The Pre-Market Rundown: May 7, 2024
Wall Street is set for a flat open after the Dow extended its winning streak to four straight days. Apple is reportedly working on its own tips to run AI software and data centers. The company has already become a leading player in designing its own chips for the iPhone, iPad, Apple Watch, and Mac computers, The Wall Street Journal says. It’s unclear when Apple may unveil the new chip, but it has promised AI products and announcements at its Worldwide Developers Conference in June. Apple is holding an event today to unveil new iPads, with a keynote dubbed Let Loose. It’s expected the company will show off an updated iPad Air and a new iPad Pro with an OLED screen that should offer richer colors. OLED displays are also thinner than LCD screens, so this could be a more compact device. There have also been rumors the iPad Pro will feature a glass back to allow for Magsafe charging, and Nintendo plans to announce a successor to the Switch by next March after forecasting a big drop in profits this year. The Switch, which was launched 7 years ago, is one of Nintendo’s most successful pieces of hardware with sales of more than 140 million units. But Sony and Microsoft have since launched new versions of the PlayStation and Xbox. Nintendo has been pushing its Switch online subscription service to get new customers to buy the Switch and build a broad base for the next generation console. For CNBC Business news, I’m Sylvana Hanao.