Apple will comply with a new EU mandate requiring all mobile phones, tablets, and cameras to have USB-C charging ports by the end of 2024, an executive confirmed. Greg Joswiak, Apple’s SVP of marketing, affirmed the company's plans to switch the iPhone’s charging port from lightning, at least for phones sold in the EU. The update comes after EU lawmakers granted final approval this week for the new common charging standard. More: - "Obviously, we’ll have to comply," Joswiak said about the new EU law during a Wall Street Journal’s WSJ Tech Live event on Tuesday.
- He did not specify when Apple would make the switch to USB-C charging.
- Regarding the new law, Joswiak still said the company believes it would have been "better environmentally and better for our customers" for a government not to be so "prescriptive."
- Reports speculated that Apple could release its iPhone 15 with a USB-C port next September.
- Apple's new 10th-generation iPads already have USB-C. Its AirPods still use a Lightning charger.
THE VERGE 
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Elon Musk said he plans to close on his $44B acquisition of Twitter on Friday. Wall Street lenders that are helping to fund the buyout are now in the process of signing a credit agreement, one of the final steps before the banks can send the cash to Musk. More: - The group of banks, led by Morgan Stanley, is providing $13B of debt financing for the deal.
- Additionally, Musk has raised at least $7B from a number of equity investors, including Fidelity, Brookfield, Sequoia Capital, Oracle co-founder Larry Ellison, and Saudi Prince Alwaleed bin Talal.
- Musk's lawyers have now sent the paperwork for the financing commitment to the investors.
Zoom-out: - In April, Musk offered to take Twitter private for $44B, or $54.20 a share, which was agreed upon by Twitter's board.
- He later tried to withdraw from the agreement, citing a lack of data about the number of fake and spam accounts on the platform and other issues.
- Twitter sued Musk in an effort to force him to follow through with the transaction. The trial was scheduled to begin on Oct. 17 in the Delaware Court of Chancery.
- The court's Judge Kathleen McCormick signed off on Musk's requests to put the trial on hold, giving him until Friday, Oct. 28 to complete his financing for the deal.
BLOOMBERG
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Data-story company Seagate Technology said it would lay off about 3,000 employees, or 8% of its workforce due to weak demand for its products and economic uncertainties. The computer hard drive maker announced a restructuring to lower costs and adjustments to its production output. More: - Seagate’s customers, including cloud providers, are not spending as much on computers and have stockpiled parts as a result, Seagate CEO Dave Mosley said in an earnings call.
- He did not expect customers to go through their surpluses in the current quarter. “Customers have grown more cautious with their spending plans, which we believe will extend the recovery in the calendar year ‘23,” Mosley said.
- The restructuring is expected to finish by the end of fiscal Q2 2023. The company expects to spend $60M to $70M on employees' severance and other termination benefits.
- Seagate's operational headquarters are in Fremont, California, while its legal domicile is in Dublin, Ireland.
Related: - Separately, the U.S. government recently warned Seagate that it may have breached export control laws when it provided hard disk drives to China's Huawei.
- Huawei was placed on the U.S. Commerce Department's entity list and is therefore barred from buying U.S. exports without approval.
- In a new filing, Seagate said it does not believe the hard disk drives fall under the export controls.
CNBC
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Google parent company Alphabet said it would slow the pace of hiring and moderate growth after reporting lower-than-expected earnings and revenue Tuesday. Alphabet's net profit for the third quarter was $13.9B, down 27% from a year prior. More: - The company reported revenue of $69.1B in Q3. Revenue growth was 6%, down from 41% a year earlier.
- It was Alphabet's slowest quarterly expansion since 2013, except for a period at the start of the pandemic.
- Google's advertising revenue was $54.48B, up slightly from last year. YouTube ad revenue fell about 2% to $7B.
- Sales came in at $57.27B, not including payments to distribution partners. The average analyst estimate was $58.18B.
- After the earnings report, CEO Sundar Pichai said during a call that the company is “focused on moderating operating expense growth.”
- He confirmed that the company's employee growth would be “significantly lower” in Q4.
THE NEW YORK TIMES
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Microsoft beat Wall Street expectations in its quarterly earnings report on Tuesday. The software giant reported revenue of $50.12B versus the $49.61B expected. Shares of Microsoft still fell by 8% on Wednesday after the company missed on cloud revenue and issued weak guidance for the December quarter. More: - For the September quarter, earnings were $2.35 per share versus the $2.30 expected by analysts.
- Microsoft Cloud revenue was $25.7B, up 24% YoY.
- LinkedIn revenue was $3.67B, up 17%.
- Its intelligent cloud segment, including Azure, was $20.3B, a 20% increase. Azure was up 35%, less than expected.
- Declining PC demand resulted in a 15% drop in revenue from its Windows OEM sector.
- Microsoft's CFO expects many of the same tends to continue into the current quarter, including weak PC demand, high energy costs, and lower advertising spending.
- Revenue guidance for the December quarter was between $52.4B and $53.4B, representing 2% growth but short of the $56.1B expected by analysts.
CNN BUSINESS
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 Apple's latest software updates add support for Nintendo's lineup of classic controllers. Developer Steve Troughton Smith spotted support in the 16.1 updates for iOS, iPadOS, and tvOS, along with macOS Ventura. More: - Apple platforms now support Nintendo's SNES, NES, and N64 controllers. Gamers can now use Nintendo's modernized version of the classic gamepads with iPhones, iPads, Apple TVs, and Macs.
- Users can connect the gamepads via Bluetooth pairing or USB-C.
- Reports noted that Apple's App Store doesn't have any video game emulators. It does offer other compatible titles for the gamepads in addition to games in Apple Arcade.
- A June iOS update added support for the Nintendo Switch Joy-Con and Pro Controllers.
MACSTORIES
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- Spotify CEO Daniel Ek said the company may raise its U.S. prices following recent hikes by competitors Apple Music and YouTube.
- Twitter's so-called "heavy tweeters" — or those who log in 6-7 days a week and tweet 3-4 times a week — have been in “absolute decline” since the start of the pandemic, according to an internal document viewed by Reuters.
- Shutterstock will offer its customers access to OpenAI's DALL-E image creation tool through a new collaboration with the AI research lab.
- Grammarly has added a new AI-powered tone rewrite tool for workplace communications.
- Google is bumping up the storage space for its Workspace individual plan from 5GB to 1TB, at no added cost.
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 |  | Beth is a writer and editor at Inside.com covering artificial intelligence and daily technology news. You can reach her at Beth.Duckett@inside.com. |   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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