Apple wants to put a friendlier spin on artificial intelligence, but many users could miss out

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In today's big story, we're looking at all the takeaways from Apple's big event, including its friendlier spin on artificial intelligence.

What's on deck:

• Markets: Inside the Point72 intern program that's the first step toward potentially becoming a portfolio manager.
• Tech: The top companies in tech have become overrun by career managers instead of actual technologists.
• Business: A Gen Zer trying to retire in her 30s describes working two jobs.

But first, it's not AI; it's Apple Intelligence.

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The big story

Apple's AI

Artificial intelligence is finally coming to Apple's iPhone. Just don't call it that.

Apple's big annual event for its software included plenty of cool unveilings.

But the real star was Apple finally detailing its plans for generative AI.

Apple Intelligence — it's AI, just not that AI — is the company's first big swing in the space. CEO Tim Cook described it as Apple's "next big step."

Apple has faced criticism for lagging behind peers due to its lack of AI plans, but it's still positioned incredibly well. Data is the name of the game when it comes to AI, and Apple's iPhones are full of it.

Having such deep context about users gives Apple a leg up. The use cases it demoed Monday — here are some of the coolest ones — showed Apple Intelligence's ability to retrieve and analyze information across multiple apps for a personalized experience.

Wall Street seems to have bought in. Early indication from analyst notes was that Apple's AI announcements lived up to expectations, writes Business Insider's Jordan Hart.

But maybe you're feeling uneasy about giving AI access to all that personal data. Apple says its architecture enables it to be aware of your personal data without outright collecting it.

Overall, Apple's vision of AI feels a lot kinder and gentler than other iterations of the tech that have gotten people nervous, writes BI's Katie Notopoulos.

As exciting as some of these new AI features sound, there's a catch.

Apple Intelligence doesn't come cheap, from a compute perspective. Only the newest and most powerful iPhones will be able to handle it, meaning anything short of an iPhone 15 Pro won't cut it.

That presents a unique business opportunity for Apple, writes BI's Peter Kafka, which has struggled to get people to upgrade their iPhones in recent years.

If you're not willing to shell out for a new phone — I'm still rocking a 12 Pro Max — you won't be completely left out in the cold. iOS 18 will come with plenty of non-AI features that iPhone users can enjoy.

iMessage is adding the ability to schedule text messages. The iPhone's home screen will get more customization options that are strikingly similar to Android devices. And Apple's inbox is even getting some love, although some are AI-only features.

At least one person wasn't impressed, though. Initially, Elon Musk took jabs at how underwhelming some of Apple's announcements were.

However, the Apple Intelligence news and partnership with OpenAI is what really set the billionaire off.

Musk, who is notably not a fan of OpenAI, threatened to ban Apple devices at his companies if the startup's software was integrated into the tech giant's operating system.

3 things in markets

1. If Elon Musk's pay package fails, some of his investors might suffer, too. Musk's $56 billion pay package gets voted on this week. If it doesn't get approved, Tesla's share price could drop 5%, according to Bernstein analyst Toni Sacconaghi.
2. Point72 welcomes its newest class of aspiring investment analysts. The hedge fund fielded its largest-ever group for its Academy Investment Analyst Summer Internship. It's the first step toward potentially becoming a portfolio manager at Steve Cohen's fund. The program head detailed what it entails.
3. How r/WallStreetBets kicked off the GameStop frenzy. The GameStop hype is back in full swing. But if you're not an OG believer in the stock, you may not remember how it all began on a prosperous Black Friday — or why it was the perfect opportunity for revenge.

3 things in tech

1. How to save the tech industry. Silicon Valley has been taken over by career managers, putting shareholder value over innovation. To fix the industry, we must return it to people who actually build tech to solve problems.
2. OpenAI just got two new execs. Sarah Friar, previously the CEO of Nextdoor, will be OpenAI's new CFO. Kevin Weil, who's joining from Planet Labs, will be chief product officer. Meet Sam Altman's newest colleagues.
3. A healthcare AI startup just scored a big win. Regard has closed a $30 million Series B funding round and landed a $350 million valuation, BI has learned. Its tech uses AI to help doctors synthesize data and even suggests diagnoses.

3 things in business

1. Life as an overemployed 25-year-old. The author has been working two jobs since college, hoping to retire in her 30s. She said she's sacrificed sleep and spending time with friends to try to reach FIRE status.
2. ChatGPT can help you find a new job. Kinda. BI's reporter asked the bot to find her a job. She found it can speed up the job-hunting process, but it also makes mistakes — like inventing roles that don't exist.
3. Get ready to wait longer for interest rate cuts. The Fed is expected to hold interest rates steady this Wednesday after a hot jobs report and still-high inflation. However, sources told BI that two sets of rate cuts could be on the cards later this year.

In other news

• Zyn shortages continue. But the popular nicotine pouches will be back on more shelves later this year, an executive says.
• China's explosive export growth could make trade tensions with America even worse.
• Boutique investment bank Moelis has placed a senior banker on leave after a video circulated online appearing to show him punching a woman.
• Billionaire LinkedIn cofounder Reid Hoffman slams business leaders who support Trump: A 'reliable legal system is not a given.'
• Biden's approval rating just hit its lowest mark on record.
• Waze cofounder explains the test he uses to figure out whether to fire a new employee — and how it can be used to figure out if you should switch jobs.
• 3 big trends are working in Walmart's favor.

What's happening today

• Today's earnings: Oracle and other companies are reporting.
• The Federal Open Market Committee's two-day meeting begins.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. George Glover, reporter, in London. Annie Smith, associate producer, in London.