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Good morning! How does your day compare to a high-profile CEO? Take a look for yourself, as Lyft CEO David Risher detailed his daily routine for BI. It's part of a bigger Power Hours series we are running on how powerful business leaders structure their work day.
In today's big story, we're breaking down Apple's big new redesign.
What's on deck
Markets: As Wall Street toughens up on RTO, one bank doubles down on WFH.
Tech: Meta may want to win over Gen Z, but the people driving its ad business skew older.
Business: BI's Peter Kafka on what Warner Bros. Discovery's proposed split says about the state of cable TV.
But first, "Liquid Glass" is coming.
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The big story
New iOS, new look
Your phone screen might look a lot different soon. And your laptop screen. And your TV screen. And even your watch screen. That is, if you use Apple products.
The tech giant's WWDC developer conference kicked off yesterday with a keynote from CEO Tim Cook. Analysts expected the event to be "muted" and Apple delivered — with no shiny new thing to share.
Instead, the major focus was Apple's biggest software redesign in over a decade.
"Liquid Glass" will be available this fall in software updates for Mac, iPad, Apple Watch, and Apple TV. The new design gives screens a glass-like aesthetic — so basically, icons, switches, and sliders will be translucent. (If you can't envision it, Cook posted this video preview.)
The last time Apple had a software redesign on this scale was back in 2013 with iOS 7, a polarizing move that took icons from a "skeuomorphic" design to the "flatter" look you see today.
So, how will Apple users react? That's TBD. The tech giant did say that the new look is inspired by the Vision Pro, a.k.a. "nerd goggles," so we'll see.
That's not all that got people talking at WWDC. Here's what else sparked conversation:
One word spooked investors. Apple's stock suddenly tanked more than 2.5% about six minutes into the keynote when Siri was mentioned. Apple software chief Craig Federighi said the work to make Siri more personal with AI needs "more time." It seems investors didn't like the idea of waiting longer. "We look forward to sharing more about it in the coming year," Federighi added.
Software names are getting unified. Updates will be tied to the year, instead of the number of the update it represents. For instance, the last big update for the iPhone was iOS 18. The next one? It'll be iOS 26. Naming structures across the iPhone, Apple Watch, and the iPad will match. But Macs are the lone holdout — the next operating system will be called Tahoe.
Your group chats are getting a makeover. iOS 26 will also add typing indicators — the bubble with three dots that lets you know when someone is typing — to group chats. (Before this, you could only see those in one-to-one messages.) You'll also be able to request, send, and receive Apple Cash in group chats, which could either be great or annoying, depending on whether you are the ower or owee.
3 things in markets
1. Citi doubles down on WFH. The bank is giving its hybrid employees two full weeks of remote work in August, according to a memo sent to staff and seen by BI. The move contrasts with other Wall Street firms as they demand workers back to the office full time.
2. The market's big moment to weigh in on Trump's tax bill. A government bond auction this week gives investors a chance to tell Trump what they really think about his "Big Beautiful Bill." If they balk, they could shake the stock market out of its current calm spell.
3. Morgan Stanley's hopeful about new stock-market highs. The bank's CIO and chief stock strategist pointed to a key signal that's flashing a bullish sign: a sharp rebound in earnings revisions breadth. Historically, more upward revisions have resulted in stronger overall market performance, and the bank expects the upward swing to continue.
3 things in tech
1. Pass the vibe (coding) check. Tech companies are looking for coders skilled in the art of using AI to generate code, aka vibe coding. The thinking is that familiarity with tools like Cursor or Bolt will help answer companies' need for speed, allowing engineers to push out products faster.
2. Forget Gen Z. Gen X is driving Meta's ad business. A Barclays report shared with BI shows that Facebook's ad load — or the number of ads users see — is significantly higher for the over-45 crowd. That's because the generation has higher purchasing power, Barclays analysts wrote.
3. NYC wants to be the Big AI Apple. A major theme of this year's New York Tech Week was the city's readiness to step up as a core player in the industry. The city is ready to become the next AI hotspot, and heavy hitters like OpenAI are already setting up shop there.
3 things in business
1. Elon Musk's final DOGE-era report card. The spectacular implosion of Trump and Musk's partnership has become a textbook case of management gone wrong, writes BI's Amanda Hoover. Musk's autonomous leadership style doesn't work in government, and his main-character energy was no match for Trump's.
2. Warner Bros. and Discovery head for divorce. Three years after its inception, WBD plans to split its streaming and cable TV business into two companies next year: Streaming & Studios and Global Networks. Wall Street, which had long questioned the WBD merger, cheered after the announcement, with WBD stock up 13% in early trading on Monday. The trouble is, BI's Peter Kafka writes, no one wants to own cable TV networks anymore.
3. When Trump calls, one Big Law firm answers. Robert Giuffra, the head of Sullivan & Cromwell, helped broker the agreement between President Trump and the rival Big Law firm Paul Weiss. Giuffra has both acted as Trump's personal lawyer and unofficially advised him on using his presidential power, blurring the line between personal and government business.
In other news
- Sorry, you can't use your Costco membership card to get through TSA.
- Waymo suspends robotaxi rides near LA protests after five cars were set ablaze.
- A top Wall Street analyst used ChatGPT and Gemini to assess Google's risks. He came away impressed.
- Justin Baldoni's $400 million lawsuit against Blake Lively has been dismissed.
- A grocery crisis is brewing as a major food distributor's IT issues leave shelves empty at some supermarkets.
- Google Cloud's CTO has some advice for job seekers in the age of AI.
- The exit of ad giant WPP's CEO signals the end of Madison Avenue as we knew it.
What's happening today
- Politico Energy Summit in Washington, DC.
- World Bank Global Economic Prospects report, focused on emerging and developing world regions, is launched.
The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Lisa Ryan, executive editor, in New York. Hallam Bullock, senior editor, in London. Grace Lett, editor, in Chicago. Akin Oyedele, deputy editor, in New York. Amanda Yen, associate editor, in New York. Ella Hopkins, associate editor, in London. Elizabeth Casolo, fellow, in Chicago.
