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Revolutionary Apple headset Vision Pro will launch “early 2024”

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Top stories today:
1. Revolutionary Apple headset Vision Pro will launch “early 2024”
2. SEC sues Binance and CEO CZ alleging securities law violations
3. Apple launches a 15” Macbook Air
4. Apple previews the new iOS, iPadOS, macOS, watchOS
5. Twitter's U.S. advertising running at $917M ARR, -59% YoY

0. Data and calendar

All times are ET.

1. Revolutionary Apple headset Vision Pro will launch “early 2024”

Unlike other headsets, the Vision Pro has an external display where people can see the users’ eyes

It doesn't use any handheld device, but rather, your hands and your eyes

For now, its best use case is using it as a huge external screen, for Apple TV or as an extension of your MacBook

Most of the iOS apps will be available for VisionOS

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Facetime looks amazing, and you can actually see the other person, rather than a crappy avatar (as in Meta's Quest headset)

You can see the other person due to an AI-generated “persona”

The battery is external and only lasts for 2 hours

It will sell for $3499, starting “early next year”

Our view: this is an iPhone moment, revolutionizing AR, but it will take longer to reach mass adoption

  • No one can beat Apple at consumer hardware (bye-bye Meta). This completely obliterates Meta's Quest and Quest Pro headsets: the outside display, the 4K eye displays, the custom-made chips, etc.

  • It will take a few generations for sales to reach the 10s of millions. It will start as a niche, pro device, for early adopters, and then gradually expand to most iPhone users, as the device gets cheaper and lighter.

  • AR lightweight glasses could fully replace the iPhone. But that would require them to actually be lightweight and easy and comfortable to wear 24/7. Certainly impossible with today's technology, but possibly in a few decades.

2. SEC sues Binance and CEO CZ alleging securities law violations

Allegations include unregistered exchange, unregistered securities sales, failure to separate U.S. and non-U.S, and misleading investors

The SEC accused CZ of wash-trading many tokens, including COTI

The SEC alleged CZ owns all of Binance and 82% of Binance US

The SEC alleged many crypto tokens are securities, but not Bitcoin or Ethereum

One example was MATIC:

The assets the SEC alleged are securities sum $115B

The SEC alleged CZ bought a yacht with Binance money

Binance and CZ denied all charges, with CZ even poking at SEC Chair Gensler

Our view: like SEC v. Ripple, this case will take years to finalize, and its outcome is uncertain

  • These legal matters usually can be interpreted in many ways. It is very hard to say how the upper courts will interpret the laws and the specific facts and circumstances of each case.

  • These cases may go to the Supreme Court, whose current Republican majority might be torn between originalist anti-crypto arguments and pro-business pro-crypto arguments.

    • A potential anti-crypto argument: of course, a reasonable person in 1933 (when the Securities Act was approved) or in 1946 (Howey Test) would think that most crypto tokens are securities!

    • A potential pro-business argument: it would be impossible for a 1933/1946 person to have predicted crypto, so, of course, they would say that new regulations are needed.

  • We suspect the SEC is overplaying its hand. But Binance could have committed wrongdoings either way, even with the SEC misinterpreting the laws and failing to protect consumers.

3. Small group coaching with the world’s most dynamic leaders

  • Once accepted, Sidebar gives you a Personal Board of Directors, matching you with a small group of brilliant peers.

  • Users can message their group 24/7 and attend fast-paced meetings to solve their biggest challenges at work, faster.

  • Employer reimbursements possible: many Sidebar members get their membership fees covered by their employer. - Sidebar

  • Sponsored.

4. Apple launches a 15” Macbook Air

It is the world's thinnest 15” laptop, and has the M2 chip, although memory is limited to 24GB

It starts at $1299 and is available for pre-order now, shipping on June 13

Read more: The Verge, Apple.

Apple is also upgrading the Mac Studio and the Mac Pro with its new M2 Ultra chip

Mac Studio:

Mac Pro, finally with a non-Intel chip (the previous update was in 2019):

Our view: Apple continues to have the best products for consumers and creative pros, but not yet for enterprise and gamers

  • The only reason a consumer doesn't have a Mac is the price point. With technology getting cheaper and the world becoming richer, we only expect Apple's consumer market share to expand.

  • Apple's Achilles heel is enterprise and gamers. The Mac's Microsoft Excel, for example, is much inferior to Windows’s (of course, Microsoft builds it). Many enterprise apps and games don't even have Mac versions — Bloomberg Terminal comes to mind.

5. Apple previews the new iOS, iPadOS, macOS, watchOS

iOS 17 summary:

Read more: 9to5Mac, Apple.

Live voicemail transcription was our favorite iOS 17 feature

Apple produced a nice 2-minute video highlighting its smaller WWDC announcements

6. Twitter's U.S. advertising running at $917M ARR, -59% YoY

  • $917M ARR calculation: $88M in U.S. ad sales from April 1 to the 1st week of May. - NYT

  • This is in line with Elon's projection of $3B revenue for 2023, which would mean -41% vs. 2021:

  • Close to break-even, as Elon has repeatedly said.

Our view: new CEO Yaccarino will succeed in bringing back some advertisers, but subscription revenue will disappoint

  • No consumer social app has succeeded with subscription revenue. All the top players, such as Meta and TikTok, have 90%+ of their revenue coming from ads. Consumers don't want to pay, and the companies can get a higher ARPU from advertising.

    • Of course, if someone can make it work, it is Elon.

7. Other headlines

Tech

  • ByteDance: former exec claims CCP access apps’ HK user data.

  • AI and copyright: NYT, WaPost, others to post that tools could break laws.

  • Google Chat will suggest how to finish a sentence.

  • Greycroft co-founder interview: investing $1B in VC in this market.

Biotech

Business

  • Jamie Dimon to meet privately with House Dems, claims no plans to run.

  • Family offices: 40% of U.S. CIOs make $1M+/year.

  • CNN CEO Licht apologizes to staff after Atlantic hit piece.

  • Jim Mellon says Shell and BP are good investments in podcast.

Crypto

U.S. politics

World

  • Ukraine launched biggest attacks in months: Moscow.

  • Ukraine accuses Moscow of destroying major dam, warns of floods.

  • UFOs: whistleblower claims U.S. has aircrafts of non-human origin.

8. Interesting tweets, memes, and images

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Disclaimer: The Bay Area Times is a news publisher. All statements and expressions herein are the sole opinions of the author. The information, tools, and material presented are provided for informational purposes only, are not financial advice, and are not to be used or considered as an offer to buy or sell securities; and the publisher does not guarantee their accuracy or reliability. You should do your own research and consult an independent financial adviser before making any investments. Assets mentioned may be owned by members of the Bay Area Times team.

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