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Five at Five: Apple’s Declining Need For iPhone Parts

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.

Apple Asks Suppliers For Less iPhone Parts

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.

With Google’s Partial Ban On AI, A Nod Toward Dangers Of Tech Unchecked

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 Offers Selection Of Affordable Wines

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.

Eddie Bauer And Pacific Sunwear Combined In New Operating Company

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.”

American Households Gain $1T In Wealth

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.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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