The iPhone 16e is here

Also: New MacBook Air incoming.

Hey everyone, it's Mark. Last week, Apple introduced the long-awaited successor to the iPhone SE: the iPhone 16e. In doing so, it all but abandoned the budget smartphone market. Also: The company prepares to launch the M4 MacBook Air and confirms that Apple Intelligence is coming to the Vision Pro. Plus, startup Humane sells itself to HP and shuts down the Ai Pin, and we have an inside look at Apple's plan to merge its new modem component with the main chips in its devices. Last week in Power On: Apple and Meta are set to battle over humanoid robots. Power On is now exclusively for Bloomberg.com subscribers. Get the full Power On newsletter every week — plus unlimited access to every featured article and a Q&A with me — when you subscribe to the Tech Newsletter Bundle.

The Starters

Apple Inc.'s revamped low-end iPhone has finally arrived and the most significant development isn't a new feature or app, but rather the price. It's $599, which is $170 more than the iPhone SE it replaces. That change puts the new iPhone 16e model in a whole different category than its predecessor. And it means Apple has effectively abandoned the budget smartphone market, ceding those sales to Samsung Electronics Co., Alphabet Inc.'s Google and the China-based players...

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