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Berkshire Hathaway Inc. significantly reduced its holdings in Apple Inc. by nearly 50% during a major sell-off in the second quarter, resulting in Warren Buffett’s cash reserves reaching a record $276.9 billion.

Overall, Berkshire sold $75.5 billion worth of stocks on a net basis in the second quarter, as reported by the Omaha, Nebraska-based conglomerate on Saturday. Operating earnings increased to $11.6 billion, up from $10 billion in the same period last year.

Berkshire has faced challenges in finding opportunities to invest its substantial cash reserves amidst a sluggish deal environment. During the firm’s annual shareholder meeting in May, Buffett mentioned he was not eager to spend unless they found opportunities with minimal risk and substantial profit potential.

Buffett’s stock sales occurred as the S&P 500 index hit a record high in mid-July, though it has declined over the past three weeks due to concerns that enthusiasm for artificial intelligence was overestimated. On Friday, weak labor data highlighted the risk of an economic downturn, causing the S&P to dip by 1.8%.

Regulatory filings also show that Berkshire reduced its stake in Bank of America Corp. during the second quarter, with the company now holding a $41.1 billion stake.

Berkshire repurchased about $345 million of its own shares in the quarter, the smallest amount since the company revised its buyback policy in 2018.

Apple, based in Cupertino, California, reported a 6.5% drop in sales to China, totaling $14.7 billion in the third quarter, which missed Wall Street’s projection of $15.3 billion.

These results reignited concerns that Apple is losing market share in one of its most crucial international markets. Apple faces increased competition in the region, and the Chinese government has limited the use of foreign technology in some sectors. Additionally, China’s economic growth has slowed.

Apple attributed much of the sales decline to the impact of a strong dollar, asserting that its underlying business in China is healthier than before. Previously, executives indicated that the slowdown was more due to weak sales of products other than the iPhone.

Despite these challenges, Apple’s shares have risen this year, buoyed by investor optimism that new AI technology would boost sales. However, Bloomberg News reported on July 28 that Apple’s upcoming AI features would be delayed, missing the initial launch of its forthcoming iPhone and iPad software updates, but providing more time to address bugs.

Apple plans to start rolling out Apple Intelligence to customers as part of software updates expected by October, according to sources familiar with the situation.

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Apple to Open Four New Stores in India: Here are the Locations

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India, the second-largest smartphone market globally, continues to be a major focus for Apple. To strengthen its presence, Apple has announced plans to open four more retail stores in the country. Additionally, the company has started manufacturing the iPhone 16 series domestically, with the first India-made iPhone 16 Pro and iPhone 16 Pro Max expected to be available this month.

Apple opened its first two stores in India last year in Mumbai and Delhi. Now, it plans to expand further with new stores in Bengaluru, Pune, Delhi-NCR, and another location in Mumbai. While the company has yet to confirm the opening dates, this move signifies Apple’s growing commitment to the Indian market.

“We’re thrilled to build our teams as we plan to open more stores in India because we’re inspired by the creativity and passion of our customers across this country. We can’t wait for them to have even more opportunities to discover and shop for our amazing products and services and connect with our extraordinary, knowledgeable team members.”–  Apple’s Senior Vice President of Retail

Currently, Apple employs over 3,000 people in India, including those working in its retail operations. With the addition of these new stores, this number is expected to increase significantly. Earlier this year, Apple also opened a 15-floor office in Bengaluru, which can accommodate up to 1,200 employees. The facility includes a lab space, wellness areas, collaboration zones, and a Caffe Macs.

In addition to expanding its retail presence, Apple has begun manufacturing its entire iPhone 16 lineup, including the high-end Pro models, in India through partners Foxconn and Pegatron. Apple began assembling iPhones in India in 2017 with the iPhone SE and last year produced the iPhone 15 locally. This shift is part of Apple’s strategy to reduce reliance on China amid growing geopolitical tensions and to capitalize on India’s expanding smartphone market.

As a result of local manufacturing, the iPhone 16 Pro models have seen a price reduction compared to last year’s iPhone 15 Pro models, although pricing for the non-Pro versions remains unchanged. These India-made iPhone 16 Pro models will soon be available both domestically and for export to select markets.

It’s important to note that the new iPhone 16 models won’t include Apple Intelligence features out of the box, regardless of where they are produced. While Apple has confirmed that AI features will be available in the U.S. with an iOS 18 update in October, the rollout of Apple Intelligence in India is expected to take place in 2025.

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Here’s When iOS 18.1 with Apple Intelligence is Expected to Released

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During Apple’s September event where the iPhone 16 series was unveiled, Apple Intelligence stood out as a key feature. However, the latest iPhones did not launch with Apple Intelligence capabilities, a point of criticism from both analysts and fans. Apple did announce that Apple Intelligence would arrive later this year with an iOS 18 update. Now, renowned Apple analyst Mark Gurman has shared the anticipated release date for iOS 18.1.

Mark Gurman Confirms iOS 18.1 Release Date In his latest newsletter, Gurman reports that Apple will release iOS 18.1, which includes Apple Intelligence, on October 28, 2024. The update will bring these features to both the new iPhones and other compatible devices. According to Gurman, the delay was necessary to ensure the features were polished and to prepare Apple’s AI cloud infrastructure for handling complex tasks that go beyond the capabilities of on-device processing.

Apple Intelligence in iOS Beta

What Apple Intelligence Features Will Come with iOS 18.1?

So far, iOS 18 beta users have had early access to Apple’s AI tools, and the stable release is expected to include these same features. With iOS 18.1, users will gain access to Notification Summaries, a Clean-Up tool, Writing Tools, an updated Siri interface, and the new Reduce Interruptions Focus mode, among other features.

Gurman also provided insights into the timeline for future Apple Intelligence updates. For instance, ChatGPT integration is planned for the iOS 18.2 update, expected to roll out in December 2024.

It remains unclear whether Apple Intelligence will have a waitlist for access, as was the case with the iOS 18 beta.

While the staggered release of Apple Intelligence has caused some frustration among eager users, we now have a confirmed release date for these highly anticipated features.

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Watch the Apple iPhone 16 announcement live here

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Apple is gearing up to unveil the iPhone 16, which is expected to be its most powerful model yet, especially in terms of camera capabilities, at least for the Pro versions. This will likely be the first iPhone series to launch with Apple Intelligence integrated across all models.

In addition to the iPhone 16 lineup, Apple is anticipated to introduce new watches and AirPods, along with expanded AI features such as screen recognition, building on the enhancements revealed at WWDC in June. These include an upgraded Siri, image generation, AI-powered text rewriting, and call recording and transcription features.

The term “glowtime” likely refers to the glow effect around the screen’s edges when Siri is activated, as seen in the latest iOS 18 developer betas. Bloomberg’s Mark Gurman suggests that “glow” is also the internal codename for macOS Sequoia, which is expected to launch around the same time as iOS 18.

When and How to Watch the iPhone 16 Event
Apple’s iPhone 16 event will be held live and in person in Cupertino, California, on September 9th at 1 PM ET / 10 AM PT. Cosbom will provide live coverage, and the event will be livestreamed on YouTube, Apple TV, and Apple’s website.

New Processors for Enhanced AI
Apple Intelligence will require robust processors. Apple’s recent trend has been to equip the base-model iPhone with the previous generation’s top processor, while introducing a new, more powerful chip for the Pro models. The iPhone 15 Pro’s A17 Pro processor is currently the only A-series chip that supports Apple Intelligence, but rumors indicate that all iPhone 16 models will feature a new A18 chip. Additionally, new Apple Watches and AirPods are expected to be announced.

iPhone 16’s New Camera Design
The iPhone 16 models will feature new colors and a slightly altered rear design. Leaked dummy units suggest the camera module will return to a vertical lens alignment, similar to the iPhone 12 and iPhone X, instead of the diagonal setup used since the iPhone 13. This vertical alignment could better support landscape spatial video capture for viewing on the Vision Pro. While there’s no indication of a Vision Pro update, Apple may introduce something to maintain interest in its mixed reality technology. Analyst Ming-Chi Kuo also suggests improved battery life for the iPhone 16 lineup.

iPhone 16 Pro and Pro Max: Matching Specs
The iPhone 16 Pro may finally have the same camera setup as the Pro Max, addressing one of the criticisms Apple received at the Pixel 9 event. Both models might include the 5x “tetraprism” telephoto lens currently exclusive to the 15 Pro Max, and the ultrawide camera on the new Pros is rumored to see significant improvements with a larger 48MP sensor.

For the Pro models, we’re expecting new finishes, including a rose option and a Zune-brown “bronze” titanium finish. Both the regular and Max versions are anticipated to have slightly larger screens than their iPhone 15 counterparts, with the Pro display growing from 6.1 inches to 6.3, and the Pro Max from 6.7 inches to 6.9. The iPhone’s side buttons may also transition to pressure-sensitive ones, potentially featuring a DSLR-like functionality where a light press focuses and a harder press captures the photo. This feature, though, may also be available on the standard iPhone 16.

Overall, the iPhone 16 models won’t see major design changes, with rumors already hinting at a slimmer redesign for the iPhone 17.

Apple Watch: Bigger and Thinner
The new Apple Watch Series 10 (or possibly X) is expected to feature a thinner, more refined case compared to the Series 9. The most notable update might be a model with a larger screen, with Gurman speculating a 49mm display option similar to the Apple Watch Ultra, along with a new chip.

For super athletes and outdoor enthusiasts, a new black color option for the Apple Watch Ultra 2 is expected, and a plastic Apple Watch SE might also debut.

AirPods: Expanding the Lineup
The updated AirPods lineup is expected to include new entry-level and mid-tier models, possibly alongside a USB-C version of the over-ear AirPods Max, which could also feature new colors, adaptive audio, and improved noise cancellation.

The new AirPods models are likely to replace the second- and third-generation versions, according to Gurman. The mid-tier model may adopt a Pro-style design with noise cancellation and include speakers in the charging case for Find My support.

Sales of the third-gen AirPods reportedly haven’t matched those of the second-gen models, possibly due to their higher price and the awkward combination of the AirPods Pro shape without removable ear tips. While the two new models are still expected to lack ear tips, their USB-C charging cases will mark Apple’s complete transition away from Lightning for iPhone accessories.

A New Mac Mini Might Be Coming
Unfortunately, there’s no news of an iPhone Mini comeback for fans of smaller phones. However, Apple is reportedly planning a new Mac Mini, almost as compact as an Apple TV. The new Mac Mini is expected to begin shipping to warehouses this month, with a potential M Pro chip version arriving in October. Given the timing, there’s a chance the Mac Mini could be mentioned at the iPhone event, but it might also get its own spotlight, similar to last year’s iMac M3 reveal.

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