Apple unveiled a host of products, including a new iMac and the latest line-up of the MacBook Pro at its live-streamed Scary Fast event in the US on Monday.
“We’ve got something special for you tonight. No tricks, just treats,” Apple chief executive Tim Cook wrote on social media platform X, formerly Twitter, before the event.
The National looks at the major announcements made during the pre-recorded presentation.
New family of chips to bolster position in semiconductors
Apple released its first in-house M1 chips in November 2020 to reduce its reliance on other chip makers such as Intel. It launched its latest line-up of chips on Monday.
It announced the M3, M3 Pro and M3 Max chips featuring technology that aims to improve performance and add new capabilities for Mac.
“M3, M3 Pro and M3 Max are the most advanced chips ever built for a personal computer,” said Johny Srouji, Apple’s senior vice president of hardware technology.
“Apple silicon has completely redefined the Mac experience. Every aspect of its architecture is designed for performance and power efficiency.”
Each chip in the M3 features a unified memory architecture. Having a single pool of memory within a custom package means all of the technology in the chip can gain access to the same data without copying it between several pools of memory.
It reduces the amount of memory a system requires for the majority of tasks.
Apple’s first in-house M1 chip was followed by the M1 Pro and M1 Max chips in October 2021. In March and June last year, Apple unveiled the M1 Ultra and M2 chips. In June this year, it launched the M2 Ultra chip.
The revenue of the global semiconductor market, which was upended by coronavirus-induced supply chain problems over the past few years, is expected to drop 3.6 per cent in 2023 on poor consumer demand and a weakening world economy, a report has found.
Semiconductor revenue is forecast to reach $596 billion in 2023, down from the previous prediction of $623 billion, US research company Gartner said.
Semiconductors are vital in electronic devices, particularly in electric and self-driving vehicles.
New iMac
The iPhone maker announced the new 24-inch iMac that comes with the latest M3 chip. It is about two times faster than the previous generation with the M1 chip.
It comes with a better display quality with 11.3 million pixels and more than a billion colours, faster wireless connectivity and a seamless connectivity experience with iPhone and other Apple devices, the company said.
“We are excited to give iMac a big boost in performance with the M3 chip,” said John Ternus, Apple’s senior vice president of hardware engineering.
“The new iMac with M3 is incredible for anyone, especially those who have not yet upgraded from Intel, providing a giant leap in performance and capabilities.”
Apple said customers can place online pre-orders for the new iMac from October 30, with deliveries expected to start from November 7.
The iMac with 8-core graphics processing unit nd 10-core GPU will start at $1,299 and $1,499, respectively.
Latest MacBook Pro line-up
The company also announced a new MacBook Pro line-up featuring M3 chips.
The new 14‑inch MacBook Pro with M3 chip offers “phenomenal sustained performance” in pro apps and games.
The 14-inch and 16‑inch MacBook Pro with M3 Pro chip provides better performance and additional unified memory support to enable more demanding workflows for users.
Both MacBook Pro models with M3 Max can handle multitasking across pro apps for users such as machine learning programmers, 3D artists and video editors.
The latest MacBook Pro series “empowers users to do their life’s best work”, Mr Ternus said.
Starting at $1,599, the new MacBook Pro is available for online order from October 30. Customers will begin to take delivery from November 7, the same time it will be available in Apple's physical stores.
The 14-inch MacBook Pro with the M3 chip starts at Dh6,899 ($1,878) and Dh6,499 for students and pupils; the 14‑inch MacBook Pro with the M3 Pro starts at Dh8,499 while the education price is Dh7,899; and the 16‑inch MacBook Pro starts at Dh10,499 and Dh9,699 for students and pupils.
Entire event shot on iPhone
At the end of the presentation, a message was displayed on the screen, indicating that the event had been filmed with an iPhone and edited on a Mac. There was a disclaimer stating that all presenters, locations, and drone footage were captured using an iPhone 15 Pro Max.
While Apple has consistently touted the iPhone's camera as capable of capturing “Hollywood-quality” footage, it marked the first occasion where an entire Apple event has been filmed exclusively using an iPhone.
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Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
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Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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