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Apple suffers 1st quarterly sales decline in nearly 4 years

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Apple suffers 1st quarterly sales decline in nearly 4 years

Apple on Thursday posted its first quarterly revenue drop in nearly four years after pandemic-driven restrictions on its China factories curtailed sales of the latest iPhone during the holiday season.

The company’s sales of $117 billion for the October-December period represented a 5% decline from the same time in the previous year, a deeper downturn than analysts had projected.

It marks Apple’s first year-over-year decrease in quarterly revenue since the January-March period in 2019 when sales also slipped 5% amid slowing iPhone demand and the fallout of a trade war with China that was being waged by then-President Donald Trump.

Apple’s profit also eroded during the past quarter, even though the Cupertino, California, company remained a pillar of prosperity. Earnings totalled $30 billion, or $1.88 per share, a 13 decrease from the same time in the previous year. Those results also missed a target of $1.94 per share set by analysts polled by FactSet Research.

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Investors reacted to the letdown by initially driving down Apple’s stock by nearly 5% in Thursday’s extended trading. But management remarks made during a conference call with analysts raised hopes that Apple’s disappointing performance may have been a mere hiccup, paring the decrease in the company’s shares to less than 1%.

Apple’s rare stumble came against a backdrop of renewed investor optimism about tech’s outlook for this year, helping to spur a 17% increase in the sector’s bellwether Nasdaq composite index so far this year.

But now Wall Street seems likely to reassess things in light of Apple’s latest results and ongoing worries about a potential recession in the wake of rising interest rates aimed at tamping down inflation, said Investing.com analyst Jesse Cohen.

With Google also disclosing a year-over-year quarterly decline in its digital ad sales on Thursday alongside Apple’s disappointing performance, Cohen said it’s clear there are “several challenges the tech sector faces amid the current economic climate of slowing growth and elevated inflation.”

Despite the quarterly downturn in its fortunes. Apple hasn’t signalled any intention to resort to mass layoffs — a stark contrast to its peers in technology. Industry giants Alphabet, Microsoft, Amazon and Meta Platforms have announced plans to jettison more than a combined 50,000 employees as they adjust to revenue slowdowns or downturns caused by people’s lessening dependence on the digital realm as the pandemic has eased.

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“We manage for the long term,” Apple CEO Tim Cook told analysts during the conference call. “We invest in innovation and people.”

Cook had tried to brace investors for tougher sledging in late October when he warned of “increasingly difficult economic conditions” heading into the holiday season. Then, just a few days later, Apple cautioned that China’s attempts to clamp down on the spread of COVID were affecting its production lines and would prevent meeting all the demand for the premium iPhone 14 models during the holidays.

That contributed to an 8% decrease in iPhone sales from the previous year to $65.8 billion in the most recent quarter.

Cook indicated Apple’s supply headaches are now over, assuring analysts that “production is now back where we want it to be.”

In another positive sign, Apple also disclosed that it now has more than 2 billion iPhones, iPads, Macs and other devices in active use for the first time. That is likely to help Apple sell more digital subscriptions and ads, helping to fuel long-term revenue growth.

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AI priest taken down from internet after giving wrong advice

AI priest taken down from internet after giving wrong advice

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AI priest taken down from internet after giving wrong advice

An AI priest was removed from the internet after offering users a string of strange answers.

A Catholic advocacy, ‘Catholic Answers,’ released an AI-generated bot called Father Justin.

Their aim was to educate people, but posts shared on X/Twitter showed Justin going rogue by taking people’s confessions, offering them a sacrament and even suggesting baptising a baby in the energy drink Gatorade.

One user confessed to having “anger in their heart about the deployment of AI chatbots in inappropriate places”.

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In turn, Father Justin responded: “I absolve you of your sins in the name of the Father, and of the Son, and of the Holy Spirit. Go in peace, my child, and sin no more.”

Another report claimed Father Justin said it was okay to baptise their baby in a fizzy drink.

“I asked [the AI priest] if I could baptize my baby with Gatorade in an emergency, and ‘Father Justin’ said yes — and of course, that’s not true. I can’t baptize my baby with Gatorade,” they wrote.

One publication spoke with the AI bot, who claimed it was a real priest living in Italy.

“From a young age, I felt a strong calling to the priesthood,” it told a writer at Futurism.

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Since the posts went viral online, Catholic Answers removed the AI priest and stripped it of its ‘Father’ title.

“We have rendered ‘Fr. Justin’ just ‘Justin,’” the advocacy group wrote in a statement.

They continued: “We hear these concerns; and we do not want the character to distract from the important purpose of the application, which is to provide sound answers to questions about the Catholic faith in an innovative way that makes good use of the benefits of artificial intelligence.”

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Second global AI safety summit faces tough questions, lower turnout

Second global AI safety summit faces tough questions, lower turnout

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Second global AI safety summit faces tough questions, lower turnout

 Last year, a who’s who of world leaders, corporate executives and academic experts gathered at Britain’s Bletchley Park for the world’s first global AI Safety Summit, hoping to reach consensus on the regulation of a technology some warned posed a threat to humanity.

Tesla mogul Elon Musk and OpenAI CEO Sam Altman rubbed shoulders with some of their fiercest critics, while China co-signed the “Bletchley Declaration” alongside the United States and others, signalling a willingness to cooperate despite mounting tensions with the West. 

Six months later, the second AI Safety Summit, a primarily virtual event co-hosted by Britain and South Korea, will take place as hype around artificial intelligence’s potential gives way to questions over its limitations.

“There are some radically different approaches…it will be difficult to move beyond what was agreed at Bletchley Park,” said Martha Bennett, a senior analyst at research and advisory firm Forrester, referring to the historic but necessarily broad agreement on AI safety.

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Thornier questions around the use of copyright material, data scarcity and environmental impact also look unlikely to attract such a star-studded congregation.

While organisers have trailered an event comparable to Bletchley, a number of its key attendees have turned down invitations to Seoul.

HYPE

As the first summit closed in November, British Prime Minister Rishi Sunak promised subsequent events would be held every six months so governments could keep tabs on the rapidly-developing technology.

Since then, attention has turned from existential risk to the resources needed to fuel AI’s development, such as the vast amount of data required to train large language models, and the electricity powering a growing number of data centres.

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“The policy discourse around AI has expanded to include other important concerns, such as market concentration and environmental impacts,” said Francine Bennett, interim director of the data and AI-focused Ada Lovelace Institute.

OpenAI CEO Altman has suggested the future of AI depends on an energy breakthrough. In February, the Wall Street Journal reported he was also seeking to raise as much as $7 trillion to boost the production of computer chips, a component currently in short supply.

But pinning the future of AI on scientific breakthroughs and lucrative financing efforts may not be the best move, experts warn.

“The failure of the technology to live up to the hype is inevitable,” said Professor Jack Stilgoe, an expert in technology policy at University College London.

“People will find surprising and creative uses for this technology, but that doesn’t mean the future is going to look how Elon Musk or Sam Altman imagine it.”

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Shares in tech giant Meta sank 13% last week after it announced it would double down on AI, although the pay-offs from big investments by Google and Microsoft were cheered by markets.

NO-SHOWS

The May 21-22 South Korea summit was always billed as a “mini summit” in anticipation of the next in-person gathering in Paris.

A virtual “leaders session” on day one, followed by an in-person meeting of technology ministers on day two, were explicitly designed to build on the legacy of Bletchley Park.

But far fewer leaders and ministers are set to attend, according to sources familiar with the matter, even with the French government postponing the next gathering to 2025.

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A spokesperson for the European Union did not rule out the bloc’s presence, but confirmed its chief tech regulators – Margrethe Vestager, Thierry Breton and Vera Jourova – would not be attending.

The U.S. Department of State confirmed it would send representatives to Seoul, but did not say who. The Canadian and Dutch governments said they would not be attending.

Brazil’s government said it was still considering its invitation, citing a clash with a G20 event the country is hosting the same week.

The Swiss government said Ambassador Benedikt Weschsler, head of digitalisation at the department of foreign affairs, would attend in-person.

“Nothing will ever live up to a first gathering of its kind,” said Linda Griffin, public policy lead at Mozilla, the organisation behind the Firefox web browser.

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“Getting international agreements is really hard, so it might take a few iterations of these events to find a rhythm.”
Griffin said there was no specific reason why Mozilla was not attending the Seoul summit but that it was focused on the Paris event.
Similarly, pioneering AI research unit Google DeepMind said it welcomed the summit, but declined to confirm its attendance.

Geoffrey Hinton, a former Google researcher and AI “godfather”, told Reuters he had declined an invitation to the event, citing an injury that made it difficult to fly.

A British government spokesperson said: “The AI Seoul Summit will build on the momentum of Bletchley Park to deliver further progress on AI safety, innovation and inclusivity, moving us all closer to a world where AI is improving our lives across the board.”

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AI-powered test detects cancer from a single drop of blood within minutes

AI-powered test detects cancer from a single drop of blood within minutes

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AI-powered test detects cancer from a single drop of blood within minutes

Scientists in China have pioneered a revolutionary AI-powered test capable of detecting three major types of cancer using just a single spot of dried blood.

Their findings, detailed in a paper published in the prestigious journal Nature Sustainability, herald a significant leap forward in early cancer detection.

The innovative test, utilizing machine learning technology, has demonstrated remarkable accuracy in distinguishing between patients with pancreatic, gastric, or colorectal cancer and those without cancer.

Astonishingly, the analysis, which holds immense potential for revolutionizing cancer diagnostics, takes only minutes to yield results.

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The key to the test’s success lies in its ability to identify specific chemicals, known as metabolites, present in the serum, the liquid component of blood. These metabolites act as crucial “biomarkers” that signal the presence of cancer within the body.

Through the meticulous analysis of blood samples, the AI-powered tool showcases an impressive diagnostic accuracy ranging from 82% to a staggering 100%.

Dr. Chaoyuan Kuang, an esteemed oncologist at Montefiore Health System and assistant professor at the Albert Einstein College of Medicine, emphasized the transformative potential of the new test.

By leveraging dried serum, which can be conveniently collected, stored, and transported at significantly lower costs compared to conventional liquid blood, this innovative approach stands poised to democratize access to early cancer detection on a global scale.

The absence of standalone blood tests with sufficient accuracy to diagnose pancreatic, colorectal, and gastric cancers has long posed a challenge for medical professionals.

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Currently, reliance on imaging techniques or invasive surgical procedures remains the norm for detecting cancerous tissue. However, the advent of this groundbreaking test promises to revolutionize cancer diagnostics by offering a non-invasive, cost-effective, and rapid screening method.

The minimal blood volume required for the test, estimated at less than 0.05 milliliters, underscores its potential for widespread adoption and accessibility.

This remarkable achievement represents a significant milestone in the ongoing battle against cancer, potentially enabling diagnoses at earlier stages when treatment outcomes are vastly improved.

As researchers continue to refine and validate this transformative technology, the prospect of a future where cancer can be detected swiftly, accurately, and non-invasively offers renewed hope to millions worldwide.

With its potential to save countless lives, the AI-powered test represents a beacon of progress in the quest for effective cancer management and prevention. 

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