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Bulletins

Apple is now worth $2 trillion

Apple became the first U.S. company to hit a $2 trillion valuation on Wednesday, just two years after it was the first to cross the $1 trillion mark.


The achievement is all the more impressive given the circumstances: Amid market turmoil back in March, Apple's valuation plunged 30% from its February highs, dipping below $1 trillion. But with investors seeing it as a safe haven amid general pandemic uncertainty, it bounced back — and then some.

In fact, Apple — along with other Big Tech stocks from Google, Microsoft, Amazon and Facebook — has helped the entire stock market bounce back. Credit Suisse data suggests that those five stocks soared 37% between January and August, compared to a 6% drop for the rest of the S&P 500.

That two-tier economy has some people worried. Earlier this summer, Haskayne School of Business professor Anup Srivastava told Protocol that Big Tech companies need a healthy economy to survive. "A salesperson makes money when things get sold," he said, noting that Facebook and Google rely on small businesses for their advertising revenue. Apple, meanwhile, needs consumers that are able to spend $1,000 on the latest iPhone — a shrinking group of people, given the recession.

But for now, investors seem not to care. As The Wall Street Journal's Dan Gallagher points out, Apple's stock is trading at around double the price-to-earnings multiple it was when it hit $1 trillion. That means investors are willing to pay an awful lot for its stock, even with threats like antitrust regulation and potential threats to its Chinese business lurking on the horizon. Time will tell if those actually slow Apple down — or if $3 trillion is just around the corner.

Power

Google wants to (try to) make Google Glass cool again

Also this week: savvy virtual assistants, surveillance without violating people's privacy, and more patents from Big Tech.

Is making these cool even possible?

Image: Google

This week was so full of fun patent applications that I didn't know where to start. We've got a throwback to 2013, a virtual assistant that knows when I've stopped talking, and headphones that can determine a user's hearing abilities.

But as always, remember that the big tech companies file all kinds of crazy patents for things, and though most never amount to anything, some end up defining the future

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Karyne Levy

Karyne Levy ( @karynelevy) is the West Coast editor at Protocol. Before joining Protocol, Karyne was a senior producer at Scribd, helping to create the original content program. Prior to that she was an assigning editor at NerdWallet, a senior tech editor at Business Insider, and the assistant managing editor at CNET, where she also hosted Rumor Has It for CNET TV. She lives outside San Francisco with her wife, son and lots of pets.

As President of Alibaba Group, I am often asked, "What is Alibaba doing in the U.S.?"

In fact, most people are not aware we have a business in the U.S. because we are not a U.S. consumer-facing service that people use every day – nor do we want to be. Our consumers – nearly 900 million of them – are located in China.

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J. Michael Evans
Michael Evans leads and executes Alibaba Group's international strategy for globalizing the company and expanding its businesses outside of China.

Does Elon Musk make Tesla tech?

Between the massive valuation and the self-driving software, Tesla isn't hard to sell as a tech company. But does that mean that, in 10 years, every car will be tech?

You know what's not tech and is a car company? Volkswagen.

Image: Tesla/Protocol

From disagreements about what "Autopilot" should mean and SolarCity lawsuits to space colonization and Boring Company tunnels, extremely online Tesla CEO Elon Musk and his company stay firmly in the news, giving us all plenty of opportunities to consider whether the company that made electric cars cool counts as tech.

The massive valuation definitely screams tech, as does the company's investment in self-driving software and battery development. But at the end of the day, this might not be enough to convince skeptics that Tesla is anything other than a car company that uses tech. It also raises questions about the role that timeliness plays in calling something tech. In a potential future where EVs are the norm and many run on Tesla's own software — which is well within the realm of possibility — will Tesla lose its claim to a tech pedigree?

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Becca Evans
Becca Evans is a copy editor and producer at Protocol. Previously she edited Carrie Ann Conversations, a wellness and lifestyle publication founded by Carrie Ann Inaba. She's also written for STYLECASTER. Becca lives in Los Angeles.
Protocol | Workplace

Apple isn’t the only tech company spooked by the delta variant

Spooked by rising cases of COVID-19, many tech companies delay their office reopening.

Apple and at least two other Silicon Valley companies have decided to delay their reopenings in response to rising COVID-19 case counts.

Photo: Luis Alvarez via Getty

Apple grabbed headlines this week when it told employees it would delay its office reopening until October or later. But the iPhone maker wasn't alone: At least two other Silicon Valley companies decided to delay their reopenings last week in response to rising COVID-19 case counts.

Both ServiceNow and Pure Storage opted to push back their September return-to-office dates last week, telling employees they can work remotely until at least the end of the year. Other companies may decide to exercise more caution given the current trends.

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Allison Levitsky
Allison Levitsky is a reporter at Protocol covering workplace issues in tech. She previously covered big tech companies and the tech workforce for the Silicon Valley Business Journal. Allison grew up in the Bay Area and graduated from UC Berkeley.
Protocol | Workplace

Half of working parents have felt discriminated against during COVID

A new survey found that working parents at the VP level are more likely to say they've faced discrimination at work than their lower-level counterparts.

A new survey looks at discrimination faced by working parents during the pandemic.

Photo: d3sign/Getty Images

The toll COVID-19 has taken on working parents — particularly working moms — is, by now, well-documented. The impact for parents in low-wage jobs has been particularly devastating.

But a new survey, shared exclusively with Protocol, finds that among parents who kept their jobs through the pandemic, people who hold more senior positions are actually more likely to say they faced discrimination at work than their lower-level colleagues.

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Issie Lapowsky

Issie Lapowsky ( @issielapowsky) is Protocol's chief correspondent, covering the intersection of technology, politics, and national affairs. She also oversees Protocol's fellowship program. Previously, she was a senior writer at Wired, where she covered the 2016 election and the Facebook beat in its aftermath. Prior to that, Issie worked as a staff writer for Inc. magazine, writing about small business and entrepreneurship. She has also worked as an on-air contributor for CBS News and taught a graduate-level course at New York University's Center for Publishing on how tech giants have affected publishing.

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