Welcome to Five at Five, your late look at some of the payments and commerce news of the day. Today there are stories about the latest trends in Apple's iPhone manufacturing, Google’s views about AI, and why Walmart likes wine. There is a new retail partnership in apparel, and new data about U.S. household wealth.
Shares of Apple fell by 1.5 percent on the news and, overall, stock indexes declined, coupled with fears of a trade war just before the G7 summit in Canada.
Google said this week that it would ban the development of AI software that could be used for nefarious purposes, which includes developing weaponry. The announcement came from Google CEO Sundar Pichai and is sure to spur debate over the limitations of AI — limits imposed with ethical parameters.
Walmart began selling its private wine label in about 1,100 stores around the U.S. last month. Before the line was introduced, the chain’s senior wine buyer spent several months visiting both domestic and international winemakers.
The group, which is estimated to take in $1.5 billion in sales this year, will encompass 700 brick-and-mortar stores. According to Golden Gate Capital, the deal is projected to close in the third quarter and “is subject to certain closing conditions.”
Over the first quarter of the year, financial assets held by households increased by $511 billion. At the same time, value of real estate increased by $490 billion.