Apple’s App Store Update, A New China Growth Fund & Peloton Post-Earnings

TechCheck

CNBC

Management, Cnbc, Tech, Faang, Investing, Business, Disruptors, Technology

4.5 • 66 Ratings

🗓️ 27 August 2021

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

To start of the show our anchors have all the details on Apple’s latest app store changes as part of a settlement to a class action lawsuit. Then, Coalition for App Fairness Executive Director Meghan DiMuzio joins to share her criticism of the new changes. Next, we have William Blair Portfolio Manager Vivian Lin Thurston to speak about her new China Growth Fund launching in an unfriendly environment for Chinese stocks. We also have Wedbush Analyst James Hardiman, a Peloton bear, to discuss the stock after the company’s latest earnings report. Plus, Former Uber Chief Business Officer Emil Michael joins to discuss recent regulatory decisions targeting gig economy companies like Uber. Then, CNBC’s Frank Holland is here with a story on how one conference is aiming to increase diversity in tech companies. And later, we return to Apple’s latest update with Slow Ventures General Partner and Former Facebook VP Sam Lessin who thinks competition is under assault. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	I'm Julia Borsden, and you're listening to CNBC's Tech Tech.
0:03.5	Our show is live weekdays at 11 a.m. Eastern, listen in.
0:08.8	Developers, developers, developers, developers, developers, developers, developers, developers, developers, developers, developers, developers, developers, developers, developers, developers.
0:17.9	Developers, developers, developers.
0:20.2	Yes!
0:44.1	Good Friday morning. Look at a tech check. I'm Carl Kintania with Deirdreboza and Julia Boisden, John Ford's off today.
0:51.8	Ahead this hour, Apple blinks, and it is a win for developers. Maybe some changes coming to Apple's revenue model, we will see.
0:55.0	Then China Tech stumbling again, more pain for those names,
1:01.0	thanks to some additional rules that we are getting out of Beijing. Later, Peloton powers down.
1:05.9	Investors fear the run-up in that stock may be over. In the meantime, as David and Mike just said,
1:13.5	record highs for the NASDAQ and the S&P after Powell's speech at Jackson Hole as the taper tantrum,
1:15.8	at least certainly has not arrived yet, Julia.
1:20.8	And let's start with Apple's big update.
1:27.4	The company announced will allow app developers to contact customers for payment outside of the iOS app. Apple developers can now
1:29.3	use information obtained from apps, such as email address, to directly communicate with customers
1:34.4	and avoid Apple's notorious 15 to 30 percent fees. Now, this change comes as part of a proposed
1:40.8	settlement to a class action lawsuit that suit alleging that Apple monopolizes
1:45.2	its app store and overtarges for commission. And we should point out that this is separate
1:50.7	from Apple's ongoing lawsuit with Epic Games. So Deirdre, what I'm really curious about here is whether
1:56.2	this turns out to be really meaningful for Apple's business or whether this is perhaps more of a strategic move because Apple is facing so much regulatory oversight and scrutiny of maybe whether it's too big and powerful.
2:10.2	Yeah, I think this is strategic, Julian Carl. I mean, Apple knows that what is key in the payments ecosystem is reducing friction.
2:17.4	And this really does none of that.
	...

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