink WiFi service on flights within the next several years.
The airline said Friday the service will be free to passengers.
United said it will begin testing the service early next year and begin offering it on some flights by later in 2025.
Financial details of the deal were not disclosed.
The announcement comes as airlines rush to offer more amenities as a way to stand out when passengers pick a carrier for a trip. United’s goal is to make sitting on a plane pretty much like being on the ground when it comes to browsing the internet, streaming entertainment and playing games.
“Everything you can do on the ground, you’ll soon be able to do on board a United plane at 35,000 feet, just about anywhere in the world,” CEO Scott Kirby said in announcing the deal.
The airline says Starlink will allow passengers to get internet access even over oceans and polar regions where traditional cell or Wi-Fi signals may be weak or missing.
Sony has made it easy for Canadian consumers to preorder the PlayStation 5 Pro in Canada directly from PlayStation’s official website. Here’s how:
Visit the Official Website: Go to direct.playstation.com and navigate to the PS5 Pro section once preorders go live on September 26, 2024.
Create or Log in to Your PlayStation Account: If you don’t have a PlayStation account, you will need to create one. Existing users can simply log in to proceed.
Place Your Preorder: Once logged in, follow the instructions to preorder your PS5 Pro. Ensure you have a valid payment method ready and double-check your shipping information for accuracy.
Preorder Through Major Canadian Retailers
While preordering directly from PlayStation is a popular option, you can also secure your PS5 Pro through trusted Canadian retailers. These retailers are expected to offer preorders on or after September 26:
Best Buy Canada
Walmart Canada
EB Games (GameStop)
Amazon Canada
The Source
Steps to Preorder via Canadian Retailers:
Visit Retailer Websites: Search for “PlayStation 5 Pro” on the website of your preferred retailer starting on September 26.
Create or Log in to Your Account: If you’re shopping online, having an account with the retailer can speed up the preorder process.
Preorder in Store: For those who prefer in-person shopping, check with local stores regarding availability and preorder policies.
3. Sign Up for Notifications
Many retailers and websites offer the option to sign up for notifications when the preorder goes live. If you’re worried about missing out due to high demand, this can be a useful option.
Visit Retailer Sites: Look for a “Notify Me” or “Email Alerts” option and enter your email to stay informed.
Use PlayStation Alerts: Sign up for notifications directly through Sony to be one of the first to know when preorders are available.
4. Prepare for High Demand
Preordering the PS5 Pro is expected to be competitive, with high demand likely to result in quick sellouts, just as with the initial release of the original PS5. To maximize your chances of securing a preorder:
Act Quickly: Be prepared to place your order as soon as preorders open. Timing is key, as stock can run out within minutes.
Double-Check Payment Information: Ensure your credit card or payment method is ready to go. Any delays during the checkout process could result in losing your spot.
Stay Informed: Monitor PlayStation and retailer websites for updates on restocks or additional preorder windows.
Final Thoughts
The PlayStation 5 Pro is set to take gaming to the next level with its enhanced performance, graphics, and new features. Canadian gamers should be ready to act fast when preorders open on September 26, 2024, to secure their console ahead of the holiday season. Whether you choose to preorder through PlayStation’s official website or your preferred retailer, following the steps outlined above will help ensure a smooth and successful preorder experience.
For more details on the PS5 Pro and to preorder, visit direct.playstation.com or stay tuned to updates from major Canadian retailers.
Since the PlayStation 5 (PS5) launched four years ago, PlayStation has continuously evolved to meet the demands of its players. Today, we are excited to announce the next step in this journey: the PlayStation 5 Pro. Designed for the most dedicated players and game creators, the PS5 Pro brings groundbreaking advancements in gaming hardware, raising the bar for what’s possible.
Key Features of the PS5 Pro
The PS5 Pro comes equipped with several key performance enhancements, addressing the requests of gamers for smoother, higher-quality graphics at a consistent 60 frames per second (FPS). The console’s standout features include:
Upgraded GPU: The PS5 Pro’s GPU boasts 67% more Compute Units than the current PS5, combined with 28% faster memory. This allows for up to 45% faster rendering speeds, ensuring a smoother gaming experience.
Advanced Ray Tracing: Ray tracing capabilities have been significantly enhanced, with reflections and refractions of light being processed at double or triple the speed of the current PS5, creating more dynamic visuals.
AI-Driven Upscaling: Introducing PlayStation Spectral Super Resolution, an AI-based upscaling technology that adds extraordinary detail to images, resulting in sharper image clarity.
Backward Compatibility & Game Boost: More than 8,500 PS4 games playable on PS5 Pro will benefit from PS5 Pro Game Boost, stabilizing or enhancing performance. PS4 games will also see improved resolution on select titles.
VRR & 8K Support: The PS5 Pro supports Variable Refresh Rate (VRR) and 8K gaming for the ultimate visual experience, while also launching with the latest wireless technology, Wi-Fi 7, in supported regions.
Optimized Games & Patches
Game creators have quickly embraced the new technology that comes with the PS5 Pro. Many games will receive free updates to take full advantage of the console’s new features, labeled as PS5 Pro Enhanced. Some of the highly anticipated titles include:
Alan Wake 2
Assassin’s Creed: Shadows
Demon’s Souls
Dragon’s Dogma 2
Final Fantasy 7 Rebirth
Gran Turismo 7
Marvel’s Spider-Man 2
Ratchet & Clank: Rift Apart
Horizon Forbidden West
These updates will allow players to experience their favorite games at a higher fidelity, taking full advantage of the console’s improved graphics and performance.
Design & Compatibility
Maintaining consistency within the PS5 family, the PS5 Pro retains the same height and width as the original PS5 model. Players will also have the option to add an Ultra HD Blu-ray Disc Drive or swap console covers when available.
Additionally, the PS5 Pro is fully compatible with all existing PS5 accessories, including the PlayStation VR2, DualSense Edge, Pulse Elite, and Access controller. This ensures seamless integration into your current gaming setup.
Pricing & Availability
The PS5 Pro will be available starting November 7, 2024, at a manufacturer’s suggested retail price (MSRP) of:
$699.99 USD
$949.99 CAD
£699.99 GBP
€799.99 EUR
¥119,980 JPY
Each PS5 Pro comes with a 2TB SSD, a DualSense wireless controller, and a copy of Astro’s Playroom pre-installed. Pre-orders begin on September 26, 2024, and the console will be available at participating retailers and directly from PlayStation via direct.playstation.com.
The launch of the PS5 Pro marks a new chapter in PlayStation’s commitment to delivering cutting-edge gaming experiences. Whether players choose the standard PS5 or the PS5 Pro, PlayStation aims to provide the best possible gaming experience for everyone.
Preorder your PS5 Pro and step into the next generation of gaming this holiday season.
