This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe. Siri will get an upgrade with Apple Intelligence and access to OpenAI's ChatGPT. But consumers may need to upgrade their phones to run the new AI features.
The second resolution Musk mentioned involves reincorporating Tesla in Texas after a Delaware court invalidated his initial pay deal, citing concerns about the board's independence from Musk.but questioned the timing of the pay proposal, given Tesla's recent slowdown in growth and profitability. Westly also questioned the feasibility of Tesla's ambitious goals, such as the $25,000 car and full self-driving technology.
"Elon has done an extraordinary job. He's built one of the transformational companies of this age. But as for the $55 billion pay increase at precisely the time you have missed quarterly numbers, growth is slowing down and you have laid off 15% of the workforce. I'd say it's hubris, to say the least," he said.. Siri received a powerful AI upgrade and can now tap into OpenAI's ChatGPT. On the lighter side, Apple users can use AI to generate personalized emoji.
In general, Wall Street was up ahead of the Fed's rate decision on Wednesday. Despite a strong May jobs report, UBS is still pricing in two rate cuts this year, starting in September. "Overall, we keep our view that the US economy is slowing," the Wall Street bank said. To that end, UBS recommended investors stick to quality bonds and technology stocks.CNBC's Jesse Pound, Lisa Kailai Han, Sarah Min, Fred Imbert, Todd Haselton, Leslie Josephs, Annika Kim Constantino and Spencer Kimball contributed to this report.