Market News 6/6

Market News

Yesterday, the stock market started off on a positive note, with the S&P 500 briefly reaching a level that could indicate the beginning of a new bull market. Apple's highly anticipated headset announcement also fueled excitement and led to the company achieving its highest valuation ever. However, as the day progressed, stock prices declined, and the overall market ended lower. Despite this, Unity, a game software developer, managed to finish the day on a positive note after Apple's announcement revealed their involvement in the headset launch.

Politics

Robert Kennedy Jr is Back on Instagram

Instagram has reinstated Robert F. Kennedy Jr., a presidential candidate who recently received an endorsement from Jack Dorsey, back on its platform. Kennedy had been banned in February 2021 for sharing vaccine misinformation. In related news about the presidential race, Mike Pence has entered the race as a candidate.

Crypto

The SEC Will be Seeing Binance in Court

Bank records indicate that Guangying Chen, a senior executive at Binance, was the primary operator for five bank accounts linked to Binance's purportedly independent U.S. affiliate. These accounts, including one that held funds belonging to American customers, were authorized by Silvergate Bank in 2019 and 2020, as per the available records. Guangying Chen, a close associate of Binance CEO Changpeng Zhao, and her team had the authority to move funds across these accounts. Correspondence within the company indicates that employees at Binance.US had to rely on Chen's team to process payments, even for essential tasks such as covering the company's payroll.

New Technology

Apple unveils its play to make VR headsets cool

Apple has made its much-anticipated entry into the augmented reality (AR) space with the introduction of the Vision Pro headset. Unveiled by Apple CEO Tim Cook at the Worldwide Developers Conference, the $3,499 headset combines both AR and virtual reality (VR) capabilities, aiming to become the most advanced personal electronics device available.

The Vision Pro is designed to replace cluttered workspaces with virtual screens that appear in the user's field of view, offering an "infinite canvas" experience. Navigation can be done using gestures, voice commands, and eye movements, eliminating the need for controllers. The headset features high-resolution lenses with more pixels per eye than a 4K TV, and a new feature called EyeSight keeps the user's eyes visible through the display.

During the presentation, Disney CEO Bob Iger hinted at a partnership that would provide immersive experiences, such as watching Star Wars content on one of the franchise's planets. Additionally, users will have access to over 100 Apple Arcade titles from day one.

The question remains: Will the Vision Pro live up to the hype? Opinions are divided. Some believe it has the potential to become the iPhone of mixed-reality headsets, while others have reservations based on the performance of existing competitors. Meta, the current leader in the industry, has sold nearly 20 million Quest headsets, but usage rates drop significantly after the initial purchase. Microsoft's HoloLens, priced similarly to the Vision Pro, has sold around 300,000 units since its launch in 2016.

Interesting Chronicles

New Twitter CEO

Linda Yaccarino, the new CEO of Twitter, assumed the role earlier than anticipated, taking over from Elon Musk. She faces significant challenges as Twitter's US ad sales have reportedly declined by 59%, according to The New York Times.