Apple CEO Tim Cook reacts to a customer carrying a Macintosh SE during the opening of the new Apple BKC store in Mumbai, India, on April 18, 2023.
Indranil Aditya | Bloomberg | Getty Images
Apple is now backing a California right-to-repair bill, a major shift in the company’s attitude toward the movement and a potential boon for the environment, according to a letter obtained by CNBC.
In a Tuesday letter to Eggman’s staff, Apple’s policy team concurred but said the company would not support the bill if it allowed repair shops to turn off Apple’s anti-theft remote locks, which often make it impossible to repair or activate old computers that have been sold.
“We support SB 244 because it includes requirements that protect individual users’ safety and security, as well as product manufacturers’ intellectual property. We will continue to support the bill, so long as it continues to provide protections for customers and innovators,” the company’s lobbyists wrote in the letter seen by CNBC.
Apple also said that it would continue to support the bill as long as repair shops were required to disclose “the use of non-genuine or used parts.”
TechCrunch and do-it-yourself repair-guide company iFixit were first to report on the letter.
“Apple’s support for California’s Right to Repair Act demonstrates the power of the movement that has been building for years and the ability for industries to partner with us to make good policy to benefit the people of California. I’m grateful for their engagement on this issue and for leading among their peers when it comes to supporting access to repair,” Eggman told CNBC.
Apple engaged with the lawmaker’s team “very early on” in what Eggman’s chief of staff David Stammerjohan told CNBC were “very constructive” conversations. Stammerjohan declined to comment on engagement or lobbying from other manufacturers.
“Apple supports California’s Right to Repair Act so all Californians have even greater access to repairs while also protecting their safety, security, and privacy. We create our products to last and, if they ever need to be repaired, Apple customers have a growing range of safe, high-quality repair options,” Apple said in a statement to CNBC.
The bill would require manufacturers who sell products for more than $100 — a threshold that applies to most of Apple’s products — to make replacement guides, parts, and tools available for at least three years after the date that manufacture ended.
There have been a few reasons why the company has opposed similar bills. Apple sells AppleCare+ insurance for all of its major product lines, which drives store visits and can sometimes lead to ancillary revenue if a product needs to be replaced.
But Apple is also serious about maintaining quality and controlling customer experiences. In the past, replacing an iPhone screen at a non-authorized vendor would void your iPhone warranty. Substandard materials used by non-official repairers can lead to further damage down the line, or simply just not work.
The company, under pressure from consumer groups, has relaxed its position in recent years. For example, customers can now replace iPhone batteries under Apple’s Self Service Repair program, first launched in 2021. The program lets customers order genuine parts directly through Apple and repair devices themselves.
Apple left the door open to supporting further expansion of right-to-repair in the letter to Eggman. “Apple appreciates the opportunity to support your efforts to improve consumer options in California,” the letter said.
The logo of LG Electronics is seen on the opening day of the Integrated Systems Europe exhibition in Barcelona on January 31, 2023.
Pau Barrena | Afp | Getty Images
South Korea-based LG Energy Solution announced Wednesday that it had signed a $4.3 billion contract for supplying batteries to a major corporation, without naming the customer.
The effective date of contract — receipt of orders — began Tuesday and will conclude at the end of July, 2030. During this period, the counterparty will not be disclosed to maintain business confidentiality, the company’s filing with the Korea Exchange showed Wednesday.Reuters reported that Tesla was the counterparty.
Earlier this week, Tesla CEO Elon Musk confirmed that the EV maker was behind a previously undisclosed $16.5 billion chip contract with South Korea’s Samsung Electronics.
LG Energy said in its filing that details of the contract such as the deal amount were subject to change and the contract period could be extended by up to seven years.
“Investors are advised to carefully consider the possibility of changes or termination of the contract when making investment decisions,” the company cautioned. It’s shares were trading 0.26% lower.
The filing did not clarify whether the lithium iron phosphate batteries would be used in vehicles or energy storage systems. Its major battery customers include American electric-vehicle makers Tesla and General Motors.
The company has been expanding its battery production in the U.S., and is constructing a plant in Arizona that will produce lithium iron phosphate batteries.
LG Energy Solution and Tesla did not immediately respond to CNBC’s requests for comment.
Nikesh Arora, CEO of Palo Alto Networks, looks on during the closing bell at the Nasdaq Market in New York City, U.S., March 25, 2025.
Jeenah Moon | Reuters
CyberArk shares soared as much as 18% on Tuesday after The Wall Street Journal reported that cybersecurity provider Palo Alto Networks has held discussions to buy the identity management software maker for over $20 billion.
Cloud security is becoming an increasingly critical piece of the enterprise tech stack, especially as rapid advancements in artificial intelligence bring with them a whole new set of threats, and as ransomware attacks become more commonplace.
Founded in 2005, Palo Alto Networks has emerged in recent years as a consolidator in the cybersecurity industry and has grown into the biggest player in the space by market cap, with a valuation of over $130 billion. CEO Nikesh Arora, who was appointed to the job in 2018, has been on a spending spree, snapping up Protect AI in a deal that closed in July, and in 2023 buying Talon Cyber Security, Dig Security and Zycada Networks.
But CyberArk would represent by far Arora’s biggest bet yet. The Israeli company, which went public in 2014, provides technology that helps companies streamline the process of logging on to applications for employees.
CyberArk faces competition from Microsoft, Okta and IBM‘s HashiCorp. Another rival, SailPoint, returned to the public markets in February.
With Tuesday’s rally, CyberArk shares climbed to a record, surpassing their prior all-time high reached in February. The stock is up 29% this year, pushing the company’s market cap to almost $21 billion, after jumping 52% in 2024. Palo Alto shares, meanwhile, slid 3.5% on the report and are now up about 9% for the year.
Representatives from Palo Alto Networks and CyberArk declined to comment.
During the first quarter, CyberArk generated around $11.5 million in net income on around $318 million in revenue, which was up 43% from a year earlier.
It’s been an active stretch for big deals in the cyber market. Google said in March that it was spending $32 billion on Wiz, its largest acquisition on record by far, and a purchase intended to bolster its cloud business with greater AI security technology.
Networking giant Cisco also made its biggest deal ever in the security space, buying Splunk in 2023 for $28 billion. Splunk’s technology helps businesses monitor and analyze their data to minimize the risk of hacks and resolve technical issues faster.
Spotify shares dropped about 4% Tuesday after the music streaming platform fell short of Wall Street’s expectations and posted weak guidance for the current quarter.
Here’s how the company did versus LSEG estimates:
Loss: Loss of .42 euros vs earnings of 1.90 euros per share expected
Revenue: 4.19 billion euros vs. 4.26 billion expected
The Sweden-based music platform’s revenues rose 10% from about 3.81 billion euros in the year-ago period. The company posted a net loss of 86 million euros, or a loss of .42 euros per share, down from net income of 225 million euros, or 1.10 euros per share a year ago.
Third-quarter guidance came up short of Wall Street’s forecast.
The company expects revenues to reach 4.2 billion euros, compared to a 4.47 billion euro estimate from StreetAccount. Spotify said the forecast accounts for a 490-basis-point headwind due to foreign exchange rates.
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Monthly active users on the platform jumped 11% to 696 million, while paying subscribers rose 12% from a year ago to 276 million.
For the current quarter, Spotify said it expects to reach 710 million monthly active users, with 14 million net adds. The company expects 5 million net new premium subscribers in the third quarter to reach 281 million subscriptions.
During the period, Spotify said it rolled out a request feature for its artificial intelligence DJ. The company said engagement with the offering has roughly doubled over the last year.
In 2024, Spotify posted its first full year of profitability. Shares are up 57% this year.