Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
It was a mixed session on Wall Street with bank stocks falling hard after warnings from J.P. Morgan Chase and Goldman Sachs, while tech stocks lifted the rest of the market. Investors look ahead to a clue on inflation Wednesday with the release of the August Consumer Price Index. The report is one of the final snapshots before the Federal Reserve’s September meeting, where policymakers are expected to lower interest rates.
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Elsewhere in the business world…it’s the battle of the AI phone debuts. Just hours after Apple took the wraps off its new AI-powered iPhone 16 lineup, Huawei is bringing the competitive heat. The Chinese phone maker revealed a tri-fold phone with a price tag to match. The super high-end phone will cost about 2800 U.S. dollars. The biggest and most expensive iPhone, the Pro Max, comes in at roughly 1200 bucks.
Huawei’s Mate XT has been five years in the making and is on the cutting edge of screen technology and hinge functionality. When all three panels are unhinged the phone boasts a 10.2 inch screen, while the two-panel display clocks in at 7.9 inches. In comparison, the new Pro Max has a 6.9 inch screen.
Huawei’s AI features go head-to-head with Apple’s. According to Engadget, there’s “a voice input function that can polish and translate a transcript. There’s the option to have a chatbot open on one side of the screen to answer questions and summarize articles. There’s an AI photo-editing tool too.”
The battle lines are set. Huawei has been stealing market share from Apple inside China, the world’s biggest smartphone market. Meanwhile, Apple has the home advantage inside the U.S. since a government ban on Huawei devices means the Mate XT won’t be available here.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
