Goldman's credit card business, anchored by the Apple Card since 2019, has arguably been the company's biggest success yet in terms of gaining retail lending scale. It's the largest contributor to the division's 14 million customers and $16 billion in loan balances, a figure that Goldman said would nearly double to $30 billion by 2024. But rising losses threaten to mar that picture. CNBC: Lenders deem bad loans "charge-offs" after a customer misses payments for six months; Goldman's 2.93% net charge-off rate is double the 1.47% rate at JPMorgan's card business and higher than Bank of America's 1.60%, despite being a fraction of those issuers' size. Goldman's losses are also higher than that of Capital One, the largest subprime player among big banks, which had a 2.26% charge-off rate. "If there's one thing Goldman is supposed to be good at, its risk management," said Jason Mikula, a former Goldman employee who now consults for the industry. "So how do they have charge-off rates comparable to a subprime portfolio?" The biggest reason is because Goldman's customers have been with the bank for less than two years on average, according to people with knowledge of the business who weren't authorized to speak to the press.

Charge-off rates tend to be highest during the first few years a user has a card; as Goldman's pool of customers ages and struggling users drop out, those losses should calm down, the people said. The bank leans on third-party data providers to compare metrics with similar cards of the same vintage and is comfortable with its performance, the people said. Other banks also tend to be more aggressive in seeking to recover debt, which improves competitors' net charge-off figures, the people said. But another factor is that Goldman's biggest credit product, the Apple Card, is aimed at a broad swath of the country, including those with lower credit scores. Early in its rollout, some users were stunned to learn they had been approved for the card despite checkered credit histories. "Goldman has to play in a broader credit spectrum than other banks, that's part of the issue," said a person who once worked at the New York-based bank, who asked for anonymity to speak candidly about his former employer. "They have no direct-to-consumer offering yet, and when you have the Apple Card and the GM card, you are looking at Americana."

In an update coming to iOS 16 later this year, Apple plans to add a new "Clean Energy Charging" option in the United States. MacRumors reports: The information was shared in Apple's iOS 16 press release, and it says that clean energy charging will optimize charging times for when the grid is using cleaner energy sources. With Clean Energy Charging, Apple is aiming to decrease the carbon footprint of the iPhone. This is the first we've heard of clean energy charging, and it's not a feature that Apple has previously highlighted.

Garmin has reacted to Apple's new rugged Apple Watch Ultra, saying in a tweet following the iPhone 14 and Apple Watch event that it measures battery life in "months" and "not hours," promoting its latest Enduro 2 watch for athletes. MacRumors reports: While the Apple Watch Ultra has the longest battery life of any Apple Watch to date, with Apple promising up to 36 hours of normal use and up to 60 hours with watchOS 9's new Low Power Mode setting and other optimizations, the Enduro 2 can last significantly longer depending on usage scenarios. Despite Garmin's claim that it measures battery life in months, the company actually advertises the Enduro 2 as having "up to 150 hours of battery life in GPS mode with solar charging" and "up to 34 days of battery life in smartwatch mode." The Enduro 2 has a 1.4-inch solar-powered display, compared to the nearly 2-inch display on the Apple Watch Ultra that can reach a peak brightness of 2,000 nits, the brightest ever in an Apple Watch. Battery life seems to be the main point of contention, based on comments from Hacker News and Reddit. "As someone who is into trail running and backpacking, a 36 hour battery life is untenable, and charging it every night seems like a pain," writes user lukeinator42.

"The real irony of the charge-at-night model is that you miss the single biggest source of error in human life: lack of sleep," adds killjoywashere. "Accurate sleep measurement is, on a day-to-day basis, far more valuable than many of the features advertised on this system."

Apple CEO Tim Cook dismissed the idea of adopting RCS messaging to put an end to the green bubbles that surround messages when iPhone users text someone on an Android device. From a report: "I don't hear our users asking that we put a lot of energy in on that at this point," Cook said when asked how Apple founder Steve Jobs would feel about using the RCS standard in iMessage during Vox Media's Code 2022 event on Wednesday night. Instead, Cook said, "I would love to convert you to an iPhone."

But the person who asked the question, Vox Media's LiQuan Hunt, came back with a valid complaint, saying that his mother can't see the videos he sends her. It all comes down to a lack of interoperability between iMessage and RCS, both messaging systems that could allow higher-quality images and videos -- if they worked together. If you've tried to send a video from Android to iOS (or vice versa) using your regular text messaging app, then you know that your videos come out completely fuzzy on the other end. Cook's suggestion to fix this annoying issue? "Buy your mom an iPhone."

Apple today announced that all iPhone 14 models sold in the U.S. do not have a built-in SIM card tray and instead rely entirely on eSIM technology. MacRumors reports: Tech specs on Apple's website confirm the iPhone 14, iPhone 14 Plus, iPhone 14 Pro, and iPhone 14 Pro Max are not compatible with physical SIM cards and instead have dual eSIM support, allowing for multiple cellular plans to be activated on a single device. An eSIM is a digital SIM that allows users to activate a cellular plan without having to use a physical nano-SIM card. eSIM availability is rapidly expanding, but the technology is still not available in all countries, which explains why iPhone 14 models will remain available with a SIM card tray outside of the U.S. for now. Apple's website has a list of carriers that support eSIM technology around the world. In the U.S., this includes AT&T, T-Mobile, US Cellular, Verizon, Xfinity Mobile, Boost Mobile, H2O Wireless, Straight Talk, C Spire, and some others.

Today, Apple announced a handful of new products at their iPhone launch event in Cupertino. Along with four new iPhones, Apple unveiled the brand-new Series 8 Apple Watch and refreshed SE. It also unveiled a completely new, rugged Apple Watch Ultra. The Verge reports: The Apple Watch Ultra is the star of the show because it isn't something we've seen before. It's got a big honking 49mm rectangular display, which... truly is in a class of its own. Not only is it the biggest Apple Watch screen, but it's also the brightest at 2,000 nits. As for how that wrist slab feels, it was actually lighter on my wrist than I'd expected, probably because its case is made of titanium. But make no mistake -- it is a BIG watch. Another thing that's immediately apparent is the design tweaks Apple's made for the extreme fitness crowd. There's the new orange action button, a button guard, and a redesigned crown. The rim around the display is also raised to protect the sapphire crystal display -- which is something we saw on the Samsung Galaxy Watch 5 Pro as well. Plus, that display is truly flat.

Next up is the Apple Watch Series 8. At a glance, there's really not too much to differentiate it from the Series 7, though I can definitely tell the screen appears bigger. Inside, there's a new temperature sensor, though it's not something I was able to really check out here in Cupertino. The sensor is meant to help retrospectively detect ovulation. It's also got an updated chip -- the S8 -- which keeps things snappy when you're swiping through menus. The Series 8 also has a new gyroscope and accelerometer to help call emergency services if it detects you've been in a car crash.

The new SE is also a fairly incremental update. It, too, gets an upgrade to the S8 chip, whereas the original SE was a bit of a Frankenstein watch. It had the processor of the Series 5 mixed in with some sensors used in the Series 6 minus the EKG sensor. The new SE has the same motion sensors as the Series 8 for crash detection and is 20 percent faster than before. The screen is also 30 percent larger than the Series 3, and the sensor array color matches the front. It's mostly still missing the always-on display and the new temperature sensor. All three models are available for preorder today. The Series 8 and SE will ship on September 16, with the Ultra shipping on the 23rd.

Apple has officially announced the iPhone 14 Pro and iPhone 14 Pro Max. In the first big display redesign since Apple introduced the iPhone X in 2017, both handsets have a new pill-shaped cutout that replaces the notch and can adjust dynamically. Both devices also have a faster A16 Bionic chip and an always-on display. From a report: Apple CEO Tim Cook calls the iPhone 14 Pro and Pro Max the "most innovative pro lineup yet." The iPhone 14 Pro will start at $999, and the iPhone 14 Pro Max starts at $1,099. Both will be available for preorder on September 9th and available in stores on September 16th. The first notable design change with the iPhone 14 Pro models is the display. While Apple will offer the usual 6.1- and 6.7-inch options, the notch is being replaced by a pill-shaped cutout that will house the Face ID components and a second circular cutout for the front-facing camera. Apple has moved the proximity sensor behind the display, and notifications will now pop out of the notch in an animation. Apple calls this system the Dynamic Island. Notifications and alerts will adapt and move around the pill-shaped notch, and Apple is really leaning into how it animates and uses the system for new notifications. Apple demonstrated a variety of ways the Dynamic Island will animate and work in practice, including live activity widgets coming to life and animations and controls for music. When you swipe to go home, background tasks like music playback will move to the island.

Apple has announced the iPhone 14 and 14 Plus, preserving much of the iPhone 13's design -- including a notch for the phone's selfie camera and Face ID sensors. From a report: Either way, the 14 looks an awful lot like the 13 at first glance, with the same flat display and rails. The US models of the iPhone 14 also do away with the physical SIM tray, going all-in on eSIM. The standard iPhone 14 model starts at $799, and the 14 Plus starts at $899. The iPhone 14 will also support the much-rumored emergency messaging via communication satellites when you're out of range of a cell signal, called Emergency SOS. The phone's antennas can connect to satellite frequencies. Apple says it can take less than 15 seconds to send a message with a clear view of the sky, and the interface guides users to point their phone in the right direction, as well as walking through steps to connect with emergency service providers. It's also possible to use the Find My app to share location without sending a message. It's free for two years with iPhone 14 models. The iPhone 14 sticks with a 6.1-inch screen, while the 14 Plus offers a big 6.7-inch screen. The 14 Plus model claims to offer the best battery life of any iPhone. Both models continue to offer last year's A15 Bionic chipset -- a major shift for Apple, which has typically introduced a new processor to be used by its entire iPhone portfolio every year.

This fall, Apple will make some of its flagship iPhones outside China for the first time, a small but significant change for a company that has built one of the most sophisticated supply chains in the world with the help of the Chinese authorities. But the development of the iPhone 14, which is expected to be unveiled on Wednesday, shows how complicated it will be for Apple to truly untangle itself from China. From a report: More than ever, Apple's Chinese employees and suppliers contributed complex work and sophisticated components for the 15th year of its marquee device, including aspects of manufacturing design, speakers and batteries, according to four people familiar with the new operations and analysts. As a result, the iPhone has gone from being a product that is designed in California and made in China to one that is a creation of both countries.

The critical work provided by China reflects the country's advancements over the past decade and a new level of involvement for Chinese engineers in the development of iPhones. After the country lured companies to its factories with legions of low-priced workers and unrivaled production capacity, its engineers and suppliers have moved up the supply chain to claim a bigger slice of the money that U.S. companies spend to create high-tech gadgets. The increased responsibilities that China has assumed for the iPhone could challenge Apple's efforts to decrease its dependency on the country, a goal that has taken on increased urgency amid rising geopolitical tensions over Taiwan and simmering concerns in Washington about China's ascent as a technology competitor.

Brazil's government on Tuesday ordered Apple to stop selling iPhones without a battery charger in the country, claiming that the company provides an incomplete product to consumers. From a report: The Justice Ministry fined Apple 12.275 million reais ($2.38 million) and ordered the cancellation of the sale of the iPhone 12 and newer models, in addition to suspending the sale of any iPhone model that does not come with a power charger. In the order, published in the country's official gazette, the ministry argued that the iPhone was lacking a essential component in a "deliberate discriminatory practice against consumers." The authorities rejected Apple's argument that the practice had the purpose of reducing carbon emissions saying that there is no evidence of environmental protection from selling the smartphone without a charger.

Apple plans to nearly double the workforce in its fast-growing digital advertising business less than 18 months after it introduced sweeping privacy changes that hobbled its bigger rivals in the lucrative industry. Financial Times: The iPhone maker has about 250 people on its ad platforms team, according to LinkedIn. According to Apple's careers website, it is looking to fill another 216 such roles, almost quadruple the 56 it was hiring in late 2020. Apple disputed the figures but declined to elaborate. The digital ads industry has been on edge about Apple's advertising ambitions since it launched privacy rules last year that disrupted the $400bn digital ads market, making it difficult to tailor ads to Apple's 1bn-plus iPhone users.

Since the policy was introduced, Facebook parent Meta, Snap and Twitter have lost billions of dollars in revenue -- and far more in market valuation, although there have been additional contributing factors. "It was really almost like a global panic," said Jade Arenstein, global service lead at Incubeta, a South Africa-based marketing performance company, of the impact of Apple's changes. Meanwhile, Apple's once-fledgling ads business is now "incredibly fast-growing," according to a job ad. The business has gone from just a few hundred million dollars of revenue in the late 2010s to about $5bn this year, according to research group Evercore ISI, which expects Apple to have a $30bn ads business within four years.

"Across the United States, parents are increasingly buying Apple Watches and strapping them onto the wrists of children as young as 5," reports the New York Times: The goal: to use the devices as a stopgap cellphone for the kids. With the watch's cellular abilities, parents can use it to reach and track their children, while the miniature screens mitigate issues like internet addiction.

Children and teenagers appear to have become a disproportionately large market for smartwatches as a whole. In a 2020 survey of American teenagers by the investment bank Piper Sandler, 31% said they owned a smartwatch. That same year, 21% of adults in the United States said they owned one, according to the Pew Research Center.

The use of smartwatches as a children's gadget shows how the audience for a consumer technology product can morph in unexpected ways. It has also given new life to the Apple Watch, which was unveiled in 2015 and has been variously positioned as a fitness tracker, a style statement or a way to free yourself from an iPhone.

Apple has deliberately turned the watch into a device that can be attractive for children and their parents. In 2020, the company released the Apple Watch SE, which had fewer features than a premium model and was priced $120 cheaper. Apple also introduced Family Setup, software that let parents track their children's locations, manage their contacts list and limit their notifications.

Apple has released an iOS 12 update users of older iPhone and iPad devices should download as soon as possible. Engadget reports: The new version of the company's 2018 operating system addresses a major vulnerability that Apple recently patched within iOS 15. According to a support document, the WebKit flaw could have allowed a website to run malicious code on your device. In its usual terse manner, Apple notes it is "aware of a report that this issue may have been actively exploited."

For that reason, you should download the update as soon as possible if you're still using an iOS 12 device. That's a list that includes the iPhone 5s, iPhone 6, as well as iPad Air, iPad mini 2 and iPad mini 3. You can download iOS 12.5.6 by opening the Settings app, tapping on "General" and then selecting "Software Update."

Trademark filings suggest that Apple may be staking claim to potential names for its highly anticipated mixed-reality headset, part of the tech giant's push into its first new product category in years. From a report: Applications were filed in the US, EU, UK, Canada, Australia, New Zealand, Saudi Arabia, Costa Rica and Uruguay for the names "Reality One," "Reality Pro" and "Reality Processor." Though Apple itself didn't make the filings, they follow a pattern that the iPhone maker has used in the past -- including relying on law firms that the company has previously enlisted to lock down brands. Apple's headset is expected to combine virtual and augmented reality technology and vault the company into closer competition with Meta Platforms, the leading provider of VR gear. It's been seven years since the company last went after a new hardware category with the Apple Watch.

Justice Department lawyers are in the early stages of drafting a potential antitrust complaint against Apple, Politico reported Friday, citing a person with direct knowledge of the matter -- a sign that a long-running investigation may be nearing a decision point and a suit could be coming soon. From the report: Various groups of prosecutors inside DOJ are assembling the pieces for a potential lawsuit, the individual said, adding that the department's antitrust division hopes to file suit by the end of the year. Still, the Justice Department has made no decisions whether or when to sue Apple, the world's most valuable public company, cautioned that person and one other familiar with the probe -- and it's still possible no case will be filed. Both were granted anonymity to discuss a confidential investigation.

New research claims that of five major Big Tech firms, Google tracks more private data about users than any other -- and Apple tracks the least. AppleInsider reports: Apple has previously introduced App Tracking Transparency specifically to protect the privacy of users from other companies. However, a new report says that Apple is also avoiding doing any more tracking itself than is needed to run its services. According to StockApps.com, Apple "is the most privacy-conscious firm out there." "Apple only stores the information that is necessary to maintain users' accounts," it continues. "This is because their website is not as reliant on advertising revenue as are Google, Twitter, and Facebook."

The StockApps.com report does not list what it describes as the "data points" that Big Tech firms collect for every user. However, it says they include location details, browser history, activity on third-party websites, and in Google's case, also emails in Gmail. It also doesn't detail its methodology, but does say that it used marketing firm digitalinformationworld to investigate Apple, Amazon, Facebook, Google, and Twitter. Of these five, Google reportedly tracks 39 separate data points per user, while Apple tracks only 12. Unexpectedly, Facebook is stated as tracking only 14 data points, while Amazon tracks 23, and Twitter tracks 24.

Lockdown Mode disables a series of features that can be used to hack iPhone users. But the lack of these features also makes it easier to figure out who is using Lockdown Mode. From a report: Once Apple launches the new iPhone and iPad operating system early next month, users will be able to turn on a new privacy mode that the company calls "extreme." It's made for journalists, activists, politicians, human rights defenders, and anyone else who may be worried about getting targeted by sophisticated hackers, perhaps working for governments armed with spyware made by companies such as NSO Group. Apple calls it "Lockdown Mode" and it works by disabling some regular iPhone features that have been exploited to hack users in the past. But if users turn on Lockdown Mode, they will be easy to fingerprint and identify, according to a developer who created a proof of concept website that detects whether you have Lockdown Mode enabled or not.

John Ozbay, the CEO of privacy focused company Cryptee, and a privacy activist, told Motherboard that any website or online ad can detect whether some regular features are missing, such as loading custom fonts, one of the features that Lockdown Mode disables. "Let's say you're in China, and you're using Lockdown Mode. Now, any website that you visit could effectively detect you are using Lockdown Mode, they have your IP address as well. So they will actually be able to identify that the user with this IP address is using Lockdown Mode," Ozbay said in a call. "It's a tradeoff between security and privacy. [Apple] chose security."

On Monday, Apple expanded its DIY repair program to include MacBook Air and MacBook Pro laptops equipped with M1 chips (including the Pro and Max). At least, in theory. The repairability experts at iFixit, who regularly dissect Apple's gadgets, have taken a look at the new program, and their outlook is...mixed. iFixit's Sam Goldheart writes that the new MacBook Pro guides "threw us for a loop." The issue: the documentation "makes MacBook Pros seem less repairable" than they have been in the past. From a report: The repair manual for replacing the 14-inch MacBook Pro's battery, for example, is a whole 162 pages long. (One of the first steps, of course, is "Read the entire manual first.") The reason the guide is so long, it turns out, is that replacing these batteries isn't just a matter of popping the battery out. A user needs to replace the entire top case and keyboard in order to replace the battery. Needless to say, it is unusual for a laptop battery replacement to require a full-computer teardown.

And then, as Goldheart points out, there's the matter of the money. The "top case with battery" part that you'll need to purchase for the 2020 and 2021 MacBook Pro models is not cheap -- after rooting around Apple's store, Verge editor Sean Hollister found that you can expect to pay well upwards of $400 for the top case with battery after the repair credit. "Apple is presenting DIY repairers with a excruciating gauntlet of hurdles: read 162 pages of documentation without getting intimidated and decide to do the repair anyway, pay an exorbitant amount of money for an overkill replacement part, decide whether you want to drop another 50 bucks on the tools they recommend, and do the repair yourself within 14 days, including completing the System Configuration to pair your part with your device," Goldheart writes in summary. "Which makes us wonder, does Apple even want better repairability?"

An anonymous reader quotes a report from Ars Technica: Skirting the official macOS system requirements to run new versions of the software on old, unsupported Macs has a rich history. Tools like XPostFacto and LeopardAssist could help old PowerPC Macs run newer versions of Mac OS X, a tradition kept alive in the modern era by dosdude1's patchers for Sierra, High Sierra, Mojave, and Catalina. For Big Sur and Monterey, the OpenCore Legacy Patcher (OCLP for short) is the best way to get new macOS versions running on old Macs. It's an offshoot of the OpenCore Hackintosh bootloader, and it's updated fairly frequently with new features and fixes and compatibility for newer macOS versions. The OCLP developers have admitted that macOS Ventura support will be tough, but they've made progress in some crucial areas that should keep some older Macs kicking for a little bit longer.

[...] First, while macOS doesn't technically include system files for pre-AVX2 Intel CPUs, Apple's Rosetta 2 software does still include those files, since Rosetta 2 emulates the capabilities of a pre-AVX2 x86 CPU. By extracting and installing those files in Ventura, you can re-enable support on Ivy Bridge and older CPUs without AVX2 instructions. And this week, Grymalyuk showed off another breakthrough: working graphics support on old Metal-capable Macs, including machines as old as the 2014 5K iMac, the 2012 Mac mini, and even the 2008 cheese grater-style Mac Pro tower. The OCLP team still has other challenges to surmount, not least of which will involve automating all of these hacks so that users without a deep technical understanding of macOS's underpinnings can continue to set up and use the bootloader. Grymalyuk still won't speculate about a timeframe for official Ventura support in OCLP. But given the progress that has been made so far, it seems likely that people with 2012-and-newer Macs should still be able to run Ventura on their Macs without giving up graphics acceleration or other important features.

Xiaolang Zhang, a former Apple employee who was accused of stealing computer files with trade secrets about Apple's secretive car division, pleaded guilty in federal court in San Jose on Monday. CNBC reports: Zhang's plea agreement with the U.S. government is under seal, according to court filings on Monday. Zhang faces as much as 10 years in prison and a $250,000 fine after pleading guilty to a felony charge of theft of trade secrets. Sentencing is scheduled for November. Zhang was accused of downloading internal Apple files about the company's car project -- specifically, a 25-page document including engineering schematics of a circuit board for an autonomous vehicle. Zhang was also accused of taking reference manuals and PDFs describing Apple's prototypes and prototype requirements.

Zhang was arrested by federal agents in July 2018 at the San Jose airport, where he planned to fly to China. He had previously worked for Apple since 2015, most recently as a hardware engineer on Apple's autonomous vehicle team, according to charging documents from the FBI and U.S. attorney's office. The charges gave a peek into a secretive side of Apple that the company even years later still doesn't often acknowledge: its division developing autonomous electric vehicles.