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Today in the Market (4/11/2024)

Good Morning! On Thursday, U.S. equities rose, with Big Tech firms leading the recovery after a decline caused by the unexpected spike in consumer prices on Wednesday.

The NASDAQ surged by 1.68%, while the S&P 500 increased by 0.74%. The Dow Jones finished down by 0.01%.

PLAYING CATCH UP

Apple Inc. (AAPL) plans to revamp its whole Mac lineup by introducing a new series of in-house CPUs that emphasize AI, to improve lackluster computer sales. According to those familiar with the situation, the business is already approaching the manufacturing phase of the next iteration of its Macs, which will have the M4 CPU. This comes only five months after the debut of Macs equipped with M3 processors.

Why is this important for Apple? The new Macs are now being developed at a crucial time. Mac sales had a 27% decline in the past fiscal year, after their high in 2022. During the Christmas season, the income generated from the computer line remained unchanged. Apple already tried to revive the Mac industry by organizing a launch event in October, with a specific emphasis on the M3 processors. However, these chips did not provide significant performance improvements compared to the M2 chips introduced in the previous year.

What else? Apple is now behind Microsoft (MSFT), Alphabet (GOOG, GOOGL), and other technology companies in the field of AI. The inclusion of AI capabilities in all its products is a key objective of the company’s larger strategy, which is shown by the introduction of the new processors.

PICK WISELY

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Tonight marks the premiere of the musical version of S. E. Hinton’s book, The Outsiders. However, those looking for the latest and most popular performance will find themselves with many options since 13 other shows are scheduled to open before the month ends.

So why the rush? In order to maintain a positive image in the eyes of Tony voters before the deadline of April 25 for award eligibility, Broadway producers often engage in a hustle to get a spring premiere. According to a Time Out estimate, this month will mark the beginning of about a third of the Broadway season that will run between 2024 and 2025. It is expected that nine of these series will premiere in the last week before the cutoff.

What does this mean for Broadway? It seems like Broadway is making a comeback, but veterans in the sector are concerned that the market may be oversaturated. Especially because, according to the New York Times and other sources, the number of people attending theater this season is still 16% lower than it was this time in 2020

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