Good morning. It's a common occurrence: leaving your smartphone behind when you step outside. (How did people manage in the early 2000s? Live)
TL;DR
- Meta may significantly cut metaverse project budgets by up to 30%, potentially leading to job cuts.
- Two top Apple executives, Kate Adams and Lisa Jackson, are retiring from their positions.
- Ten European banks will partner to launch a euro-denominated stablecoin by late 2026.
- Gen Z and Millennials show the highest and lowest smartphone reliance, respectively, for internet access.
It’s painful—though just how painful depends on your age, among other factors.
Let's test your knowledge: Which age groups rely most heavily on smartphones, and which rely the least? (Here, “dependent” signifies “uses only a smartphone to go online, and not also a home broadband service.”, not “addicted,”)
Take your best guess and find the answer in “Endstop triggered” below. Have a wonderful weekend. —Andrew Nusca
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Meta could potentially dismantle its metaverse projects, accompanied by job cuts.
He named the company after it, but it may not be long for this world.
Meta CEO Mark Zuckerberg is reportedly planning to “meaningfully cut” the amount of resources going into building out the metaverse.
According to Bloomberg, Meta may cut budgets “as high as 30%” for its metaverse unit, which spans the game Horizon Worlds and Quest virtual reality headsets.
If accurate, that would very likely signal job cuts. Such reductions might occur as early as January, based on the report.
In what areas could Meta potentially utilize those cost reductions? If you surmised “AI,”, you've hit the jackpot. (Should you have guessed “AI-powered wearables,”, you'd receive an even more substantial reward.)
In 2018, Meta, formerly known as Facebook, rapidly entered the metaverse sector and invested heavily in the initiative the subsequent year, forecasting its emergence as the subsequent iteration of the Internet and aiming for an early lead.
However, in the intervening years, a limited number of businesses participated, and artificial intelligence became the novel gateway to data. Zuckerberg has since pursued this domain with comparable enthusiasm.
Now, it seems, it’s time to sweep up. —AN
Two top Apple execs retire
Given the recent string of departures from Apple, numerous commentators are questioning whether the company is facing difficulties or is perhaps resolving existing issues.
On Thursday the iPhone maker announced that general counsel Kate Adams and policy chief Lisa Jackson will retire.
Adams came to Apple from Honeywell in 2017 to manage the legal matters concerning security, privacy, and antitrust.
Jackson, who previously served as EPA administrator and began working at Apple in 2013, concentrated on achieving carbon neutrality within the company's supply chain, among other initiatives. This effort resulted in, for instance, discontinuing the use of leather for device accessories.
Jennifer Newstead, who previously served as Meta's top legal executive, is set to step into Adams' position, answering directly to CEO Tim Cook. Newstead will also assume responsibility for the government relations aspect of Jackson's duties, with COO Sabih Khan handling the remaining responsibilities.
The exits were not surprising. There's been considerable anxiety recently regarding the trajectory of Apple's executive staff as its top leader and his trusted deputies near conventional retirement age.
While Apple doesn't enforce a compulsory retirement age for its employees, with the exception of board members who must step down at 75, observers of the company have sensed a generational shift and the establishment of groundwork that will eventually pave the way for a new chief executive. —AN
ten financial institutions are getting ready to launch a euro-denominated stablecoin.
Ten European banks have agreed to partner to issue a euro-denominated stablecoin.
The cryptocurrency will be authorized by The Markets in Crypto-Assets Regulation, known as MiCA, and will be released during the latter part of 2026.
A continental breakfast featuring major financial institutions is on offer. The participating entities—perhaps we can refer to them as the Token Ten?—comprise BNP Paribas, ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank, and Raiffeisen Bank International.
Why would the banks want to do such a thing? Two reasons.
Initially, their objective is for the digital currency to be recognized as a reliable method for regional transactions, which necessitates collaborative efforts.
More importantly, they aim to establish a practical European option within the stablecoin sector, which is currently controlled by American entities.
Furthermore, the stablecoin offers advantages such as economical, rapid transactions, international money transfers, continuous operation, and so forth—all beneficial when efficiency is paramount. —AN
More tech
—Amazon may kick USPS to the curb in favor of its own distribution network.
—Counterpoint to Meta poaching Apple’s top designer: Maybe it’s better for both companies?
—$6,800 AI hearing aids: So hot right now among the well-heeled.
—Microsoft Office subscription price: Goin’ up for commercial customers on July 1.
—A new EU antitrust investigation. EU watchdogs are concerned about Meta’s AI assistant in WhatsApp.
—OpenAI tests LLMs self-reporting how they carried out a task. (In the words of Usher: These are my confessions…)
—Russia blocks FaceTime, claiming that Apple’s video communication service has been used to coordinate terrorism.
Endstop triggered
Answer, from most to least dependent: Gen Z, Baby Boomers, Gen Z, and Millennials.
According to Pewyoung adults, specifically those between 18 and 29 years old, are overwhelmingly the most reliant on smartphones, and conversely, the least likely to subscribe to home broadband. Following closely behind this demographic are individuals aged 65 and older, with those aged 50 to 64 coming in just after them.
What about Millennials? Despite frequent discussions about their digital fluency, they rely the least on the smartphones that emerged as they were growing up, and are most inclined to also subscribe to home broadband. (It appears there's some validity to the common notion of "big screen tasks versus small screen tasks.")
According to Pew, relying solely on smartphones for internet connectivity is more prevalent among U.S. Individuals with lower family earnings or less formal schooling. Consequently, it's perhaps unsurprising that Millennials exhibit the least reliance on smartphones. They represent the most educated cohort in American history and are projected to achieve the greatest wealth within the coming ten to twenty years. —AN
