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Apple Lays Off 60 Vision Pro Employees as Company Pivots Toward Smart Glasses Ahead of CEO Change

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Apple's Beats 360 Headphones Keep Leaking as Regulatory Filings Reveal

Apple has laid off at least 60 employees from its Vision Products Group, according to a report from AppleInsider, marking a significant scaling back of the company’s virtual reality development efforts just days before a major leadership transition and as Apple increasingly shifts its wearable ambitions toward smart glasses.

AppleInsider, citing its own source, reported that Apple “has just laid off an entire team dedicated to VR development,” according to MacRumors’ coverage of the report. The cuts affected employees across Apple’s Vision Group and other roles tied to virtual reality development, though multiple outlets covering the layoffs, including AppleInsider itself, cautioned that the team has not been completely disbanded as a result of the cuts.

The layoffs arrive at a particularly consequential moment for Apple’s leadership structure. According to Stocktwits, the restructuring comes just days before John Ternus, Apple’s current head of hardware engineering, is set to take over as chief executive on Sept. 1, succeeding Tim Cook. Ternus is expected to have significant influence over the company’s future product priorities, and AppleInsider reported that the incoming CEO had reportedly signed off on canceling both a second-generation Vision Pro headset and a cheaper, slimmer alternative that had been internally referred to as “Vision Air.”

According to MacRumors, Bloomberg’s Mark Gurman had previously reported that Apple’s Vision Pro team was disbanded and its members redistributed across other projects within the company, following the October 2025 refresh of the Vision Pro headset and what the report described as weak consumer reception for that update. Gurman does not expect Apple to launch another dedicated headset before late 2028 at the earliest, according to MacRumors’ reporting.

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The broader restructuring of Apple’s Vision Products Group has been unfolding gradually over the course of the year rather than representing a single, sudden decision. According to reporting from KORE1, MacRumors, Daring Fireball and UploadVR all confirmed in late April that Apple had stopped active development on next-generation Vision Pro hardware entirely and had begun redistributing the Vision Products Group across other parts of the company. As part of that earlier reorganization, Mike Rockwell, the original Vision Pro chief who has been leading Apple’s Siri turnaround effort since March 2025, took the visionOS software teams with him into software engineering chief Craig Federighi’s broader organization. Paul Meade, the Vision Products Group’s head of hardware engineering, remained in charge of the group’s remaining hardware staff, who have primarily focused on supporting the current M5 Vision Pro model and Apple’s in-development smart glasses program, internally codenamed N50.

Apple’s pivot toward smart glasses reflects the company’s assessment of where meaningful growth opportunities exist within the broader wearable technology category, particularly as rival Meta Platforms has built a substantial early lead in the space. According to Stocktwits, Meta has sold millions of units of its Ray-Ban Meta smart glasses and has since expanded its lineup with the Oakley Meta line, giving the company a significant head start as major technology companies race to establish themselves within the emerging category.

Apple’s own first generation of AI-powered smart glasses is expected to be unveiled at its Worldwide Developers Conference in 2027, with a public launch to follow later that same year, according to multiple outlets including 9to5Mac and Newsbytes. Unlike the Vision Pro, which relies on an augmented reality display, Apple’s smart glasses are reportedly expected to rely primarily on onboard cameras, the company’s Siri voice assistant, and its Visual Intelligence features, rather than incorporating a full augmented reality display of the kind used in the Vision Pro headset.

The timeline for Apple’s smart glasses has itself shifted amid broader industry concerns regarding user privacy tied to camera-equipped wearable devices. According to 9to5Mac, Apple had originally hoped to unveil its smart glasses this year and launch them in early 2027, but pushed that timeline back as the company reconsidered privacy-related aspects of the product amid growing public backlash directed at Meta’s own AI-powered glasses, which have similarly drawn scrutiny over their camera and recording capabilities.

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Despite the significant scaling back of its Vision Pro-focused workforce, Apple has continued to emphasize that it remains committed to its broader spatial-computing ambitions rather than abandoning the category outright. According to Newsbytes, Apple has maintained its commitment to visionOS and continues developing the software platform even as its hardware ambitions for the Vision Pro line specifically have narrowed. AppleInsider similarly noted that it remains highly unlikely Ternus intends to eliminate the Vision Pro product line entirely, characterizing the latest layoffs instead as a downsizing of the dedicated VR team paired with a sharper focus on the company’s smart glasses program, a strategic adjustment the outlet described as sensible given the current market realities facing high-end headset hardware.

Vision Pro’s commercial struggles since its February 2024 launch have been widely documented across the technology press. According to Softonic, while reviewers broadly praised the original Vision Pro’s display quality and technical ambition, the device faced persistent criticism over its high price, bulky design, limited third-party app ecosystem, and generally thin everyday use cases, factors that collectively contributed to what multiple outlets have described as weaker-than-expected consumer demand for the product.

Apple’s stock showed only a modest reaction to news of the layoffs. According to Stocktwits, shares of Apple declined 1.8% the day before the report emerged and rose only marginally in subsequent overnight trading, suggesting investors did not view the restructuring as a particularly significant development for the company’s broader financial outlook.

Reaction to the reported layoffs among Apple’s user community has been mixed, with some longtime observers pointing to the Vision Pro’s price point as the central factor behind its commercial struggles. Commenting on MacRumors’ coverage of the report, one reader argued that the device’s initial pricing doomed its broader adoption prospects, writing that a lower starting price would have led to significantly greater commercial success for the product.

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With visionOS 27 currently in beta testing and Apple continuing active development work on the software platform even as its hardware-focused Vision team shrinks, the company’s broader spatial-computing strategy appears to be entering a new phase focused more heavily on lighter-weight wearable devices rather than continued investment in high-end, immersive headset hardware. As Ternus prepares to formally take over as Apple’s chief executive on Sept. 1, the coming months are likely to offer further clarity on how the company’s broader wearable technology strategy continues to evolve under his leadership, particularly as Apple works toward its expected 2027 unveiling of its first generation of AI-powered smart glasses.

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Innovation key as margins narrow, says USDA Economist

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Innovation key as margins narrow, says USDA Economist

VAIL, COLO. — Profit margins for nearly all US commodity producers have come under increasing pressure from rising input costs and intensifying competition from global suppliers. As a result, major geopolitical disruptions, such as Russia’s invasion of Ukraine or threats to shipping through the Strait of Hormuz, have become some of the few catalysts capable of providing meaningful support to agricultural commodity prices.

“The question becomes is this something that the market can rely on long term,” Justin Benavidez, chief economist at the US Department of Agriculture, recently asked attendees at the 41st annual International Sweetener Symposium in Vail. “I would think it’s pretty clear that no, we can’t continue to rely on shocks to provide injections of profitability. You have to start looking for new markets, new uses and new markets for those new uses.”

Benavidez reviewed the challenges that have unsettled agricultural commodity markets this year and offered insight into how producers can navigate them, beginning with a clear understanding of why production costs have been steadily rising. He noted that commodity prices and production expenses generally moved in tandem until around 2015, when the relationship began to diverge. Since then, increasingly efficient global competitors have expanded production and captured market share, which has narrowed margins for US producers.

“When you have an increase in total supply coupled with an increased demand for inputs and not a whole lot of production of those inputs, what you begin to see is a higher cost of production with a lower rate of return,” he explained.

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That situation has been further complicated by disruptions to shipping through the Strait of Hormuz, a critical corridor that typically handles about one-third of the world’s seaborne fertilizer trade. The strait also is a vital conduit for global energy shipments, and disruptions there have supported higher fuel prices across the entire agricultural commodity supply chain and squeezed margins even tighter.

“This will become important not only for the crop year we’re in but for the upcoming crop year as we think about preplant applications in the fall,” Benavidez said. “We know that the opening of the Strait of Hormuz does not mean that fertilizer will show up immediately. There’s going to be some sort of delay between the opening up of the Strait and the filling of ships and their arrival at the port of New Orleans. We think that between the opening of the Strait and the return to normal shipping will take anywhere between four to six months. So, we are at a place where there could be some challenges this fall for new plant in terms of the cost of production. It could lead to changes in overall planting choices for next year’s crop.”

Volatility in trade policy also has clouded the outlook, injecting uncertainty across global markets and discouraging some long-term trading relationships. Compounding the challenge, the sustained strength of the US dollar over the past decade has reduced the competitiveness of US agricultural exports relative to those of rival suppliers.

Still, Benavidez said there were some bright spots. Strong demand for corn, particularly from Mexico, coupled with record high mandates for the domestic renewable fuel standard program have provided profitable outlets for corn and soybean producers.

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Also, challenging weather events, from droughts in the Plains to damaging floods in parts of the Midwest, have complicated crop production, but the threat these conditions pose to yields has provided support for agricultural commodity prices.

“We’re at historically low wheat production in 2026,” Benavidez said. “Low acres, low yield and an increase in overall abandonment have led to historically low wheat production, which is supporting prices but also making it a little less competitive for exports globally.”

Benavidez noted that while federal financial assistance has helped cushion the impact of recent market challenges, such support was never intended to serve as a permanent solution. Long-term success, he said, will depend on producers’ ability to innovate, identify new opportunities and stay actively engaged in the marketplace as they navigate an increasingly volatile operating environment.

“I do truly believe we are still competitive,” he said. “Knowing the costs, marketing at the appropriate moment, taking advantage of short run ups in price are really important because you fundamentally can’t change long-term price without changing supply and demand.”

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Via Transportation: Lock In Gains On This Massive Rebound (Downgrade)

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Via Transportation: Lock In Gains On This Massive Rebound (Downgrade)

Via Transportation: Lock In Gains On This Massive Rebound (Downgrade)

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US borrowing costs rise as attempts to ease rates prove short-lived

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A stock market trader monitors screens on the stock market

Long-term borrowing costs in the US rose again despite an announcement from the government that it would intervene to try to lower them.

Earlier this week, the Treasury Department said it would buy back more debt in a bid to lower rates being charged by investors on global bond markets, which governments and major corporations rely on to borrow money.

While rates – or yields as they are called – eased on borrowing over 30 years following the intervention, they have since risen again. Such moves can affect mortgage rates and car loans.

Economists said the surprise move by the US government had proved short-lived, with ongoing concerns over the level of borrowing as national debt passed $40tn.

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On Friday, the interest rate on 30-year bonds had risen to around 5.27%.

Governments and corporations sell bonds – essentially an IOU – to raise money for spending, and in return they pay interest. Interest rates on bonds are known as yields.

Bond investors typically demand higher returns – or yields – if inflation is high or they expect it to be elevated in the future.

Yields had fallen sharply earlier this week to 5.18% from an almost two-decade high of 5.34% following the Treasury Department announcing its “support”.

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By stepping in to buy back government debt, Treasury Secretary Scott Bessent aimed to boost demand for bonds and lower borrowing rates.

But the strategy has appeared to have only worked in the short-term.

John Canavan, lead analyst at Oxford Economics said the response to the government’s intervention was “unsurprisingly short-lived”.

He said traders were focused on the “daunting” amounts of global borrowing from governments and corporations, as well as increases in oil prices.

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“As Bessent himself confirmed, the move is mainly a signalling mechanism, with the Treasury showing it is prepared to step in with yields near current levels,” said economists at Capital Economics.

“It is not necessarily an effective one, however, as much of the initial fall in 30-year yields has now been reversed.”

The BBC has contacted the Treasury Department for comment on the market reaction.

Bessent sought to blame the Biden administration for the current situation, telling US media on Thursday: “We did not get here in a day, we were left with a mess.”

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BJ’s Wholesale Club Holdings, Inc. (BJ) Q2 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript