Apple Debuts iPhone 17 Lineup, Including Skinnier Air Mode

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3:00Plus, global business, finance, and tech news as it happens. The Bloomberg Businessweek Daily Podcast with Carol Masser and Tim Stenevek on Bloomberg Radio. We've been all in on Apple today. The company out with biggest product launch of the year, the iPhone 17, A skinnier Air design. It improves durability and camera tech. As far as prices go,$799 is the starting price of the standard phone. The new Air version will cost$999. The Pro is going to go up by$100 with twice as much storage. I want to bring in Dan Ives. He's Global Head of Technology Research at Wedbush Securities. He's also chairman of 8co Holdings.

3:39Soared over 3 ,000 % after announcing a plan to buy 10 % of goods. In the news just a little bit. That was yesterday. Dan's here on site at Future Proof in Huntington Beach. We're going to talk about ACO Holdings in a minute. But first, I just want to get your reaction to Apple because you actually, I saw you. You were on your laptop, and then I got your most recent Apple note. While we were doing our interview with Barry, you just said on your note, you're maintaining your price target on Apple. You and the team at Wedbush estimate there are 315 million folks out there who are ready to upgrade their iPhones.

4:11Is the 17 going to get them to upgrade? Look, I think it's going to move the needle. I mean, I think especially in China, there's definitely, what I'd say, a pent-up demand. I think street numbers continue to be pretty conservative to maybe low, and that's a great setup. Look, the reality is that this is not going to be a super cycle. There's nothing here that makes you think that this is going to be the game changer that everyone's been waiting for. But I do believe, given the install base, given some of the tweaks here, and ultimately on sort of the second half of this upgrade cycle, you will have an AI-driven ecosystem.

4:47I believe it will be Google Gemini. This could be a sneaky upgrade cycle that I think surprises investors on the upside. What do you mean? Because right now, expectations, New York City cab driver is bearish on Apple. And I think that what I like about the setup is it's all about it's kind of left behind. Now, a lot of that's been self-inflicted because every Apple event feels like it's a – I feel like Michael J. Fox and Back to the Future. So they continue to be left behind in AI. But now with the Google DOJ issue in the rear view, they will double down ultimately in that Gemini partnership. And when you look at the install base, I think Street is underestimating what numbers look like for iPhone when you look out over the next 6, 9, 12 months.

5:34And I think in big tech, I view Apple from a sentiment perspective relative to where I viewed Alphabet maybe about six months ago. You, in your note ahead of the launch, called Apple's AI strategy, quote, invisible. You said the elephant in the room is the black over the stock. AI's invisible or Apple's invisible AI strategy. Did you get any more information today at the launch about its strategy? I mean, I think fundamentally, they're keeping it close to the vest, right? In other words, it continues to be that black cloud. I think they're waiting for ultimately what's going to be Gemini. Because I think they had a choice.

6:17Either go down the route with perplexity and ultimately look to acquire that. Or if it was a favorable ruling, then the candlelight dinner with Google and Sundar could ultimately start again. And then you could actually double down that partnership. And that is, I believe, the direction. But look, Tim, it was a black eye moment a year ago when they laid out the AI strategy. I mean, it's 95 % of that had a backtrack on it. Well, now they've lost a lot of the senior executives that were working on that to Meta Platform. And we've talked about it. There's a better chance of me playing Ryder Cup Bethpage than any internal AI strategy happening at Apple.

6:59But is that such a bad thing? And this is one of the things that, Dan, we talk a lot about, that maybe Apple's just kind of watching. There's a lot of money sloshing around trying to figure out what ultimately are the standards, the methods, the companies that really dominate, right, in terms of AI kind of protocols. And maybe Apple's like, I'll just watch, and then we'll figure it out. Is that bad? I think it's bad. I'd compare it to, like, Saturday night in New York City. There's a restaurant where there's one person in there at 830. Like, oh, they must know something everyone else does. I'd rather go to the place where people are lining up outside.

7:29When it comes to, ultimately, AI, time is not on their side. Look what OpenAI, look at Meta, wartime CEO, look at Microsoft, look what Google's done. That's why it's at an all-time high. So I do believe Cook's recognized it, but the problem is that now it's a go-time moment when it comes to AI. And that, look, we've talked about it. That's how you get to$325,$350,$400 stock. is AI. Relative to right now, Apple, they're kind of on the outside looking in of that AI party where it's still 10 p.m. going to 4 a.m. Everyone wants to know about what the heck is going on over at 8co Holdings. You're chairman of this company now.

8:11I think it took a lot of people by surprise. It's a crypto treasury firm. And for those who aren't familiar with the way this works, it's a Michael Saylor strategy, but with a different cryptocurrency. This is WorldCoin backed by Sam Altman, eyeball scanning stuff. What is going on here? So I wouldn't have done this as chairman if it was just a regular token back strategy. The reason I did this, it has to do with Sam. It has to do with my view world is going to be a de facto standard for identification, authentication in terms of human proof in AI world. This is much more of a tech infrastructure play than what I'd say a traditional crypto play.

8:49So obviously the reason I'm so excited about it is really this is going to become, I think, a huge part of the story and the narrative. It's really an intersection of AI and crypto. Explain that, Dan, though. So what that means is, you know, as Tim talked about, it's iris scanning, the orbs. Right. Going forward in the future, especially in the robotic world, bots everywhere, you're not going to be able to just identify through a boot check. It's really going to be iris scanning. What they've done already, 15 million humans on the platform, I believe going to about 100 million over the next year.

9:24That's going to be a form of identification. That's probably the most privacy lockbox out there. And it's secured by a token, a world token. So my view and our view as a team, this is early days in terms of where this is all heading. And that's why we want to do the strategy now. What's to prevent somebody else from doing the same thing? They're playing a different game than they are. They're NVIDIA in 2022. In other words, relative to what Sam, Alex, and the team have built out, I mean, from an infrastructure and authentication perspective, they are, I think, miles ahead. I don't see anyone that could catch them.

9:58That's why we bet on World as part of the Acro strategy and obviously having someone like Tom Lee and Bitminer, a big investor that's another support that we're so excited to have. You've also got an ETF that launched back in June. It's the Dan Ives Wedbush AI Revolution ETF. It's up 16 % since launch. It's outperforming the S &P 500 and the NASDAQ 100. Broadcom, Google, NVIDIA, TSMC, Apple, they're the top holdings. Somebody watching right now might be like, okay, he's got a clothing company. He's chairman of this crypto treasury company. He has his day job at Wedbush. How am I sure that he's going to manage this ETF and have the time and resources to manage this ETF in my interest?

10:42I think that's a great question. I'd say when you think about my chairman role, it's all related to AI and the infrastructure. In other words, this is interrelated to my view of where the AI revolution gets built out. And the reality is that 95 % of my time has spent 3.5 million air miles the last 25 years. I think what's enabled to distinguish us is feet on the ground, talking, whether it's private, public, partners. And really, I think that's how investors have grown to. Do you add Aedco Holdings to the Ives ETF? No, no, no. That would be totally – it's a total separate operation. I keep firewalls between it, though.

11:20Like there's going to be people who are saying, yeah, of course Dan's going to talk up that he loves Alphabet and that he loves NVIDIA. I mean, he's got an ETF. Like I've just – how do we – Sure, on the ETF. We lean on you for like transparent views. And part of how investors know us, the ETF is all based on our AI 30. It's all based on our research. So the reality is I think part of how we've gotten so – I'd say from an investor perspective, we've had massive reception for the ETF is because it's our 30 names that ultimately we've used the winners. And we change that every quarter. And that's, I think, you talk about ETF, what it's based on.

12:03It's all based on the research. And everyone here that knows Dan Ives, they know feet on the street, not sitting there in some Peter Millar 15th floor of a New York City office building, and the only time he traveled is two times to San Francisco. Yeah, you just got back from Australia. Yeah, so I literally landed here from Australia. What were you doing there? Yeah, so part work, part pleasure. So it was fun. Because, look, I mean, when we talk AI revolution, like in Sydney, in Melbourne, PAC meetings, because the reality is that this is not just U.S. And that's why I spend so much of my time traveling around the globe.

12:39What might be the irrational exuberance part of kind of the trade today or the tech trade or the AI trade? And just got about 30 seconds. There's got to be some fluff out there. Just because you say AI 40 times in a conference call doesn't make yourself an AI name. Look, just because, like Tim, he was wearing an AI shirt because he says it 15 times and says, Tim on the back, AI. My view is you have to distinguish the winners and the real ones from the fakes. And that's the reality. And look, that's what we spend all of our time doing. The one company you're most bullish on right now, public company.

13:11Messy of AI, Palantir. That's going to a trillion the next two or three years. And I always say the haters hate it. Hate it at 15, despise it at 80. Say it's super expensive at 150. They'll be seeing the same thing at a trillion. Yeah, it's a company we've talked a lot about, I would say, in the last year. And then some. Dan Ives, thank you so much. Always appreciate it. Global Head of Technology Research at WebBush Securities. Stay with us. More from Bloomberg Businessweek Daily coming up after this.

13:52four - and five-star funds, including active ETFs. Discover what sets Fidelity apart when it comes to performance at i.fidelity.com slash top funds. Across all fund share classes of Fidelity, Fidelity Advisor shares, and Fidelity ETFs as of 6-15-2026, past performance is no guarantee of future results. Support for the show comes from public.com. If you're actively involved in your portfolio, you probably catch yourself repeating the same actions, buying the dip, manually sweeping idle cash, putting on a hedge. On public, you can now create AI agents that handle all these tasks on your behalf. Just describe what you want to do in plain English.

14:28Like, if the VIX hits 25, buy a put option on the S &P 500. Or, if my cash balance goes above$20 ,000, move the excess into my direct index. You approve of the workflow, and your agent handles the rest. Monitoring the market, watching for your conditions, and executing your strategies exactly as defined. An investing platform driven by your intent, not just your clicks. You can also get full read and write access to your account via the public API. Go to public.com slash market and fund your account in five minutes or less. That's public.com slash market. Paid for by Public Investing. Brokered services by Open to the Public Investing, Member FINRA and SIPC.

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15:49You're listening to the Bloomberg Business Week Daily Podcast. Catch us live weekday afternoons from 2 to 5 Eastern. Listen on Apple CarPlay and Android Auto with the Bloomberg Business app or watch us live on YouTube. Jennifer Grancio is back with us, global head of ETFs over at TCW. They've got more than$200 billion across investment solutions, as of the mid of this year, midpoint. ETF platforms have more than$4 billion, a lot under management. They see a lot of flows. We want to remind everybody, too, Jennifer, the former CEO of the impact investment firm Engine No. 1, which took on Exxon. You're going to be iconic forever.

16:27This is going to go with you wherever you go because it was really significant. I think also you joined us at Milken during that time when you guys were in the midst of that, and that's where I still know you from. But I think people still know you from that, as Carol mentioned. Yeah, I mean, engine number one was a moment in time where I think we had just started to think about energy transition at a very big level. It's not just green. It's brown. And it was going to require so much to move the world towards better sources of energy, electrification, all the power we need for restoring in the U.S.

17:01So, yeah, that was a great moment in time. And then we folded in a lot of the work we had done there into TCW. Well, talk about what you are doing, because energy is a big theme in terms of investing here for you guys. For sure. So if you think about the world today, as much as it's volatile and we're never sure exactly what's going to happen or how things are going to play out, if you think about TCW, we started as an equity firm, and then we even got a great public-private credit business. And so on the equity side, a lot of what we do is fundamental, concentrated portfolios that help you diversify from the index fund and the direct indexing you have at the core, because the market is broadening.

17:39And we have a huge opportunity as investors to actually take advantage of how do you profit from the fact that we're seeing different sources of energy and we have a huge demand for energy for AI and data centers, but also for the reshoring of manufacturing. How do you do that in an environment where the administration, depending on who's in the White House, changes their view on the future of energy, like does a 180? I mean, you have the president wanting to, and actually doing it, trying to cancel offshore wind projects. And really, anything that isn't oil, it seems like he's not interested in, save for nuclear.

18:12But that's a bigger time horizon. Yeah, but that's how we think about it. So from a TCW perspective, we've been investing in the energy and power transition. We do that through the ETF-powered PWRD. But when we think about that, that's a very long trend. So that's over decades and decades. And so the way we think about it is we, as managers, want to invest for you so that we're paying attention to one administration, to the other. and what happens, and there will be some changes. But if you think about the changes in the traditional brown so that they can electrify and be more productive in a market like the Permian on oil, that's really important.

18:48Nuclear is incredibly important. And then what Trump said on actually supporting more nuclear, yeah, it's a long-run game, but that's great intermittent power. So we like to think about it very broadly, and it transcends administrations. But does it mean you ignore wind and solar? That can be part of our portfolio as well. We're looking at things that from a very long-term perspective will make sense. And you think even though wind is under so much pressure right now, in a different administration, it could come back? It will be part of the solution. It's not the lead place to make money in the next couple of years.

19:18And we're active managers, so we can take that into account in terms of the way we manage the portfolio. Where is money going across your platforms? Where are the flows going in? Where are the flows coming out? We would see, if I answer it maybe at an industry question, and then I can talk about TCW. We see active equity is tough. So in active equity, investments are very selective. So what we're doing in active equity, products like Powered or AIFD for AI, they're selective. They're meant to be complementing to big index holdings. And on fixed income, a lot of money continues to come into fixed income and continues to come into active fixed income.

19:55We're also big in private credit, not in the ETF space and products that are appropriate there. But both a fixed income and private credit are probably the places we see the most money coming in. Really? Not surprising. It feels like everything is private credit. It does, but on the other hand, it's early. So if you think about a portfolio and if you think about biggest institutions in the world, they're invested in some kinds of private credit, but they're looking to get into private ABF because it's diversifying. But in wealth portfolios, if you think about the average investor or registered investment advisors, they're looking at how to take advantage of returns that can be like our core plus income ETF flexor.

20:39That's returning almost 7 % with over 5 % annual yield. That's very attractive. When you move into safe, controlled, careful private credit, you're still picking up multiple percentage points a year. So people should do it carefully. But it's a big opportunity. Do you see that opportunity continuing to grow in a weakening environment? We do. Again, if you go out and you survey, there's a McKinsey report that just came out surveying institutions and wealth. And private credit, by far, is the place that people are most interested in, most increasing allocations in. What confidence do you have that we have the right regulatory oversight on this?

21:15In a world where private credit still, there is a lack of transparency, and people don't, maybe not all investors understand that it's not liquid. like a lot of other investments? It's the right question, which is from a responsibility perspective as asset managers or for wealth managers, we should always be in a dialogue with clients on do they understand the liquids. When you do a semi-liquid product, for example, for us, we have things that have many, many year, five plus year drawdowns. That's not a liquid product. We wouldn't tell clients that that's a liquid product. In the asset-backed finance space, we have an interval fund, but the loans there are getting, kind of turning over within two to four years.

21:53So there's a little bit more liquidity there. So I think we'll watch the regulatory space, but investor education and responsibility by the managers, it's critical. So when it comes to private credit, you're looking for things where it is two to four years that they're turning over. So it's a little bit more liquid. That's a little bit more liquid. And so if you think about private credit in the private securitized or asset-backed finance space, the loans are self-amortizing in two to four years. That's a space we think an interval fund makes sense. We manage an interval fund there. There are other places where it's just not that liquid, and that should be a private market product.

22:24Still a lot of interest in AI and the fund that tracks that? A huge amount of interest in AI. And I think everybody's interested in, one, what's happening with AI, who wins, what happens. But people are also looking at how to invest in it. So at TCW, we manage an ETF AI FD, which is investing very broadly in AI. And that's an opportunity to take advantage of, yes, it holds NVIDIA. But it also holds Broadcom and other companies that are benefiting and early winners in the trade. When you come to an event like this, I mean, is there a narrative you're picking up on that might be surprising? I'm just curious.

22:59Just got about 30 seconds here. I think from this conference, which is full of wealth advisors, they are trying to figure out how does artificial intelligence affect their business? How do they get smarter about it? And how can they adopt new outsourcing and new technologies so that they can spend more time actually serving their clients? Which is a great thing. which is a great thing. More time with the investment advisors. Always good to get more time with you. Thank you so much. Thank you. You always find it. Jennifer Grancio, she's global head of ETFs over at TCW, joining us on site at Future Proof.

23:31Stay with us. More from Bloomberg Businessweek Daily coming up after this.

23:39This is the Bloomberg Businessweek Daily podcast. Listen live each weekday starting at 2 p.m. Eastern on Apple CarPlay and Android Auto with the Bloomberg Business app. You can also listen live on Amazon Alexa from our flagship New York station. Just say Alexa, play Bloomberg 1130. Carol Master, Tim Stanovic live here at Future Proof in Huntington Beach, California. Well, our next guests help others manage their money. They're content creators at the same time. With us here at Future Proof is Doug and Heather Bonaparte of Bonafide Wealth. Doug is founder and president. Heather is director of business and legal affairs.

24:14Doug is a wealth advisor. Sir Heather, a former attorney, corporate attorney, big time in the insurance industry, and the firm has about$100 million in assets under management. Nice to have you here. I know it's busy for you. You've got a lot going on. Your website now, it's a wealth management firm built on unprecedented times. Walk us through what that means, Doug. Yeah, absolutely. So you look to older millennials like ourselves, the geriatric millennials, if you will. Speaking my language. Yeah, yeah. We start our adult lives and our careers in 2008. I know I literally moved to New York City in October.