🍎 Apple's new(ish) gadgets

Wednesday, September 15, 2021 by Robinhood Snacks | Disclosures
_It's a bigger battery [Klaus Vedfelt/DigitalVision via GettyImages]_

It's a bigger battery Klaus Vedfelt/DigitalVision via GettyImages

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Hey Snackers,

It’s not often a whole month kicks off mid-month… In honor of Hispanic Heritage Month, we'll be featuring SnackFacts at the intersection of culture, business, and the economy. Have a fact to share? Submit here.

Stocks slipped again yesterday, despite word that prices rose at a slower-than-expected pace in August. Tonight, SpaceX's historic civilian-only flight is slated to launch into orbit — if the weather allows.

Club
1. The iPhone 13 may not be a jaw-dropper, but it's still getting harder to leave Club Apple

13th time’s the charm… Is it though? Apple dropped a new iPhone at its launch event yesterday, but Fruit-heads hoping for dazzling news iProducts may be disappointed by marginal upgrades. A few highlights:

  • Oscar-level selfies: iPhone 13 features improved cameras with cinematic video features, better graphics, and a bigger battery. Price didn't budge: still $799 for the mid-range — or $33/month in installments.
  • Fewer ways to lose your stuff, thanks to new accessories, like a leather MagSafe wallet that connects to Apple’s “Find My” network.
  • More ways to sweat using the new Apple Watch 7, including Group Fitness classes, a calorie tracker for indoor cyclists, and a new crash alert system for outdoor bikers.

The apple of Apple's eye… Still iPhone. iPhone sales make up over half the Fruit's total, though they slowed in 2019 and 2020. This year, sales soared as the new 5G-enabled 12 fueled an upgrade cycle. While iPhone sales have slowed quarter-to-quarter, Apple is hoping the new model + jacked-up services will rev up demand for its precious hardware.

THE TAKEAWAY

Easier to walk in, harder to leave… By keeping iPhone prices flat and offering accessible installment payment options, Apple’s making it easier to walk into “Club Apple.” And it's making it harder to walk out. Apple is expanding its connected ecosystem, getting customers hooked on original content like Ted Lasso and services like Fitness+. That way, the world’s most valuable company could continue growing with some relatively simple additions.

HHM

Lay down the stats… Hispanic and Latino Americans are still far from the pandemic recovery finish line. The community has been disproportionately affected, both from economic and health standpoints. Latinos account for over half of the US' population growth over the past decade, and make up ~18% of the total population — but represent nearly 30% of coronavirus cases.

The pandemic effect… Hispanics have a higher labor force participation rate than any other US demographic. But Covid sparked a sharp surge in unemployment — and the economic effects still linger today. That’s partly because Latinos are disproportionately represented in industries that were hardest hit, like restaurants and hotels. With Hispanics already earning 26% less than their white counterparts pre-pandemic, elevated unemployment has been even harder to endure financially.

  • Today: While the Latino unemployment rate is falling, it was 6.4% in August — compared to 4.5% for white Americans, 4.6% for Asian Americans, and 8.8% for Black Americans.
  • Still… Over the course of the pandemic, Latinos have become more optimistic about the country's direction and the situation of US Latinos.
  • As one of the largest and fastest-growing populations in the US, the Latino community has seen major economic growth over the past decade.
THE TAKEAWAY

There's more growth ahead… Hispanic Americans saw faster income growth than any other major demographic group from 2014 to 2019. Despite pandemic challenges: in the past two-years, Latino-owned businesses grew revenue at an average rate of 25% per year, vs. 19% for white-owned businesses. The young and educated Latino labor force is expected to continue driving growth for the US economy. Case-in-point: If the US Latino market was its own country, it'd be the 8th-largest economy in the world.

What else we’re Snackin’
  • Juicy: EV startup Rivian became the first automaker to bring an electric pickup to the consumer market, beating Tesla, GM, and others.
  • Compete: Amazon plans to hire another 125K employees for roles that'll pay an average of $18/hour, as the race to attract workers continues.
  • Searched: South Korea’s competition watchdog slapped Google with a $177M fine for forcing smartphone makers to use its Android operating system.
  • Crunchy: Taco Bell is testing a monthly taco subscription. For $5 to $10 per month, the Taco Lover's Pass gives subscribers one taco a day.
  • Greener: Oil giant Chevron is tripling spending on low-carbon initiatives. It plans to drop $10B through 2028 on carbon capture, biofuels, and other tech.
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Toast capitalized on something Uber Eats, Doordash, and Grubhub missed. Tune in to hear how.

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Wednesday
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Authors of this Snacks own shares of: Apple, Tesla, Uber, and Google

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