Apple is releasing a new low-end iPhone to replace the aging iPhone SE.
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00:00Details are out for the newest member of the iPhone family.
00:04Apple is replacing its cheapest model, the iPhone SE,
00:08with a new phone, the 16E.
00:11The low-priced model goes on sale the final week of February
00:14with a price tag of $599.
00:17As hinted in the promo released by CEO Tim Cook,
00:21this upgrade gets rid of the iconic Home button
00:24that's been around ever since the first iPhone.
00:27Instead, users will use Apple Face ID to unlock the phone.
00:32The 16E also gets a modern touch
00:35that includes a sensor notch at the top of the screen.
00:38Besides cosmetic changes, the device runs
00:40on the Apple A18 chip currently in use
00:43in the higher-end iPhone 16.
00:46This means this cheaper model doesn't sacrifice
00:50on processing power.
00:51Another thing not being sacrificed, access to AI.
00:55The low-cost device can utilize
00:57the power of Apple Intelligence.
00:59In order to keep costs down,
01:01Apple brought production of the iPhone cellular modem
01:04in-house instead of buying it from Qualcomm.
01:08There's also only one camera lens
01:11versus the three on higher-end iPhones.
01:15Apple normally waits until September to debut a new iPhone,
01:19but sales of its most important device declined globally
01:23in 2024.
01:25While the new iPhones released last year were AI-ready,
01:28customers were less than impressed with its capabilities.
01:33Turning to markets this Wednesday,
01:35the S&P 500 notched a fresh record-closing high
01:39for the second day in a row.
01:41Minutes from the Federal Reserve's January meeting
01:44show policymakers were inclined to move slowly
01:47on any more interest rate cuts.
01:49They want to see if Trump's tariff policies
01:52further add to a resurgence in inflation.
01:56That'll do it for your daily briefing from New York City.
01:59I'm Conway Gittins with The Street.