Between summer vacations and going to the beach and having the hot girl or guy summer of your dreams, this season can be a little hard on our wallets. A chime checking account helps you reach your financial goals while still enjoying the summer. You can take back your finances with features like fee free overdraft up to dollar 200 with Spotme or getting paid up to two days early with direct deposit. Learn more@chime.com mnn and you know I hate overdraft fees. One time I overdrafted buying a latte, which was so embarrassing at the time.

But hey, it happens to the best of us and I got charged $35 for a $7 latte. But chime allows you to overdraft up to $200 with no fees, and you can get temporarily increased overdraft limits with boosts from friends. Live it up this summer and make progress toward your financial goals with chime. Open your account in minutes@chime.com. mnn that's Chime.com mnn.

Chime feels like progress banking services and debit card provided by the Bank Corp. Bank na or Stride bank na members FDIC spot meet eligibility requirements and overdraft limits apply. Boosts are available to eligible chime members enrolled in SpotMe and are subject to monthly limits. Terms and conditions apply. Go to chime.com disclosures for details.

Okay, I get it. When it comes to pursuing your money goals, the financial system can feel complicated. With so many options out there, it is easy to feel overwhelmed. That's why I'd like to thank intuit credit Karma for well, first sponsoring this ad. Thanks guys.

But more importantly for giving you everything you need to outsmart the system. So understanding and navigating those choices around your money feels less like walking on broken glass and more like a walk in the park. Credit Karma's tips, tools and recommendations are meant for you. Yes, you as impersonalized for your financial situation. You know I love me some personalized attention and credit karma is so much more than a credit score app.

With credit builder, you could raise a score of 619 or lower in less time than you think, all while saving money at the same time. Simple credit karma can also help you find the right credit card offer for you, giving you more confidence when applying. And the best part? You can do all of this while walking your dog in the park or your cat. If that's more your style, I won't judge.

So take a walk down the sunny side of your finances. Check out all these great features and more on the free to download credit Karma app. Visit creditkarma.com moneyrehab to learn more and for full terms. Credit Builder plan is serviced by Credit Karma Credit builder and requires a line of credit and savings account provided by Cross river bank member FDiC hey money rehabbers, I'm going to be putting together a few totally anonymous surveys over the next couple months and I would love to hear from you. The first one is up now@moneynewsnetwork.com.

survey I would so appreciate it from the bottom of my heart if you could take a few minutes and take this survey. I promise it's short and let me know your thoughts. Thank you, thank you, thank you. I'm Nicole Lapin, the only financial expert you don't need a dictionary to understand it's time for some money rehab.

You probably saw the headlines around Apple's announcement of their latest update. Normally, Apple updates involve new emojis and cool, upgraded features, but this update is a little bit different, with economic and geopolitical and privacy implications that reach far beyond the emoji animals you can select on your keyboard. Apple is making a big push into AI with what they're calling Apple intelligence. This isn't just a souped up Siri. These are features that can automatically organize your emails, transcribe and summarize audio, and actually generate custom emojis.

So they still got their emojis updated there. Anyway, Apple also signed a deal to give users access to chat GBT in Siri. Someone was very mad about this, but more on that in a moment. These AI updates are rolling out in US English this fall, with more languages and features coming next year. Sounds super exciting, right?

But there is a catch, or several when it comes to China. China is a huge market for Apple, but it's also a tough one. Beijing has strict regulations on AI, which means Apple can't just roll out the same features in China as it does everywhere else. In fact, Apple was pretty quiet about its plans for China during their biggest AI announcement. Why?

Because they have to navigate a maze of chinese regulations, and to be honest, it's unclear how Tim Cook is ever going to do that. But let's unpack the economic implications here first. Apple's market share in China has been slipping. In the first quarter of 2024, Apple held 15% of the market, which sounds pretty good, but it's actually down from 20% the previous year. This has implications for the broader stock market because Apple's market cap is a little bit over 3 trillion, but it's been going back and forth with Nvidia for the second largest company by market cap, with Microsoft in first place.

But by a small margin, the us equities market has a total valuation of about $40 trillion. That means Apple makes up about 7.5% of the total us stock market, and that gives this one stock a whole lot of influence over our investing world. Meanwhile, chinese phone manufacturer Huawei, despite being hit hard by us sanctions, has bounced back and is now the top smartphone maker in China. Huawei and other local chinese brands are also heavily promoting their own AI features, which puts even more pressure on Apple. From a regulatory standpoint, China's rules around AI are stringent.

For instance, any large language models which are used to create AI tech, like chat GBT, needs approval from authorities. Additionally, generative AI providers must remove any quote, illegal content. This poses a direct challenge for Apple because, as I mentioned, chat GBT plays a big role in Apple's new AI features, and chat GPT is banned in China. To work around this, Apple might need to find a chinese AI partner to provide similar functionality economically. What does this mean for Apple and the broader markets?

Well, for Apple, the need to create localized AI solutions could slow down their rollout in China and increase costs. And if Apple does nothing, its market share in China could continue to slip, which would hurt the company and therefore the us economy. For China, there's a bit of a balancing act here. On one hand, they want to control and regulate AI technologies with their borders. On the other hand, there is a clear demand for advanced tech from its consumers.

If Apple can successfully navigate these regulations, it could mean more high tech jobs and investment in the chinese economy. And what about the US? Well, Apple's AI advancements are part of a broader tech race with China. How Apple fares in China could impact its competitiveness globally. If Apple manages to crack the chinese market with compliant yet innovative AI features, it could set a precedent for other tech companies facing similar regulatory challenges.

This could enhance the US's position in the global tech landscape, driving innovation and economic growth. Okay, it's time to talk about who's mad here, and it's Elon. Man, Elon cannot stay out of money rehab. Lately, Elon threatened to ban employees across all of his companies from using Apple products. He claims that he is considering a ban because he's worried about security and privacy issues with chat GPT, calling it, quote, creepy software.

People were quick to point out, though, that Elon is developing a chat GBT competitor called Grok, and he might just be a little salty about Apple partnering with GBT instead of his AI software. But are his privacy concerns valid? Some people say no because Apple users can opt in or opt out of chat GPT. And Apple says that no information is stored and minimal data is shared. So the people that aren't all that concerned about the Apple chat GT collab say it's basically the same thing as using chat GT on your computer.

But I do find that hard to believe. And I know the whole our phones are listening to us is sort of a conspiracy theory. But who among us hasn't said to a friend that they were thinking about buying something like new headphones and then an ad for headphones pops up the very next day? I don't not believe it. And so if there are privacy blind spots in chat GBT, having an app on our phones would give chat GT more data on us.

Like more location data for people like me who carry their phone with them more often than their computer. And of course search, call and text data. And listen, I am not totally in Elon's camp either. I am not saying this is creepy spyware, but I am saying that I think we need to remember that typically if a product is free, we are the product. And when it comes to the free version of chat GBT, we need to ask ourselves, are we becoming the product?

And if so, how? For today's tip, you can take straight to the bank. It's expected that the iPhone 16 will be announced soon and released sometime this fall. The majority of Americans buy a new phone every two years or so. So if youre committed to those blue texts, then youll probably have dropped between 500 and 1500 bucks on iPhones every two years.

If instead of doing that, you just invested in Apples stock every two years since the first iPhone dropped youd have almost 100 grand. Now. If you can buy an iPhone, you can buy Apple stock. And if you think Apple has a bright future in the US, China and beyond, see what index funds contain Apple stock and whether or not they're a good fit for you.

Okay, I get it. When it comes to pursuing your money goals, the financial system can feel complicated. With so many options out there, it is easy to feel overwhelmed. That's why I'd like to thank intuit credit karma for well, first sponsoring this ad. Thanks guys.

But more importantly, for giving you everything you need to outsmart the system. So understanding and navigating those choices around your money feels less like walking on broken glass and more like a walk in the park. Credit Karma's tips, tools and recommendations are meant for you. Yes, you as impersonalized for your financial situation. You know I love me some personalized attention and credit karma is so much more than a credit score app.

With credit builder, you could raise a score of 619 or lower in less time than you think, all while saving money at the same time. Simple credit karma can also help you find the right credit card offer for you, giving you more confidence when applying. And the best part? You can do all of this while walking your dog in the park or your cat. If that's more your style, I won't judge.

So take a walk down the sunny side of your finances. Check out all these great features and more on the free. To download credit Karma app, visit creditkarma.com moneyrehab to learn more and for full terms. Credit builder plan is serviced by credit Karma Credit builder and requires a line of credit and savings account provided by Cross river bank member FDIC between summer vacations and going to the beach and having the hot girl or guy summer of your dreams, this season can be a little hard on our wallets. A chime checking account helps you reach your financial goals while still in enjoying the summer.

You can take back your finances with features like fee free overdraft up to $200 with spotme or getting paid up to two days early with direct deposit. Learn more@chime.com mnn and you know I hate overdraft fees. One time I overdrafted buying a latte, which was so embarrassing at the time. But hey, it happens to the best of us and I got charged $35 for seven dollar latte. But chime allows you to overdraft up to dollar 200 with no fees and you can get temporarily increased overdraft limits with boost from friends.

Live it up this summer and make progress toward your financial goals with chime. Open your account in minutes@chime.com. mnn that's chime.com mnn. Chime feels like progress banking services and debit card provided by the Bank Corp. Bank Na or stride bank NA members FDIC spotme eligibility requirements and overdraft limits apply.

Boosts are available to eligible chime members enrolled in SpotMe and are subject to monthly limits. Terms and conditions apply. Go to Chime.com disclosures for details. Money Rehab is a production of Money News Network. I'm your host, Nicole Lapin.

Money rehab's executive producer is Morgan Lavoie. Our researcher is Emily Holmes. Do you need some money rehab? And let's be honest, we all do. So email us your money questions.

Moneyrehaboneyoneyoneynewsnetwork.com to potentially have your questions answered on the show or even have a one on one intervention with me. And follow us on Instagram, uningNews and TiktokoneyNewsNetwork for exclusive video content. And lastly, thank you. No, seriously, thank you. Thank you for listening and for investing in yourself, which is the most important investment you can make.