Apple News
Apple stock keeps surging to new highs — it’s more than just the iPhone
Apple stock continues to hit new record highs, extending this year’s impressive rebound. Evercore ISI sees the momentum continuing for some time, and it’s about more than just iPhone sales. Analyst Amit Daryanani raised his price target for Apple to $365 from $330 on Thursday, implying roughly 22% upside from today.
Angela Palumbo for Barron’s:
Daryanani’s increased bullishness on Apple stock is based on confidence that the company can grow earnings and free cash flow at a steady pace, he wrote in a research note. Even if iPhone sales moderate, he says customers will likely prioritize purchasing higher-end, more expensive iPhone models. This could include the highly anticipated foldable iPhone.
The analyst is also confident that Apple will continue to grow its services segment, which includes the App Store and other subscription services and is the company’s highest margin piece of the business. That, along with selling higher-priced iPhones, could help Apple’s overall margins as memory cost headwinds remain, he said.
“We now expect AAPL to preview the strategy at WWDC and release a more personalized Siri with iOS 27 in the fall,” alongside the September iPhone event, Daryanani wrote.
MacDailyNews Take: It’s certainly about more than just the iPhone with Apple’s Services revenue reaching a record $30.976 billion in fiscal Q2 2026 (ended March 28, 2026), up 16% year-over-year.
This high-margin segment delivered a gross margin of 76.7%, far exceeding the company’s overall gross margin of 49.3%.
For perspective, that single-quarter Services figure nearly matches Starbucks’ full fiscal 2025 revenue of $37.2 billion and PayPal’s full-year 2025 revenue of $33.2 billion, while representing a substantial portion of companies like Uber ($52 billion full-year 2025) or Netflix ($45.2 billion full-year 2025) — highlighting the tremendous scale and profitability of Apple’s recurring Services business.
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Apple TV renews globally acclaimed comedy ‘Margo’s Got Money Troubles’
Apple TV on Wednesday announced a season two renewal for “Margo’s Got Money Troubles,” the critically acclaimed comedy starring and executive produced by Academy Award, Emmy Award and Golden Globe Award nominee Elle Fanning; Golden Globe Award winner, and Academy Award and Emmy Award nominee Michelle Pfeiffer; and Academy, Golden Globe and Emmy Award winner Nicole Kidman. Hailing from multi-Emmy Award winner David E. Kelley and led by a star-studded ensemble cast that also includes Emmy Award winner Nick Offerman and Thaddea Graham, the season finale of “Margo’s Got Money Troubles” will debut globally on Wednesday, May 20, 2026 on Apple TV.
Since its global debut, the “must-watch” series has been hailed as “one of the best shows of the year,” quickly achieving a Certified Fresh rating on Rotten Tomatoes. Critics have praised the “warm, funny and emotionally precise” comedy as “brilliantly written,” highlighting the “immaculate performances” from its “powerhouse cast.”
“Embarking on the adventure of bringing Margo to the screen has been one of the greatest joys of my life,” said executive producer and star, Elle Fanning, in a statement. “When I first read Rufi’s stunning story, it felt wholly original and most importantly human, and then with David’s writing, along with our epic cast of heart-wrenching performances, it truly felt like we had something special. Having the opportunity to bring more of Margo’s troubles, creativity, fearless spirit and authenticity to audiences with a second season makes me incredibly happy and excited. I can promise everyone they’re in for a wild, messy and beautiful ride.”
“‘Margo’s Got Money Troubles’ was an irresistible proposition to me from day one,” said creator, executive producer and writer David E. Kelley, in a statement. “I fell in love with Rufi’s world and unpredictable characters, and it’s been rewarding to see audiences embrace this series. We can’t wait to continue this story with our partners at Apple and A24.”
“Ever since David’s sharp adaptation of Rufi’s novel debuted, audiences have wanted to spend more time with these riveting characters and the brilliant cast behind them, led by Elle, Michelle, Nick and Thaddea,” said Matt Cherniss, Apple TV’s head of programming, in a statement. “We’re excited to watch Margo and the entire family continue to defy the odds in season two, in the way only they can, with humor, determination and creativity.”
“Margo’s Got Money Troubles” is a bold, heartwarming and comedic family drama following recent college dropout and aspiring writer, Margo (Fanning), the daughter of an ex-Hooters waitress (Pfeiffer) and ex-pro wrestler (Offerman), as she’s forced to make her way with a new baby, a mounting pile of bills and a dwindling amount of ways to pay them. The series also stars Academy Award winner Marcia Gay Harden, Academy Award nominee and Emmy Award winner Greg Kinnear, Michael Angarano, Rico Nasty, and Lindsey Normington.
“Margo’s Got Money Troubles” is produced for Apple TV by A24. Kelley serves as showrunner, writer and executive producer, and Eva Anderson will serve as co-showrunner on season two. The series is executive produced by Elle Fanning, Dakota Fanning and Brittany Kahan Ward for Lewellen Pictures; Kidman and Per Saari of Blossom Films; and Matthew Tinker for David E. Kelley Productions. Pfeiffer, author Thorpe, Anderson and Boo Killebrew also executive produce. BAFTA and Emmy Award winner Dearbhla Walsh directs the pilot and serves as an executive producer. Additional directors for season one include Kate Herron and Alice Seabright.
The seventh, penultimate episode of “Margo’s Got Money Troubles” premiered Wednesday on Apple TV. In this week’s new episode, “Lariat Takedown,” Margo goes head-to-head with Mark. Jinx and Susie have a rough day.
The series marks the most recent collaboration between Kelley and Apple TV, following the Emmy Award-nominated, global hit drama, “Presumed Innocent,” which is now in production on its second season.
Apple TV offers premium, compelling drama and comedy series, feature films, groundbreaking documentaries, and kids and family entertainment, and is available to watch across all of a user’s favorite screens. After its launch on November 1, 2019, Apple TV became the first all-original streaming service to launch around the world, and has premiered more original hits and received more award recognitions faster than any other streaming service in its debut. To date, Apple Original films, documentaries and series have been honored with 825 wins and 3,542 award nominations and counting, including multi-Emmy Award-winning and history-making comedies “The Studio” and “Ted Lasso,” global cultural phenomenon “Severance,” Apple’s most-viewed drama “Pluribus,” Academy Award Best Picture winner “CODA” and Academy Award nominee “F1,” the highest-grossing sports feature of all time.
MacDailyNews Note: Apple TV is available on the Apple TV app in over 100 countries and regions, on over 1 billion screens, including iPhone, iPad, Apple TV 4K, Apple Vision Pro, Mac, popular smart TVs from Samsung, LG, Sony, VIZIO, TCL and others, Roku and Amazon Fire TV devices, Chromecast with Google TV, PlayStation and Xbox gaming consoles, and at tv.apple.com, for $12.99 per month with a seven-day free trial for new subscribers. For a limited time, customers who purchase and activate a new iPhone, iPad, Apple TV 4K or Mac can enjoy three months of Apple TV for free.
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Evercore ISI boosts Apple’s price target to $365 from $330, reinforcing bullish outlook
In a notable upgrade, investment firm Evercore ISI has increased its price target on Apple to $365 from $330 while maintaining its Outperform (Buy) rating. The move reflects growing analyst confidence in Apple’s ability to deliver sustained growth through its ecosystem, services, and emerging AI initiatives.
The adjustment comes as Apple continues to navigate a dynamic tech landscape, with strong fundamentals in iPhone services, wearables, and enterprise adoption. Evercore’s higher target suggests the firm sees significant upside potential — roughly 18% above the current consensus — driven by Apple’s resilient revenue streams and long-term innovation pipeline.
Evercore lead analyst Amit Daryanani views Apple as notably well-positioned amid the industry-wide memory supply crunch and rising costs (DRAM/NAND), thanks to its sophisticated supply chain, long-term agreements incremental insourcing, and strong demand planning.
According to data from FactSet, Apple currently carries an average analyst rating of Overweight across Wall Street, with a mean price target of $310.12. Evercore’s new $365 target stands notably above this consensus, positioning the firm as one of the more optimistic voices on the stock.
Why the Upgrade Matters
• Valuation Signal: The $35 increase in the price target underscores Evercore’s belief that Apple’s current valuation does not fully reflect its growth prospects, particularly in high-margin services and potential AI monetization.
• Market Context: Apple shares have shown resilience amid broader market volatility, supported by record services revenue and steady hardware demand. Analysts remain broadly positive, though price targets vary based on differing views on AI integration timelines and competitive pressures.
• Investor Takeaway: This upgrade adds to a generally constructive tone from institutional research desks. While the consensus target sits lower at $310, several firms have recently nudged targets higher, indicating improving sentiment around Apple’s strategic direction.
MacDailyNews Take: Smart money continues to pile on as iPhone demand looks solid and memory cost headwinds prove minimal. Wall Street’s smartest analysts keep seeing the upside in Cupertino while the stock trades at levels that still look like a gift for long-term holders.
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Apple-OpenAI partnership frays amid disappointing results, setting stage for potential legal battle
In a development that could send shockwaves through the tech industry, Apple’s stopgap partnership with OpenAI has reportedly become significantly strained, Bloomberg News reports according to sources familiar with the matter. The two-year-old collaboration, which brought ChatGPT integration to Apple Intelligence features across iPhones, iPads, and Macs, is now at risk of escalating into a legal confrontation.
OpenAI, the company behind ChatGPT, has reportedly not reaped the level of benefits it anticipated from the deal. As a result, its lawyers are actively working with an outside legal firm to explore a range of options that could be pursued in the near term. These deliberations remain private, but the potential for formal action looms.
The partnership was initially hailed as a major win for both sides when it was announced in 2024. Apple’s Eddy Cue played a key role in hammering out the agreement with OpenAI CEO Sam Altman, positioning ChatGPT as a foundational element of Apple’s AI strategy. For Apple, which blatantly missed the generative AI revolution under now-outgoing CEO Tim Cook, it provided immediate access to cutting-edge generative AI capabilities without having to build everything in-house. For OpenAI, it promised massive exposure to hundreds of millions of Apple users worldwide.
However, the reality appears to have fallen short of expectations for OpenAI. Recent shifts in Apple’s AI approach — including deeper integration with Google’s Gemini models — have reportedly diluted the prominence of OpenAI’s technology in Apple Intelligence. This diversification has left OpenAI feeling sidelined, especially as Apple continues to emphasize optionality, privacy, and internal development.
Compounding the tension is OpenAI’s separate push into AI hardware, including its high-profile collaboration with former Apple design chief Jony Ive. This venture into consumer devices (potentially wearables or dedicated AI companions) may create perceived conflicts with Apple’s own ecosystem ambitions.
What This Means for Users and the Industry
For everyday Apple users, the immediate impact may be minimal — ChatGPT features are still available in Apple Intelligence — but any legal escalation could disrupt future updates or integrations. Broader implications include:
• Accelerated AI Competition: Apple’s multi-partner strategy (OpenAI + Google and potentially others) underscores its commitment to not being overly dependent on any single AI provider.
• Challenges for OpenAI: Losing significant traction on the world’s most valuable consumer platform could force OpenAI to double down on direct consumer products, enterprise deals, or its own hardware plays.
• Legal and Regulatory Scrutiny: A public fight between these two giants would likely draw antitrust attention, especially given ongoing lawsuits involving Apple, OpenAI, and other players like Elon Musk’s xAI.
Apple has a long history of strategic partnerships that evolve or end as its priorities shift (think Intel to Apple Silicon).
MacDailyNews Take: OpenAI’s disappointment is self-inflicted. It bet big on Apple as a distribution rocket ship and now faces the reality that Apple doesn’t bet the farm on unreliable, closed-source technology prone to bias and errors. Meanwhile, OpenAI is off chasing its own hardware dreams with Jony Ive — good luck competing directly against the company that perfected consumer electronics.
This fraying relationship should serve as a cautionary tale. The AI gold rush is full of players promising the moon while delivering inconsistent, ideologically slanted, and sometimes outright fictional results. Apple’s measured approach — integrating the best tools where they make sense while building its own foundational capabilities — continues to prove why it remains the most valuable company on the planet.
We expect Apple will continue to offer ChatGPT as an option for users who want it, but the days of it being front-and-center in Apple Intelligence appear numbered. Smart move.
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Anthropic’s Mythos helped find bugs in Apple’s macOS
In a striking example of how advanced AI is reshaping cybersecurity, researchers using techniques inspired by Anthropic’s unreleased Mythos AI model have uncovered significant software issues in Apple’s macOS — one of the most hardened desktop operating systems in the world.
According to a Wall Street Journal report, security researchers at Calif, a Palo Alto-based firm, made the discoveries while testing an early version of Anthropic’s Mythos (also known as Claude Mythos Preview) in April. They developed software that chains together two bugs and multiple advanced techniques to corrupt the Mac’s memory, ultimately gaining access to restricted parts of the system.
This breakthrough comes amid Anthropic’s broader Project Glasswing initiative, which provides select partners — including Apple — with access to the powerful Mythos model. The goal is to proactively hunt for and patch zero-day vulnerabilities before malicious actors can exploit them in an era of increasingly capable AI tools.
Why This Matters for Apple and the Industry
• macOS Under the Microscope: Apple has long prided itself on the robust security of its desktop OS. Finding new ways to bypass its state-of-the-art protections underscores the relentless evolution of both defensive and offensive capabilities in cybersecurity.
• AI as a Bug Hunter: Mythos has reportedly identified thousands of high-severity vulnerabilities across major operating systems and browsers. While not all are publicly detailed, the Calif team’s work demonstrates how AI can accelerate discovery of sophisticated exploit chains that might otherwise go unnoticed.
• Responsible Disclosure: Through Project Glasswing, companies like Apple can use these tools internally to strengthen their products ahead of wider AI proliferation, potentially averting major security incidents.
Apple has a strong track record of quickly addressing reported vulnerabilities through its security updates. This latest revelation is likely already informing patches that will benefit millions of Mac users.T
he Bigger Picture
Anthropic’s decision to withhold Mythos from general release while sharing it with trusted partners like Apple, Google, Microsoft, and others reflects growing concerns about AI-powered offensive cyber tools. As these models grow more capable, the race between attackers and defenders is accelerating dramatically.
MacDailyNews Take: For Apple investors and users, this story is ultimately positive: it shows the company is actively collaborating at the cutting edge of AI-driven security research to keep macOS secure in an increasingly hostile digital landscape. Anything that makes macOS (and all of Apple’s other OSes) even more secure is a Good Thing.
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Nitrogen ransomware gang claims major data theft from Apple’s key supplier Foxconn
Foxconn, the Taiwanese electronics manufacturing giant best known as Apple’s primary contract manufacturer for iPhones and other devices, has confirmed a cyberattack on its North American operations. The incident, claimed by the Nitrogen ransomware group, has raised concerns about potential exposure of sensitive technical data from Apple and other tech giants.
On Monday, May 12, 2026, Nitrogen listed Foxconn on its dark web leak site, asserting that it had stolen approximately 8 terabytes of data — more than 11 million files. The group claims the haul includes confidential instructions, project documentation, schematics, and technical drawings tied to high-profile customers including Apple, Intel, Google, Dell, Nvidia, and AMD.
Foxconn acknowledged the breach the following day, stating that some North American factories were impacted but that its cybersecurity team had responded swiftly. “The affected factories are currently resuming normal production,” a company spokesperson said. The company did not confirm any data theft or specify which facilities were hit, though reports point to disruptions at sites in Wisconsin (Mount Pleasant) and Texas (Houston).
Details of the Attack and Its Impact
Workers at the Wisconsin plant reported a network outage beginning around May 1st, with Wi-Fi going down, computers ordered shut off, and manual timesheets required. Production was disrupted for about a week, but operations appear to be recovering without broader global supply chain interruptions reported so far.
Nitrogen, a double-extortion ransomware operation that emerged around 2023 (with ties to earlier groups like Conti and ALPHV/BlackCat), encrypts victim data and threatens to publish it unless a ransom is paid. Experts have noted a potential flaw in the group’s decryptor tool, which could make paying ineffective even if Foxconn were inclined to do so.
Should Apple Users Be Concerned?
Analysts who examined samples of the leaked data suggest limited immediate risk to unreleased Apple products. The Wisconsin facility primarily produces televisions and data servers rather than iPhones or Macs, and the exposed files appear more focused on Foxconn’s internal electrical engineering, temperature sensors, board layouts, and topology docs for other clients like Google and Intel.
Apple is renowned for its strict compartmentalization of sensitive design information — suppliers typically receive only what they need for their specific manufacturing role. Still, the breach highlights ongoing vulnerabilities in the extended Apple supply chain. This isn’t Foxconn’s first rodeo: the company was previously hit by LockBit (2022 and 2024) and DoppelPaymer (2020). Recent attacks on other Apple assemblers like Luxshare further underscore the pattern.
Broader Implications
The attack serves as a stark reminder that even massive, sophisticated companies aren’t immune to ransomware. For Apple, it spotlights supply chain risk management in an era of increasingly aggressive cyber threats. While no major Apple product delays or leaks have been linked to this incident yet, the potential for intellectual property exposure or future exploitation (especially data center topologies) remains a concern for the industry.
MacDailyNews Take: Apple has not publicly commented on the Foxconn breach as of this writing. The situation is still developing, with Nitrogen likely to continue pressuring Foxconn with threats of leaking more data if demands aren’t met.
Stay tuned for updates as more details emerge about the scope of the stolen files and any long-term fallout for Foxconn and its partners. In the meantime, this event reinforces why robust cybersecurity across the entire manufacturing ecosystem is more critical than ever.
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Apple’s Liquid Glass design wins four Art Directors Club Awards
Apple’s groundbreaking new software design language, Liquid Glass, introduced with iOS 26, iPadOS 26, macOS Tahoe 26, watchOS 26, and tvOS 26, has swept the prestigious 2026 Art Directors Club (ADC) Annual Awards, securing four honors including a prestigious Gold Cube.
The wins underscore the innovative craftsmanship behind one of Apple’s most significant design evolutions in years.
A Sweeping Victory for Apple’s Design Team
According to the official ADC Awards results, Liquid Glass earned the following accolades in the Brand-Side / In-House category:
• Gold Cube — Interactive / UX / UI (45 points)
• Silver Cube — Experiential Design / Digital Experiences (21 points)
• Bronze Cube — Experiential Design / Consumer Experience (9 points)
• Bronze Cube — Innovation (9 points)
All credits go to the Apple Design Team in Cupertino, highlighting the in-house creative excellence that defines Apple’s approach to product design.
Unveiled at WWDC 2025, Liquid Glass is a new translucent material that brings glass-like optical properties — reflection, refraction, and dynamic fluidity — to Apple’s software interfaces. It unifies the design language across iOS 26, iPadOS 26, macOS Tahoe 26, watchOS 26, and tvOS 26 while preserving each platform’s unique character.
Key characteristics include:
• Real-time environmental reflections and refractions
• Dynamic transformation that shifts focus to content
• Expressive, fluid interactions for controls, navigation, icons, widgets, and more
This isn’t just a visual refresh — it represents a fundamental rethinking of how software feels and behaves, creating interfaces that are both instantly familiar and delightfully alive.
The ADC Awards, run by The One Club for Creativity, represent over a century of recognizing the world’s finest work in design, advertising, and digital experiences. Winning multiple Cubes — especially a Gold in the highly competitive Interactive / UX / UI category — validates Liquid Glass as a benchmark in modern interface design.
With Liquid Glass, Apple has once again raised the bar for what software interfaces can be. The design’s seamless blend of beauty, functionality, and technical sophistication has already sparked widespread discussion and imitation attempts across the tech world.
MacDailyNews Take: Congratulations to the Apple Design Team on these awards. While not perfect, especially on macOS, Liquid Glass isn’t just winning awards — it’s redefining the everyday experience for hundreds of millions of users worldwide.
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Apple assembler Foxconn reports forecast-beating 19% jump in Q1 profit
Taiwan’s Foxconn, the world’s largest contract electronics maker and Apple’s top iPhone assembler, reported on Thursday a 19% rise in first-quarter profit from a year earlier, beating expectations thanks to strong global demand for AI products.
The company’s net profit for January-March came in at T$49.92 billion ($1.58 billion), above a consensus estimate of T$48.88 billion. Foxconn is also Nvidia’s biggest server maker.
In an earnings release, it stuck to its previous forecast of “strong” growth for revenue this year and said it also saw strong demand for AI servers.
“AI remains the most important growth driver this year,” rotating CEO Michael Chiang said on an earnings call. He added that major cloud service providers have recently raised capital expenditure plans for this year. “AI is not a short-term theme, but a structural transformation of the industry.”
Foxconn said it expects AI server rack shipments to more than double for the full year…
Most of the iPhones Foxconn makes for Apple are assembled in China, but it now produces the bulk of those sold in the United States in India. The company is also building factories in Mexico and Texas to make AI servers for Nvidia.
MacDailyNews Take: Of course, Foxconn also serves as Apple’s key manufacturing partner for Apple’s custom AI servers specifically for Apple Intelligence’s cloud-based features via Private Cloud Compute (PCC).
Key Details on PCC
• Purpose and Privacy Focus: PCC handles more complex Apple Intelligence tasks (e.g., those needing larger foundation models) that go beyond on-device processing. It uses custom Apple silicon servers (initially based on M-series chips like modified M2 Ultras, now moving toward M5 and dedicated AI server chips) in Apple’s data centers. The design ensures:
• User data is never stored — it’s processed ephemerally (stateless) and deleted after the request.
• Even Apple cannot access the data.
• Servers include hardware-level security (Secure Enclave, Secure Boot, tamper switches) and a hardened OS derived from iOS/macOS for verifiable transparency and a minimal attack surface.
• Deployment: Apple has been shipping U.S.-made advanced servers from a new Houston factory since late 2025 (part of its large U.S. manufacturing/investment push). These are installed in Apple’s existing data centers. Production is ramping up, with plans for more advanced custom AI server chips entering mass production in late 2026 and new data centers coming online in 2027.
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Xi Jinping warmly welcomes U.S. CEOs on first day of President Trump’s China visit
Chinese President Xi Jinping warmly welcomed a delegation of U.S. CEOs on Thursday, the first day of President Trump’s visit to China.
The business leaders attended the arrival ceremony and joined part of the bilateral meeting at the Great Hall of the People, where Trump introduced them to Xi one by one, according to Chinese state-owned media.
Ben Werschkul for Yahoo Finance:
Xi reportedly responded to US desires to do more business in China by saying the companies could be “deeply involved in China’s reform and opening up” and that “China’s door will only open wider.”
The outreach received a positive reaction from the CEOs with Tesla’s Elon Musk, Nvidia’s Jensen Huang, and Apple’s Tim Cook all spotted by reporters leaving in good spirits.
“It was awesome,” Musk said when asked how his talks with Xi went.
“I will be asking President Xi, a Leader of extraordinary distinction, to ‘open up’ China so that these brilliant people can work their magic,” Trump posted to social media en route to China.
Elon Musk told reporters after the meeting that it had been “wonderful” and said “many good things” had been achieved, with Nvidia’s Huang adding that “Mr. Xi and President Trump were incredible.”
Tim Cook simply gave a peace sign and a thumbs-up.
MacDailyNews Note: The Dow is back up over 50,000 on the news.
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Kevin Warsh confirmed as next Chair of the U.S. Federal Reserve
In a largely party-line vote on Wednesday, May 13, 2026, the U.S. Senate confirmed Kevin Warsh as Chairman of the Federal Reserve Board of Governors, succeeding Jerome Powell whose term ends Friday. The vote passed 54-45, with Pennsylvania Democrat Sen. John Fetterman joining Republicans in support — the only cross-aisle vote on the nomination.
This confirmation caps a multi-step process that began earlier in the week. On Tuesday, May 12, the Senate first confirmed Warsh to a 14-year term as a Fed Governor in a 51-45 vote, clearing the path for the separate chairmanship vote.
Who Is Kevin Warsh?
Kevin Warsh, 56, is no stranger to the Federal Reserve or high-stakes economic policy. A former member of the Fed’s Board of Governors (serving from 2006 to 2011), he was one of the youngest appointees in the institution’s history. During the 2008 financial crisis, Warsh played a key role in the Fed’s response alongside then-Chair Ben Bernanke.
Prior to his first stint at the Fed, Warsh worked at Morgan Stanley and served as Special Assistant to President George W. Bush for Economic Policy. He holds degrees from Stanford University and Harvard Law School. President Donald Trump nominated him in late January 2026 to lead the central bank, praising his experience and independence.
The Road to Confirmation
Warsh’s path wasn’t entirely smooth. His nomination faced delays amid a federal investigation into outgoing Chair Jerome Powell, which was later dropped. Senate Democrats raised concerns about potential threats to Fed independence, given Warsh’s ties to the Trump administration and Wall Street background. During his April confirmation hearing before the Senate Banking Committee, Warsh firmly stated: “I will be an independent actor if confirmed as chair of the Federal Reserve.”
The Senate Banking Committee advanced his nomination on a 13-11 party-line vote in late April, followed by procedural votes this week that moved quickly once momentum built.
What to Expect from Chair Warsh
Warsh takes the helm at a challenging time. Inflation pressures persist in parts of the economy, global uncertainties loom (including geopolitical tensions), and markets will closely watch the Fed’s next moves on interest rates.
• Policy Outlook: Warsh has historically favored a rules-based approach to monetary policy and has been critical of excessive Fed intervention. Analysts expect him to prioritize price stability while maintaining flexibility.
• Independence: The big question is how Warsh will navigate relations with the White House. His assurances of independence will be tested early.
• Markets Reaction: Stocks and bonds reacted with measured optimism to the news, viewing Warsh as a steady hand with deep market knowledge.
Historical Context
Warsh becomes the 17th Chair of the Federal Reserve. Like his predecessors, he inherits an institution that wields enormous influence over borrowing costs, employment, and financial stability worldwide.
“Too Late” Powell’s befuddled disaster of a tenure was marked with high inflation (which he famously and erroneously termed “transitory” and aggressive, rate hikes, a questionable lowering of rates just prior to a national election — setting a complex stage for the transition. Powell’s missteps on inflation timing and policy sequencing have drawn significant criticism from economists across the spectrum.
Powell’s tarnished legacy also includes presiding over massive cost overruns on the Federal Reserve’s headquarters renovation project. Originally estimated at $1.9 billion in 2019 for the historic Marriner S. Eccles Building and adjacent structures, the price tag ballooned to approximately $2.5 billion — an overrun of roughly $600 million of U.S. taxpayers’ money. Powell repeatedly defended the overruns while acknowledging “the cost overruns are what they are.”
Looking Ahead
With Powell’s term ending this week, the leadership handoff will be swift. Warsh is expected to be sworn in promptly and could chair his first FOMC meeting in the coming months.
MacDailyNews Take: Welcome to the Warsh Era! Whether Warsh can deliver stability and credibility in a polarized environment remains to be seen — but his deep experience gives him a strong foundation.
Don’t let the door hit you in the ass on the way out, Powell!
On interest rates, Powell was way late to hike, then didn’t go nearly high enough, and then started cutting too early. Three strikes and you ought to be out. – MacDailyNews, November 15, 2024
Now Powell is too late to cut. Four strikes and counting. – MacDailyNews, October 28, 2025
Receipts:
In July 2023, the Fed stopped raising rates too soon. – MacDailyNews, July 2, 2024
A premature rate cut by the Fed is of higher probability in an election year. – MacDailyNews, April 2, 2024
As we wrote in February 2023, “When certain quarters, including the Fed, delude themselves and others that ‘inflation is transitory’ and waste at least a year before doing a mere portion of what is necessary* (interest rate hikes), the price will be paid for being delusional and late.”
‘Tis best to get a handle on inflation, if you know how, while you still can. – MacDailyNews, May 11, 2021
Stop the misguided crusade against domestic energy production and profligate federal spending and inflation will be stopped dead in its tracks. It’s not difficult. – MacDailyNews, May 11, 2022
For new generations, sometimes tough lessons have to be retaught and learned the hard way. As we go through this, remember: It’s always darkest before the dawn. – MacDailyNews, July 14, 2022
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Apple explores AI agent integration in the App Store: A potential game-changer for the platform era
Apple is actively exploring ways to welcome third-party AI agents into the App Store, according to a new report from The Information. This move signals a significant evolution in how the company plans to adapt its tightly controlled ecosystem to the rising era of autonomous, agentic AI.
Internal Efforts Underway
An internal Apple team is reportedly working on redesigning aspects of the App Store to better accommodate AI agents. These sophisticated programs can act autonomously — performing tasks, making decisions, and interacting with other apps and services on behalf of users — while still complying with Apple’s long-standing App Store guidelines.
The challenge is non-trivial. Apple’s strict review policies have historically emphasized user safety, privacy, and clear boundaries for app behavior. “Agentic AI” introduces complexities: apps that don’t just respond to commands but proactively execute multi-step workflows, potentially across devices and services. Balancing innovation with control is key to Apple’s approach.
Aaron Tilley for The Information::
Apple is exploring ways to better incorporate AI agents into its App Store so it can benefit from the tech industry’s hottest trend while ensuring that the software in its store continues to play by its rules, according to people briefed on the matter…
AI agents — which are capable of taking complex actions on behalf of users—present inherently thorny issues for Apple’s strict regulations on its app platforms, which are designed to prevent the apps from spreading malware, avoiding App Store fees and committing other misbehavior. For example, some agents can spin up smaller apps on the spot to perform a wide variety of tasks, which could be a problem if the agents do so after Apple has already approved the apps they live within.
Apple’s efforts to incorporate AI agents into the App Store aim to reconcile those inconsistencies. While details couldn’t be learned, its staffers are designing a system to adhere to its standards of privacy and security and prevent the more freewheeling behavior some users of agentic systems such as OpenClaw have experienced, where agents can go haywire and delete all of a user’s emails, according to the people briefed on the matter.
Why This Matters
This development comes as the tech industry shifts from traditional apps — where humans tap interfaces — to agent-driven experiences, where “apps talk to apps while humans supervise.” If Apple successfully opens the gates, it could transform the App Store from a marketplace of tools into a platform for intelligent workflows. Every app could potentially function more like an autonomous employee than a static utility.
Apple has already been investing heavily in its own AI capabilities through Apple Intelligence, with features that demonstrate on-device awareness and cross-app orchestration. Allowing third-party agents could accelerate this momentum, especially as competitors push boundaries in AI.
Revenue and Ecosystem Implications
This aligns with broader trends: generative AI apps already generated nearly $900 million in App Store fees for Apple in 2025, with projections exceeding $1 billion in 2026 from in-app subscriptions alone. Welcoming agents could supercharge that growth while reinforcing the App Store’s central role.
The Road Ahead
Details remain limited as the work is ongoing, but the report underscores Apple’s proactive stance. Rather than resisting the AI agent wave, the company appears intent on shaping it within its ecosystem — maintaining its hallmark privacy, security, and user experience standards.
MacDailyNews Take: For developers and users alike, this could mark the beginning of a new chapter: one where downloading an app feels more like hiring a capable digital assistant. We’ll be watching closely for official announcements, likely tied to WWDC26 or future iOS updates.
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Apple stock breaks $300, on track for record close
Apple stock climbed sharply on Wednesday, rising nearly 2% intraday to approach the $300 mark and positioning the stock for a potential record closing price. The move comes as broader tech stocks rebound from Tuesday’s selloff, driven by renewed enthusiasm in the artificial intelligence trade and strong recent performance from the Magnificent 7 group.
As of mid-afternoon trading, AAPL was up about 1.72% at roughly $299.87. The stock has now gained more than 20% since hitting March 30 lows, signaling a significant recovery and breakout that helps diversify the recent rally across big tech names.
What’s Fueling Apple’s Rise?
Several positive catalysts are converging:
• Strong Quarterly Results: Apple exceeded Wall Street expectations in its most recent earnings report, particularly on iPhone sales and performance in China. This helped reignite investor confidence after a period of relative underperformance.
• AI Trade Resurgence: While Apple has historically lagged some peers in aggressive AI investments, the broader resurgence of the AI narrative is lifting the entire sector, including AAPL. The stock’s recent breakout reduces the perception that the Magnificent 7 rally depends solely on leaders like Nvidia, Alphabet, and Amazon.
• Geopolitical and Strategic Moves: CEO Tim Cook is currently in China as part of President Trump’s delegation for a high-profile summit with Chinese leader Xi Jinping. This high-level engagement could signal continued efforts to strengthen Apple’s critical supply chain and market presence in the region.
Investors had previously penalized Apple shares for its comparatively measured approach to AI compared to hyperscalers. However, the combination of solid fundamentals and sector tailwinds appears to be shifting sentiment in Cupertino’s favor.
With the stock now knocking on the door of all-time highs, analysts and investors will be watching closely to see if Apple can sustain this momentum heading into the second half of the year. Key upcoming focuses include WWDC26 in June, where it’s expected Apple will relate progress on AI features across its product lineup following any further developments from Cook’s trip to China.
MacDailyNews Take: $300! Finally! After a long period of stagnation, it turned out that all we really needed was a new CEO.
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Apple slams EU’s push to force Google to share Android access with AI rivals, citing privacy and security risks
In a significant development in the ongoing battle over Big Tech regulation in Europe, Apple has strongly criticized European Union antitrust measures aimed at compelling Google to open up its Android ecosystem to competing AI services.
The tech giant echoed Google’s own concerns, warning that the proposed rules under the Digital Markets Act (DMA) could undermine user privacy, security, and device safety at a time when AI capabilities are evolving rapidly and unpredictably.
What the EU Wants
Last month, the European Commission outlined draft measures designed to help rival AI services interact more deeply with Android apps. This would allow competing AI tools to perform tasks on behalf of users — such as sending emails, ordering food, or sharing photos — directly through Google’s platform. The goal is to prevent Google from dominating the emerging AI assistant space and to promote greater competition.
Apple’s Strong Objection
In its formal submission to the EU, Apple didn’t hold back:
“The DMs (draft measures) raise urgent and serious concerns. If confirmed, they would create profound risks for user privacy, security, and safety as well as device integrity and performance.”
Apple went further, highlighting the unpredictable nature of rapidly advancing AI systems:
“Those risks are especially acute in the context of rapidly evolving AI systems whose capabilities, behaviours, and threat vectors remain unpredictable as we are now seeing time and again.”
The company also questioned the regulator’s approach, accusing the European Commission of attempting to redesign Google’s operating system with limited technical review:
“The EC is redesigning an OS (operating system). It is substituting judgments made by Google’s engineers for its own judgment based on less than three months of work… The only value that can be discerned… appears to be open and unfettered access.”
Why Apple Cares
Although the immediate measures target Google’s Android, Apple has a vested interest. The iPhone maker is itself subject to EU demands to open up its tightly controlled iOS ecosystem. Apple sees the Google case as setting a dangerous precedent for how platforms must grant third-party AI access to hardware, permissions, and user data.
Broader Implications
This isn’t just another antitrust spat. It touches on the core tension in AI regulation: how to foster competition without compromising the very safeguards that keep users’ devices secure in an era of sophisticated AI agents.
Apple and Google are aligned here, both arguing that heavy-handed regulatory intervention risks creating more problems than it solves, especially around privacy and security.
As the EU continues its aggressive push within digital markets, expect more pushback from U.S. tech giants. The outcome of this consultation could shape how AI assistants operate on billions of devices worldwide for years to come.
MacDailyNews Take: Most of the European Union’s so-called “antitrust” measures are little more than legalized theft — extracting value from innovative American companies to prop up a declining continent strangled by bureaucratic red tape and incapable of fostering its own technological breakthroughs.
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Israeli thriller ‘Unconditional’ only gets more absurd (and addictively fun) with every episode – Variety
“Unconditional” follows a mother-daughter vacation-turned-nightmare when 25-year-old Gali (Talia Lynne Ronn) is arrested for drug smuggling in Moscow. Her mother, Orna (Liraz Chamami), refuses to accept the charges — but her fight for Gali’s freedom pulls her into a deadly web of crime and corruption.
Despite what the obligatory disclaimer before each episode may say, the Israeli thriller “Unconditional” — which aired on Keshet 12 in its country of origin last month before coming to Apple TV in the U.S. — is clearly inspired by real-life events.
When 23-year-old Gali (Talia Lynne Ronn, in her on screen debut) is abruptly detained in the Moscow airport and indicted on trumped-up drug trafficking charges, her case clearly recalls those of high-profile detainees like Brittney Griner, Evan Gershkovich and Naama Issachar, who like Gali was arrested en route from India to Tel Aviv in 2019 before receiving a personal pardon from Vladimir Putin in 2020.
But as Gali’s mother Orna (Liraz Chamami) works to liberate her only child from captivity, “Unconditional” grows increasingly unmoored from reality. That’s mostly for the better…
MacDailyNews Note: Apple TV is available on the Apple TV app in over 100 countries and regions, on over 1 billion screens, including iPhone, iPad, Apple TV 4K, Apple Vision Pro, Mac, popular smart TVs from Samsung, LG, Sony, VIZIO, TCL and others, Roku and Amazon Fire TV devices, Chromecast with Google TV, PlayStation and Xbox gaming consoles, and at tv.apple.com, for $12.99 per month with a seven-day free trial for new subscribers. For a limited time, customers who purchase and activate a new iPhone, iPad, Apple TV 4K or Mac can enjoy three months of Apple TV for free.
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CNET Survey: 14% of iPhone owners motivated by foldables — that’s 224 million potential foldable iPhone sales
Apple has been rumored for years to be working on a folding iPhone. In fact, the first foldable iPhone is expected to be unveiled this year.
According to a new CNET survey of U.S. smartphone owners conducted in late April/early May 2026, interest in these new form factors exists but remains far from overwhelming. Of course, this is prior to Apple’s releases and subsequent marketing effort.
The survey of 2,407 U.S. smartphone owners found that 14% said they would be motivated to upgrade specifically for “new phone designs, such as a foldable or flip phone.” Practical concerns still dominate: price (55%) and longer battery life (52%) ranked much higher, while AI features sat at just 12%.
For Apple, however, even this 14% interest level represents a massive opportunity when applied to its enormous installed base.
Apple currently has approximately 1.6 billion active iPhones worldwide. If iPhone owners mirror the overall U.S. smartphone population’s interest in foldables — a reasonable assumption given Apple’s track record of popularizing premium features — that 14% equates to roughly 224 million potential folding iPhone sales.
To put that number in context: Apple shipped a record 247 million iPhones in 2025. A folding model that successfully captured the interest of just 14% of existing owners could nearly match an entire year’s current shipment volume — all from upgrades within Apple’s own ecosystem.
Of course, not every interested owner will upgrade right away. Pricing, reliability, trade-in offers, and carrier promotions will all influence actual conversion rates. The survey also reflects U.S. respondents, while Apple’s user base is global. Still, the raw potential is enormous: 224 million units is the kind of upside that could significantly boost Apple’s growth in a saturated smartphone market.
Samsung has sold tens of millions of foldables over the past several years, yet they still make up only a small percentage of total smartphone sales. Most buyers continue to prioritize battery life, camera improvements, and especially value over novel designs.
The CNET data makes one thing clear for Apple: a folding iPhone doesn’t need universal appeal to be a major success. Capturing even a committed slice of its user base would be enough to drive record-breaking upgrade cycles and open a powerful new revenue stream.
MacDailyNews Take: The math is compelling. Apple already has the customer base. It simply needs to deliver a durable, desirable folding iPhone experience compelling enough to convert that 14% curiosity into purchases. (And, again, that 14% will grow with the foldable iPhone’s unveiling and marketing.) If it does, 224 million potential sales makes the long wait for a folding iPhone very worthwhile for both Apple and iPhone users.
Now, that you’ve read our report and Take, please go to CNET and read how differently they approach the numbers they found here. Keep in mind that CNET never mentions just how many iPhone users are represented by 14%.
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Elite group of American CEOs – outgoing Apple CEO Cook among them – join President Trump in China
President Donald Trump has assembled an elite group of CEOs — representing the pinnacle of American business — to join his high-stakes summit with Chinese President Xi Jinping. The roster speaks volumes about the current state of the U.S. economy and what’s on the line in the coming days. Apple’s Tim Cook is also making the trip. The outgoing CEO was in Beijing just last month to mark the company’s 50th anniversary and has built a strong relationship with China.
Nvidia CEO Jensen Huang’s late inclusion on Air Force One to China suggests that tech, and chips in particular may be a hot topic on the trip… The sector is well represented with Micron’s Sanjay Mehrotra and Qualcomm’s Cristiano Amon also on board Air Force… Mehrotra’s presence may turn heads as China banned the use of Micron chips in critical infrastructure in 2023 through 2030.
The presence of Tesla CEO Elon Musk is also interesting and adds to the emphasis on all things AI.
But the elite cohort features almost as many financial company CEOs. Citi’s Jane Fraser, Goldman Sachs’ David Solomon, BlackRock’s Larry Fink and Blackstone’s Stephen Schwarzman were all name-dropped by Trump.
American’s manufacturing muscle will also be flexed — Boeing’s Kelly Ortberg, GE Aerospace’s Larry Culp are there too along with the CEO of private agricultural giant Cargill, Brian Sikes. Visa CEO Ryan McInerney, Meta President Dina Powell McCormick, Coherent CEO Jim Anderson and Illumina CEO Jacob Thaysen are also heading to China…
Trump said he will be asking Xi to “‘open up’ China so that these brilliant people can work their magic,” in his Truth Social post.
It’s a good list to be on.
MacDailyNews Note: President Trump’s post via Truth Social:
It is an Honor to have Jensen, Elon, Tim Apple, Larry Fink, Stephen Schwarzmann, Kelly Ortberg (Boeing), Brian Sikes (Cargill), Jane Fraser (Citi), Larry Culp (GE Aerospace), David Solomon (Goldman Sachs), Sanjay Mehrotra (Micron), Cristiano Amon (Qualcomm), and many others journeying to the Great Country of China where I will be asking President Xi, a Leader of extraordinary distinction, to “open up” China so that these brilliant people can work their magic, and help bring the People’s Republic to an even higher level! In fact, I promise, that when we are together, which will be in a matter of hours, I will make that my very first request. I have never seen or heard of any idea that would be more beneficial to our incredible Countries! President DONALD J. TRUMP – May 12, 2026 at 11:09 PM EDT
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Ted Lasso actor Cristo Fernández signs pro contract with U.S. second-tier club El Paso Locomotive FC
Cristo Fernández, best known for playing footballer Dani Rojas in the hit Apple TV series “Ted Lasso,” has turned his on-screen role into reality by signing a professional contract with U.S. second-tier club El Paso Locomotive FC. He also appeared as Gustavo in Apple TV’s “Acapulco” (Season 3).
The actor, who played youth football in Mexico before a knee injury forced him to step away from the sport at age 15, will now take to the pitch for real.
Alongside his acting career, the 35-year-old Fernandez has been working toward a professional football comeback. He trained with Major League Soccer side Chicago Fire’s reserve team earlier this year.
Before signing with El Paso Locomotive FC on Tuesday, he completed a two-month trial with the USL Championship club that also included a pre-season appearance.
Reuters:
“(Football) has always been a huge part of my life and identity, and no matter where life has taken me, the dream of competing professionally never truly left my heart,” Fernandez said on the club website. “Maybe I’m just a crazy man with crazy dreams.”
El Paso, founded in 2018, are fourth in Group B of the USL Championship standings.
“Cristo is a great addition to our roster, adding another attacking threat to our forward line,” the club’s head coach Junior Gonzalez said. “His passion for the game and leadership qualities for our locker room allow us to continue growing the positive culture we strive for as a club.”
MacDailyNews Take: Football is life! Good luck, Cristo!
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Apple’s all-new Siri to get standalone app, chatbot interface, and always-on agent powers
According to Bloomberg News‘ Mark Gurman, Apple is completely rebuilding Siri in iOS 27, transforming it from a traditional voice assistant into an always-on intelligent agent. The new Siri will tap into personal data and take actions across apps, while gaining a redesigned chatbot interface for natural back-and-forth conversations that matches the look of ChatGPT, Gemini, and similar apps.
Siri will now appear in the Dynamic Island. Activating it with the wake word or by holding the power button will trigger a large, animated Siri graphic at the top center of the screen.
Users can also bring up a new system search by swiping down from the top center anywhere on the screen, which displays a “Search or Ask” bar in the Dynamic Island. Once engaged, users can swipe down a transparent results card to enter a full chatbot conversation mode that resembles a text message thread, complete with inline mini app cards for quick results like weather, calendar events, and notes.
Mark Gurman for Bloomberg News:
• When users engage with Siri, they can swipe a transparent results card down to enter into a chatbot conversation mode, which looks similar to a text message thread. This interface has in-line mini app cards to see results for things like the weather, upcoming appointments and notes.
• The “Search or Ask” interface looks similar to Spotlight Search on an iPhone today, but can show more advanced results and additional data from within apps. Users can press the search bar to toggle between using Siri or third-party offerings like ChatGPT or Gemini as their search engine.
• The “Search or Ask” bar also has a microphone icon on the right side for a voice mode.
• Another key Siri addition is AI-powered search from the open web, which allows general-knowledge questions to get detailed answers for the first time. That includes supplying bullet points of information from the web and large images.
• Siri will have a standalone app for the first time [since it was purchased by Apple. (Siri was initially released as an app for iPhoneOS in February 2010, two months before it was purchased by Apple)]. The main page of that software includes a grid of tall, round rectangles that summarize prior Siri conversations. Users can jump into those to continue their chats. There’s also a search bar to locate past results and a “+” to begin a new chat.
• Inside the Siri app and chatbot view, the bottom of the app has a “+” button for uploading images and documents. The area to type in a query, meanwhile, is labeled “Ask Siri.” There’s also a microphone here to activate the voice input mode.
MacDailyNews Take: Our little birdies still chirp that “Apple’s new Siri will prove to be very much worth the wait!”
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Apple plans fully customizable Camera app in iOS 27
Apple plans to make its Camera app fully customizable in the next iPhone software update as part of a wider user interface overhaul, Bloomberg News‘ Mark Gurman reports.
Users will be able to select which controls appear in the app and where they are positioned, including options for flash, exposure, timer, and resolution.
Mark Gurman for Bloomberg News:
• Apple is planning to make the Camera app interface fully customizable so users can pick their own set of controls — called widgets — that run along the top of the interface.
• The app will continue to launch with the same default set as today, including toggles for resolution, night mode, flash and live photos, but users will be able to switch over to an “advanced” array of options or choose their own items.
• Each capture mode has its own set of widgets, which can be picked from a transparent “Add Widgets” tray that slides up from the bottom of the app.
• The Photo mode’s advanced options tray includes depth-of-field and exposure controls, while the widgets are split into categories of “basic,” “manual” and “settings.” Users can also swap in controls for the timer and photo styles. And there are new grid and level options inside the app itself.
MacDailyNews Take: Finally!
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Apple TV’s ‘The Stormlight Archive’ series could run for 10 or more seasons
Apple TV is betting big on the next major fantasy franchise, “The Stormlight Archive,” securing the screen rights to Brandon Sanderson’s expansive Cosmere universe in what sources describe as an unprecedented deal.
This is a major coup for Apple TV which is now positioned to potentially build a sprawling, interconnected fantasy epic on par with The Lord of the Rings, Game of Thrones, or the Marvel Cinematic Universe (MCU), but rooted in Sanderson’s meticulously crafted magic systems and cosmology.
The Stormlight Archive series could run into the 2040s on Apple TV.
Amanda Mullen for ComicBook:
Supernatural is a rare example of one surpassing 10 seasons, but even hits like Game of Thrones, Buffy the Vampire Slayer, and The Vampire Diaries clock in around 7-8 outings. There’s one exciting adaptation that could reach double-digit seasons, however, now that Apple TV is tackling the Cosmere. Depending on how many books from Brandon Sanderson’s fantasy universe the streamer adapts, its biggest show could even last into the 2040s. There’ll be more than enough material for it to last all those years.
With The Stormlight Archive set to become a TV show, the upcoming Wheel of Time remake isn’t the only project with the potential to span 10+ seasons. Sanderson’s epic currently consists of five books — each of which clocks in at 1,000+ pages — and he intends to write a second arc, which will feature five more novels. That’s not to mention that The Stormlight Archive novellas, which could add episodes here and there. It’s certainly enough material to warrant such a long run, especially if Apple TV dedicates one outing to each book. With the books being as long as they are, they could also span multiple seasons.
Such a massive run would likely bring The Stormlight Archive into the 2040s, especially accounting for the need to release the next five books first. If Mistborn and The Stormlight Archive are successful, it’s also possible that seasons of the latter will be broken up by spinoffs based on other Cosmere novels. With so much to cover, it’s easy to imagine Apple TV’s fantasy show spanning decades.
MacDailyNews Take: Apple TV is the No.1 must-have streaming service for science fiction and, soon, science fantasy fans!
If any streamer can be trusted to do things right, it’s Apple TV with its already proven track record of producing compelling high quality series and films. – MacDailyNews, February 5, 2026
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