I’ve been testing Apple’s two new Pro iPhones for the past several days. They hit store shelves on Friday.
The two Pro iPhones are significant year-over-year upgrades, with improvements to the camera, an improved physical body, and a new button. Most important for me, the high-end models are much lighter in weight and really make a big difference during daily use. I’d recommend them to any iPhone user who’s ready to upgrade, or anyone who has complained about how big and heavy smartphones have gotten.
They’re not cheap.
The 6.1-inch iPhone Pro model starts at $999 for 128GB of storage and goes up to $1499 for 1TB. I’d recommend the $1099 model with 256GB of storage for most people. The bigger phone, the 6.7-inch iPhone Pro Max, now starts at $1199, $100 more than last year, but the entry-level model has 256GB of storage and maxes out at 1TB for $1599.
In addition to the Pro models, Apple also offers two cheaper options, the iPhone 15 and iPhone 15 Plus, which cost $799 and $899 and up. They have the chip from last year’s iPhone 14 Pro, some camera improvements, and Apple’s “dynamic island” that hides the front-facing cameras. Most people will be perfectly happy with the mainstream iPhone 15 models, which are close to state-of-the-art.
But Apple’s Pro phones have the newest chip, the A17 Pro, a zoom lens, and a display with a faster refresh rate. For people who are picky about their personal technology, the pro models are significantly more desirable than the mainstream models, and their improvements often trickle down Apple’s lineup in the coming years.
Here’s what’s new and exciting about the iPhone 15 Pro phones:
What’s good
The “natural titanium” finish is the most noticeable new iPhone color. This is also a close look at the new Action Button, which replaces the mute switch.
Kif Leswing/CNBC
This year’s Pro iPhones have one visible and welcome change: They use titanium for the exterior frame, instead of stainless steel.
One color, “natural titanium,” shows off the new metal, but withmost other colors, it isn’t as immediately noticeable. But while the iPhone 15 Pro might look the same as last year’s model from a distance, it’s actually the biggest change to the iPhone’s exterior in years.
Titanium is a huge upgrade for daily use because it makes the phone lighter. It feels better in the hand. Apple’s Pro phones have been getting heavier since 2019, but this phone reverses the trend.
Apple says that the 6-inch iPhone 15 Pro is 187 grams, or 9% lighter than last year’s model. The iPhone 15 Pro Max, with a bigger 6.7-inch screen, weighs 8% less. But in practice, it feels like an even bigger reduction. Going back to my old iPhone 14 Pro, it feels like a brick. The weight difference between this year’s Pros and last year’s is noticeable even with a case.
Not only are this year’s Pro phones lighter, but they are also slightly narrower and shorter in length, although they’re marginally thicker than last year’s devices. They have a smaller border (bezel) around the same-sized screen, and it’s noticeable when holding the two devices side-by-side. But this also means last year’s cases won’t work with this year’s phones.
The iPhone 14 Pro is in the back and the iPhone 15 Pro is in the front. This year’s model has slighly smaller bezels. It’s subtle but noticable.
Kif Leswing/CNBC
The weight difference is subtle but will be meaningful to many people, making daily use more delightful — and marathon TikTok and YouTube sessions less tiring.
I used the iPhone 15 Pro without a case, and it didn’t feel particularly fragile. But phones drop and break, and the new frame comes with one additional benefit: Significantly cheaper repairs. If the back glass on the iPhone 15 shatters, Apple is charging either $169 or $199 for a replacement, depending on screen size. On the iPhone 14 Pros, that price was either $499 or $549. Apple says it’s because this model is much easier to repair.
Zoom lens
Apple has also improved the zoom camera on the iPhone 15 Pro Max.
While the smaller phone still has a 3x zoom, the bigger phone now comes with a 5x zoom lens that mimics some of the better physical zoom lenses on standalone cameras that can be as long as 10 inches. Basically, the new iPhone allows you to get closer to your subject without physically getting closer.
On the left, an iPhone 15 Pro Max photo taken at 5x zoom. On the right, an iPhone 15 Pro photo taken with 3x zoom.
CNBC/Kif Leswing
It also comes with a nifty new kind of three-dimensional image stabilization that prevents the zoom shots from getting blurry, which is a problem with actual big zoom lenses. The handheld zoom shots on the iPhone 15 Pro Max were pretty sharp and clear.
The new lens will be very useful for day-to-day usage, as it makes more of the world around you easier to photograph. Parents will use it for kids’ sports, outdoors enthusiasts will use it take photos of birds and wildlife, and tourists will use it to get better vacation shots.
On the left: 2x zoom photo taken with the iPhone 15 Pro Max. On the right: 5x zoom photo taken with the iPhone 15 Pro Max
Kif Leswing/CNBC
It’s also a reason to reach for the bigger iPhone 15 Pro Max over the cheaper but lighter and smaller iPhone 15 Pro.
On the left: 2x zoom taken with iPhone 15 Pro Max. On the right: 5x zoom taken with iPhone 15 Pro Max.
The same photo of San Francisco’s ferry building, without zoom, through the iPhone 15 Pro Max main camera.
Kif Leswing/CNBC
USB-C
Apple’s iPhones have a new charger for the first time in a decade. Meet the USB-C port.
Behold: The USB-C port that will be on all iPhones going forward.
Kif Leswing/CNBC
Apple’s change was prompted by European regulation, and will make being an iPhone owner a little more convenient, because you’ll be able to share your iPhone cord with laptops, headphones, iPads, and other newer gadgets. You can use a laptop charger to charge the iPhone, or use your iPhone’s charger to fill up your headphones.
The port change on the iPhone Pros also opens up some cool new abilities. For example, if you have a USB-C monitor dock, like many corporate workers do, you can now likely plug your phone into a monitor, which mirrors what’s on your phone screen, for presentations, or perhaps to watch a movie or play a game. That was possible before, with a dongle, but now anyone with a new iPhone and recent monitor dock can do it.
You can also now use a powered-up iPhone to charge other gadgets, such as AirPods or Apple Watch, or even another iPhone, using a cord coming from its USB-C port. They don’t charge fast, but it works.
The new USB-C port now even allows iPhones to charge each other, or AirPods, or other gadgets. When two USB-C iPhones are plugged together, the one with less charge automatically charges. Works with last year’s Lightning port too, but they always charge, and never charge other gadgets.
Kif Leswing/CNBC
USB-C is a great improvement, although it won’t be immediately smooth for a lot of people. For example, the cord in my car for Apple CarPlay is currently using Lightning, the old connector, and not everyone in my family is upgrading to the new phones. I’ll have to use a dongle for a while.
Action button
The other big physical change to the iPhones this year is the Action button, which replaces the mute-switch.
The button is surprisingly nice, and I can see a lot of people using it every single day. Most people leave their phones on mute all the time, and there are several ways to mute or unmute your phone through software settings.
Apple’s action button can be set to different use cases in the Settings app, with a surprisingly sophisticated 3D interface.
Screenshot/CNBC
The new button provides haptic feedback when it’s pressed, and Apple has provided several convenient ways to use it.
My personal favorite is as a camera button. Press it quickly, and it brings up the camera. Press it again, and it takes a photo. If you hold it down, it takes a video.
Another interesting application is to quickly bring up a translation app that can take your spoken words and turn it into one of several foreign languages, and it translates responses as well.
The button is also customizable through Apple’s iPhone macro program called Shortcuts, which means people will come up with a number of creative uses once it’s released to the public.
Nice to have
New portrait features
Other camera improvements include the ability to change focus in many photos after they’re taken. It’s part of the ability to use “Portrait Mode” without specifically taking a Portrait Mode photo. Any photo taken with the iPhone 15 Pro’s camera that either has a manual focus (tapping the screen) or has a human or pet in the frame will automatically capture the depth information needed to tweak the photo after-the-fact.
Photos with Apple’s depth data can do lots of stuff, like changing the focus in the image, or Portrait Mode, which can vignette the background or give a softer focus to the subject. Photos with Apple’s depth mdata are marked in the camera roll with a stylized “f” symbol.
These screenshots show a photo taken outside of portrait mode. In the left two panels, you can see how you can shift the focus in the photo after it was taken. The right photo is how it looked right after it was taken.
Screenshot/CNBC
Apple’s main camera on the Pros also takes 24 megapixel photos, combining a larger 48-megapixel image with a smaller 12-megapixel image to synthesize a new photo with better range of light and additional details. It’s a subtle improvement but comforting if you shoot a lot of photos and just want them all to be good.
A17 chip
The iPhone Pros get the A17 Pro chip, the latest and greatest Apple silicon, as compared to the mainstream iPhone 15s, which have last year’s Pro model A16 Bionic chip.
In day-to-day use, you won’t notice the difference, because the iPhone is generally snappy. But Apple says the chip has a new 6-core GPU design that can handle “ray tracing,” an advanced kind of graphics computation previously limited to high-end gaming cards that essentially simulates light. It’s also got a better “neural engine” for running artificial intelligence.
There aren’t ray-tracing enabled games available yet on Apple’s App Store, but there are console-level titles such as the forthcoming Resident Evil Village that will take advantage of the new chip.
For most people, having the latest chip means there’s another year at the end of the phone’s life when it’s likely to get updates.
Standby mode
Apple’s Standby mode turns your iPhone into an updating dashboard that users can customize.
Kif Leswing/CNBC
One of the phone’s niftiest new features allows it to turn into a dashboard that displays real-time information, such as calendar appointments, photos, and even things like how close your pizza is to being delivered. This feature works with older phones, too, that have updated to the latest version of iOS, and requires a MagSafe charging stand. It’s going to be great for office workers.
Still some quirks
Heat
I only encountered a hot iPhone 15 Pro Max once, when playing the Apple Arcade title “Zookeeper World.” However, for about 5 minutes, the phone was too hot to hold, especially on the titanium frame, and I had to put it down. Heat issues haven’t cropped up since in my testing.
iPhone setup
Apple’s automatic iPhone transfer system has come a long way. When I got my review unit, all I had to do is sign in with my Apple ID, and hold my old phone next to the new one, and my texts, apps, photos and files all transferred. I’m an iCloud subscriber, but it was still pretty seamless.
But the process still isn’t perfect, and users should know it may take a day to make sure everything is transferred over. For example, my Apple Watch didn’t immediately transfer to pairing with the new phone — and I had to be careful, because I had a farecard on my Watch with a significant amount of money on it, and if I wasn’t careful about how I transferred it, I might have lost it. A few health settings didn’t immediately sync either, and required my attention to sort out.
Conclusion
The iPhone 15 Pro on the left, the iPhone 15 Pro Max on the right.
Kif Leswing/CNBC
The iPhone 15 Pros are one of the best upgrades in many years for Apple’s high-end phones, although the core of what an iPhone does hasn’t changed at all. Any of Apple’s phones currently on sale — which include 2022 and 2021 models at discounts — can make calls, send texts, download apps, and take great photographs. If you’re upgrading after a few years, all of Apple’s phones are big improvements, and they’ll all get the job done.
But there are also people who know they use their phone for hours per day. In fact, Apple’s Screen Time feature often reminds them of just how much time each week they spend on their iPhone.
For these people, even if they have last year’s phone, it’s worth going to an Apple Store or Best Buy, picking up the new Pro devices, and seeing if they like the decreased weight and new balance. I think the lighter, more wieldable phone is a major improvement in the phone’s physical form, even if it looks largely the same as last year’s models.
The other question is whether to pay the extra $200 to get the Pro Max when it’s got the same chip and main features as the $999 iPhone 15 Pro. The Pro Max is still a big phone with a 6.7-inch screen, but it’s much lighter this year, and the 5x zoom is a significant feature and something worth getting for people who take a lot of photos, like parents or photographers.
A Thanksgiving week rally couldn’t put all three major indexes in the green for November. The S & P 500 gained nearly 4% for the week, while the Dow Jones Industrial Average added more than 3% — a strong enough showing for each to eke out gains for the month. It extends their streak of winning months to seven. And while the Nasdaq Composite ended the week higher by more than 4%, it wasn’t enough to overcome selling earlier in the month triggered by valuation concerns about the artificial intelligence trade. The tech-heavy Nasdaq fell roughly 2% in November, ending its seven-month winning streak. .SPX YTD mountain S & P 500 (SPX) year-to-date performance There were a couple of bright spots in our portfolio during the holiday-shortened trading week. Apple shares notched three consecutive all-time highs this week, starting on Monday and ending on Wednesday. The stock has been buoyed by positive demand signs for Apple’s iPhone 17 series. Counterpoint Research data on Wednesday showed that Apple is on track to dethrone Samsung as the world’s top smartphone maker this year — an achievement the iPhone maker hasn’t seen in over a decade. Overall, Counterpoint analysts expect Apple to capture 19.4% of the global smartphone market in 2025, compared with Samsung’s expected 18.7%. The stock rose further on Friday, closing the week with a nearly 3% gain. Broadcom secured all-time record closes during every trading session this week. The stock’s been up as Wall Street starts to see the chipmaker as an ancillary play to Alphabet ‘s growing AI dominance. As Google began rolling out its latest AI model, investors see benefits for Broadcom as a co-designer of its specialized chips, called tensor processing units (TPUs). Media reports earlier in the week of Meta Platforms considering Google’s TPUs for its data centers in 2027 added fuel to Broadcom’s run. That’s because Alphabet’s AI expansion could drive more sales for Broadcom’s crucial networking and custom chips businesses, which was a key reason the Club started a position in the stock. Shares of Broadcom advanced more than 18% week to date. Fellow chipmaker Nvidia went the other way, with shares hitting a nearly three-month low on Tuesday as those same reports highlighted how some big tech companies are looking for alternatives to Nvidia’s chips. But Jim Cramer recommended staying the course , and called the stock dip a buying opportunity for new investors. After all, Nvidia still dominates the extremely lucrative AI chip market. “The demand is insatiable for Nvidia,” Jim said Tuesday. Shares fell 1% week to date. NVDA YTD mountain Nvidia (NVDA) year-to-date performance And while we didn’t see any earnings from the portfolio this past week, Dick’s Sporting Goods ‘ quarterly report was great news for Club holding Nike . Jim called the retail stock a buy on Tuesday after Dick’s announced plans to close several Foot Locker locations during its third-quarter earnings call. “Nike is a buy off of Dick’s problems,” Jim said. Management’s remarks indicated that Nike’s relationship with the retail giant has been improving, a positive sign for Nike’s turnaround story. “They’re moving in the right direction,” Ed Stack, executive chairman of Dick’s Sporting Goods, told “Squawk on the Street,” after the company’s earnings were released. He cited a strong performance from Nike’s running line. “If you take a look at what they did with their running construct, what they did with Pegasus, what they did with Vomero, what they did with Structure, this running concept has done extremely well on the Dick’s side, and where it’s been put into Foot Locker stores, it’s done really well there too.” Nike stock jumped nearly 3% week to date. NKE YTD mountain Nike (NKE) year-to-date peformance Trades Finally, we executed two trades during the shortened holiday trading week. On Monday, the Club bought more Palo Alto Networks shares on the cybersecurity company’s overblown post-earnings decline. We saw the weakness as an opportunity, given that Palo Alto delivered a beat-and-raise third quarter that topped estimates for every single key metric. The Nov. 19 report showed that momentum in Palo Alto’s “platformization” strategy of bundling its products and services remains promising. Deals from Palo Alto make us even more bullish on the stock. The company announced plans to buy cloud management and monitoring company Chronosphere for $3.35 billion. Management’s acquisition of identity-security leader CyberArk was approved by shareholders on Nov. 13 and is expected to close in the third quarter of fiscal year 2026. “Palo Alto Networks is setting itself apart in the AI era by adding two platforms just as their respective markets hit key inflection points,” Jeff Marks, the Investing Club’s director of portfolio analysis, wrote in a trade alert. We added to our Procter & Gamble position on Tuesday, our second purchase of the consumer goods giant since starting a position on Nov. 18. The thesis: Shares will benefit from any rotation out of Big Tech and into more economically resilient companies. Basically, if AI spending lets up or the U.S. economy slows down, defensive stocks like P & G should shine. (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
CEO of Palantir Technologies Alex Karp attends the Pennsylvania Energy and Innovation Summit, at Carnegie Mellon University in Pittsburgh, Pennsylvania, U.S., July 15, 2025.
Shares of the software analytics provider dropped 16% for their worst month since August 2023 as investors dumped AI stocks due to valuation fears. Meanwhile, famed investor Michael Burry doubled down on the artificial intelligence trade and bet against the company.
Palantir started November off on a high note.
The Denver-based company topped Wall Street’s third-quarter earnings and revenue expectations. Palantir also posted its second-straight $1 billion revenue quarter, but high valuation concerns contributed to a post-print selloff.
In a note to clients, Jefferies analysts called Palantir’s valuation “extreme” and argued investors would find better risk-reward in AI names such as Microsoft and Snowflake. Analysts at RBC Capital Markets raised concerns about the company’s “increasingly concentrated growth profile,” while Deutsche Bank called the valuation “very difficult to wrap our heads around.”
Adding fuel to the post-earnings selloff was the revelation that Burry is betting against Palantir and AI chipmaker Nvidia. Burry, who is widely known for predicting the housing crisis that occurred in 2008 and the portrayal of him in the film “The Big Short,” later accused hyperscalers of artificially boosting earnings.
Palantir CEO Alex Karp vocally hit the front lines, appearing twice in one week on CNBC, where he accused Burry of “market manipulation” and called the investor’s actions “egregious.”
“The idea that chips and ontology is what you want to short is bats— crazy,” Karp told CNBC’s “Squawk Box.”
Despite the vicious selloff, Palantir has notched some deal wins this month. That included a multiyear contract with consulting firm PwC to speed up AI adoption in the U.K. and a deal with aircraft engine maintenance company FTAI.
But those announcements did little to shake off valuation worries that have haunted all AI-tied companies in November.
Across the board, investors have viciously ditched the high-priced group, citing fears of stretched valuations and a bubble.
In November, Nvidia pulled back more than 12%, while Microsoft and Amazon dropped about 5% each. Quantum computing names such as Rigetti Computing and D-Wave Quantum have shed more than a third of their value.
Apple and Alphabet were the only Magnificent 7 stocks to end the month with gains.
Sill, questions linger over Palantir’s valuation, and those worries aren’t a new concern.
Even after its steep price drop, the company’s stock trades at 233 times forward earnings. By comparison, Nvidia and Alphabet traded at about 38 times and 30 times, respectively, at Friday’s close.
Karp, who has long defended the company, didn’t miss an opportunity to clap back at his critics, arguing in a letter to shareholders that the company is making it feasible for everyday investors to attain rates of return once “limited to the most successful venture capitalists in Palo Alto.”
“Please turn on the conventional television and see how unhappy those that didn’t invest in us are,” Karp said during an earnings call. “Enjoy, get some popcorn. They’re crying. We are every day making this company better, and we’re doing it for this nation, for allied countries.”
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Here are five key things investors need to know to start the trading day:
1. Down and out
Stock futures trading was halted this morning after a data center “cooling issue” took down several Chicago Mercantile Exchange services. Individual stocks were still trading before the bell, while the CME said futures indexes and options trading would open fully at 8:30 a.m. Follow live markets updates here.
The stock market has rebounded during the holiday-shortened trading week. But the three major indexes are still on pace to end November’s trading month — which ends with today’s closing bell — in the red. The Dow and S&P 500 are poised to snap six-month winning streaks, while the Nasdaq Composite is on track to see its first negative month in eight.
Today’s trading session ends early at 1 p.m. ET.
2. Shopping and dropping
A Black Friday sale sign is displayed in a shop window at an outlet mall in Carlsbad, California, U.S., Nov. 25, 2025.
Mike Blake | Reuters
Black Friday was once considered the biggest in-person shopping day of the year, drawing huge crowds to stores in search of bargains. But while millions are still expected to partake in the occasion, it’s not what it used to be.
Here’s what to know:
In the past six years, online sales have outpaced brick-and-mortar spending on Black Friday. Data shows in-person foot traffic has been mostly flat over the last few years, as well.
No matter where they make their purchases, shoppers are also skeptical that they’re getting the best deals.
As CNBC’s Gabrielle Fonrouge reports, the shift has meant a change in strategy for many of the retail industry’s biggest names. Some have started offering their holiday sales earlier in the season, while others are spacing out their promotions.
Deloitte reported that the average consumer will shell out $622 between Nov. 27 and Dec. 1, a decrease of 4% from last year.
Even as the day of deals loses its allure, AT&T found that Gen Z participates the most, while their older counterparts do their shopping closer to Christmas.
3. AI comeback
Cfoto | Future Publishing | Getty Images
Alphabet has been a notable exception to the recent tech downturn. Shares of the Google parent have surged more than 13% this month as Wall Street sees the company as an AI leader.
Alphabet began the month by announcing its latest tensor processing units, or TPUs, called Ironwood. Last week, the company launched its latest AI model, Gemini 3, which caught positive attention from Silicon Valley heavyweights.
Shares of the stock are now up close to 70% this year, making it the best-performer within megacap tech. But experts told CNBC’s Jennifer Elias that Alphabet’s lead in the competitive AI market is marginal and could be hard to hold onto.
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4. Tech’s tug of wars
Alibaba announced plans to release a pair of smart glasses powered by its AI models. The Quark AI Glasses are Alibaba’s first foray into the smart glasses product category.
Alibaba‘s AI-powered smart glasses went on sale yesterday. With its new wearable tech offering, the Chinese tech company is going up against major players — namely Meta, which unveiled its smart glasses with Ray Ban in September.
Meanwhile, Counterpoint Research found Apple is poised to ship more smartphones than Samsung this year for the first time in 14 years. Apple is also poised to boast a larger market share, driven by strong iPhone 17 sales.
5. From Seoul to Los Angeles
Carly Xie looks over facial mask items at the Face Shop, which specializes in Korean cosmetics, in San Francisco, April 15, 2015.
Avila Gonzalez | San Francisco Chronicle | Hearst Newspapers | Getty Images
American shoppers are increasingly looking to South Korea for their cosmetics. NielsenIQ found U.S. sales of so-called “K-beauty” products are slated to surge more than 37% this year to above $2 billion.
Retailers ranging from beauty product hubs Ulta and Sephora to big-box chains Walmart and Costco are jumping on the trend. On top of that, Olive Young — aka the “Sephora of Seoul” — is opening its first U.S. store in Los Angeles next year.
The Daily Dividend
Here are some stories worth circling back to over the weekend:
— CNBC’s Chloe Taylor, Gabrielle Fonrouge, Laya Neelakandan, Jessica Dickler, Sarah Min, Sean Conlon, Jennifer Elias, Arjun Kharpal and Luke Fountain contributed to this report. Josephine Rozzelle edited this edition.