Technologies

IPhone 14: Is It a Smart Decision to Upgrade Now?

It depends. This comparison guide should help you determine whether to upgrade to the iPhone 14 lineup or wait it out for a future iPhone.

This story is part of Focal Point iPhone 2023, CNET’s collection of news, tips and advice around Apple’s most popular product.

Apple’s iPhone 14, iPhone 14 Plus and iPhone 14 Pro phones are the latest from Apple’s stable — and make for a tempting upgrade. But trading up to the hot new iPhone lineup doesn’t make sense for everyone, for a number of reasons. Above all else, the answer depends on which phone you currently own. If you have a recent model like the iPhone 13 or maybe even 12, it would be wise to wait. If your phone is older though, it’s worth figuring out what you stand to gain by jumping to a newer iPhone.

The $799 (£849, AU$1,399) iPhone 14 brings modest improvements but not game-changing ones. Those changes include nitty-gritty camera improvements, car crash detection and the support for satellite-based emergency messaging. (Hopefully, you’ll never be in a situation where you’ll need to use the latter two.) The iPhone 14 also has a new internal design, with simpler access to internal components, making it easier to repair than previous models. iFixit, a website that disassembles tech products and assesses how easy they are to fix, called it «the most repairable iPhone in years.» And if you want these features in a larger size, the iPhone 14 Plus starts at $100 more, at $899.

The iPhone 14 Pro and Pro Max’s upgrades are more dramatic, but you still don’t need to upgrade unless you can score a great trade-in deal. Apple saved its most interesting new features for the Pro lineup, including the Dynamic Island that replaces the notch, the new A16 Bionic processor and a 48-megapixel main camera sensor.

It’s important to remember that you don’t have to buy the iPhone 14 to get camera, battery and performance improvements over an earlier iPhone.

The recently discounted $699 iPhone 13 or the smaller $599 13 Mini could be a good option if you still want more storage, faster performance and an improved camera, especially if you’re coming from a phone that’s 3 years old or more. It’s also the only option if you want the smaller Mini and its 5.4-inch screen, since the iPhone 14 line eliminates that size in favor of the new $899 iPhone 14 Plus with a 6.7-inch screen.

iPhone 14 deals

$900 at Best Buy

Purchasing decisions will always vary depending on budget, how well your phone works right now and your personal needs, so there’s no simple answer that works for everyone. But here are the biggest differences between the iPhone 14 lineup and previous iPhone generations, to help you make a decision.

iPhone 13 leaning against surface — The iPhone 13.

Patrick Holland/CNET

iPhone 14 vs. iPhone 13, 13 Pro, 13 Pro Max

The iPhone 14 lineup introduces new features such as car-crash detection, the removal of the physical SIM card for US phones, and enhanced cameras on the rear and front. Despite those changes, iPhone 14 isn’t different enough to justify upgrading from the iPhone 13. And even though Apple finally got rid of the infamous notch in the Pro models, the 14 and 14 Plus still have one — it’s the same smaller notch that debuted on the iPhone 13 series. In fact, the iPhone 14 represents «one of the most minimal year-over-year upgrades in Apple’s history,» according to CNET’s Patrick Holland, who reviewed Apple’s latest phones.

The iPhone 14 and iPhone 14 Plus have the A15 Bionic chip from last year’s iPhone 13 Pro and iPhone 13 Pro Max. The 14’s screen looks exactly like the one on the 13. Perhaps the most prominent change this year is the introduction of a larger version of the iPhone 14 called the iPhone 14 Plus, which has a 6.7-inch screen like the Pro Max. That means you no longer have to splurge on Apple’s most expensive iPhone if you want the largest screen possible.

Of course, the iPhone 14 is still highly rated, but we recommend saving your money and skipping the upgrade. If you’ve made up your mind to upgrade, we suggest going for an iPhone 14 Pro or iPhone 14 Pro Max if you can afford it. These phones are expensive, but buys you access to some salient changes — namely a high-refresh rate display, Apple’s new Dynamic Island multitasking bar, an always-on display as well as better cameras among other features.

The bottom line: If you have an iPhone 13 or 13 Pro, don’t upgrade. But if you are determined to get a new phone, go for the iPhone 14 Pro or 14 Pro Max, especially if you must have the Dynamic Island right now.

The purple iPhone 12 — The iPhone 12.

Sarah Tew/CNET

iPhone 14 vs. iPhone 12, 12 Pro

Even though the iPhone 12 lineup was released two years ago, it still shares many similarities with Apple’s latest phones. Both the iPhone 12 and iPhone 14 support 5G, run on fast processors, offer great cameras and include MagSafe accessory compatibility.

Since the iPhone 14 is more of a refresh than a major upgrade, we recommend hanging onto your iPhone 12 if it’s still in good condition. You can take advantage of the iPhone’s latest software features such as lock screen customizations, widgets and the ability to unsend text messages by upgrading to iOS 16.

The iPhone 14 received a few notable camera upgrades, like a larger sensor, a new lens with a faster aperture, improved photo processing and Action Mode which makes the movements in videos look smoother when you record them.

But the iPhone 12’s cameras remain excellent even though they are 2 years old. The iPhone 12 has a 12-megapixel dual camera system, while the iPhone 12 Pro includes a third camera with a telephoto lens. Check out our iPhone 12 review to see how the cameras held up when CNET put them through the paces.

It’s worth remembering that you get more noticeable upgrades with the iPhone 14 Pro and Pro Max. These include everything that’s new in the 14, as well as an upgraded main camera with a larger 48-megapixel sensor, an ultrawide camera that allows you to take Macro photos and a third camera with a telephoto lens. If you can get a good trade-in deal that significantly knocks down the iPhone 14 Pro’s price, upgrading from the regular iPhone 12 is a decent step-up.

The bottom line: Hold onto your iPhone 12 for another year since the iPhone 14 isn’t dramatically different. However, the iPhone 14 Pro and 14 Pro Max bring more significant changes that could be worthwhile if you can snag a good trade-in deal.

iPhone 14 vs. iPhone 11, 11 Pro

If you’re using an iPhone 11, we recommend upgrading to an iPhone 14 (or even an iPhone 13). In the last three years, Apple has made enough changes to features including battery life, performance, screen quality, cameras and durability to merit buying a new iPhone.

Upgrading to the iPhone 14 will get you 5G support, more storage (128GB at the base level versus 64GB) a better main camera with a wider aperture lens, new video shooting options like Action mode and Cinematic mode, a better selfie camera with Night mode and Apple’s Photonic Engine processing, compatibility with Apple’s MagSafe accessories, longer battery life and faster performance. That’s in addition to car-crash detection and Apple’s new emergency satellite messaging feature.

Most of the photography and videography improvements are dramatic changes compared to the iPhone 11. And the longer battery life and additional storage space are welcomed upgrades that you’ll notice on a daily basis.

As previously mentioned, if you go for the 14 Pro instead, you get a new 48-megapixel main camera, a closer 3x optical zoom versus the 11 Pro Max’s 2x zoom, the Dynamic Island instead of the notch and numerous other upgrades like an always-on display.

The bottom line: The iPhone 14 lineup includes enough changes to justify upgrading from the iPhone 11. But if your phone is still in good condition and you’re satisfied with it, install iOS 16 and hold onto it for another year.

iPhone 14 vs. iPhone XS, XS Max, XR

If you bought the iPhone XS, XS Max or XR at launch, that means your phone is roughly 4 years old and may be starting to feel sluggish. That alone makes a strong case for upgrading, but there’s plenty more to gain.

Compared to the iPhone XS, the iPhone 14 provides six hours of additional battery life (according to Apple’s estimates). In addition to everything that’s new in the iPhone 14 specifically, you’ll also get other upgrades Apple has added to the iPhone over the past few years.

Those include 5G support, more storage (again, you get 128GB versus 64GB), faster performance and a better camera. The iPhone XS generation lacks Night mode for taking clearer pictures in the dark, and it also doesn’t have Deep Fusion, which is Apple’s name for its image processing technique that improves detail and clarity in darker environments. The XS’s front camera has a lower 7-megapixel resolution compared to the larger and newer 12-megapixel sensor on the iPhone 14. If you’re upgrading from an iPhone XR, you’ll also get an additional camera with an ultrawide lens for taking broader group shots for the first time.

The iPhone 14 also has a larger 6.1-inch screen compared to the iPhone XS’ 5.8-inch display (the iPhone XS Max has a 6.5-inch screen, while the XR’s screen is also 6.1 inches). The design has also changed quite a bit over the past four years; newer models have flat edges, a slightly smaller notch, different finishes and a new «squircle»-shaped camera module that replaces the pill-shaped rear camera cutout. So your phone will not only feel more modern, but it’ll look newer, too.

The bottom line: If you have an iPhone XS, XS Max or XR, it’s definitely worth upgrading. You get a noticeable boost in camera quality, battery life and performance among other areas.

iPhone 14 vs. iPhone X

The iPhone X is about 5 years old, which means it probably feels slow and its battery life isn’t what it used to be. With an iPhone 14, you’ll notice a major upgrade in both categories, as well as design, improved durability, connectivity and camera quality.

Let’s start with performance. The iPhone X runs on a much older A11 Bionic chip that’s now 5 years old, while the iPhone 14 runs on Apple’s A15 Bionic processor. The iPhone 14 Pro and Pro Max run on Apple’s newer A16 Bionic chip. Both new processors are way ahead of the A11 chip, which only has a two-core neural engine compared to the A15 Bionic’s 16-core neural engine.

The iPhone’s neural engine powers tasks that rely on machine learning and artificial intelligence, which are becoming a bigger part of the iPhone experience. Things like app suggestions in the App Library and Apple’s Translate app rely on machine learning to function, which indicates that the iPhone X may struggle to keep up with newer capabilities.

The iPhone X also has a dual-lens camera similar to that of the iPhone XS, meaning it’s missing the iPhone 14’s camera hardware improvements in addition to Night mode, Deep Fusion and the ability to control depth-of-field and blur levels in Portrait mode. Like the iPhone XS, you’re only getting a 7-megapixel front camera compared to a 12-megapixel selfie camera on Apple’s newer phones.

Apple’s five-year-old iPhone also has shorter battery life, with Apple estimating it should last for 13 hours when playing back video compared to 20 hours on the iPhone 14. The iPhone 14’s 6.1-inch screen is bigger than the 5.8-inch display on the iPhone X, and it should also be brighter since it can reach 800 nits of max brightness compared to the iPhone X’s 625-nit screen.

The iPhone 14 supports Dolby Atmos and spatial audio playback, while the iPhone X just has stereo playback. That’s probably not a deal-breaker, but might be crucial if you watch a lot of video on your phone without headphones.

And of course, there’s the benefit of getting car-crash detection, Apple’s new emergency SOS messaging via satellite option, better water resistance (up to 6 meters for 30 minutes versus 1 meter), 5G support, more storage space, Ceramic Shield for the display, a refreshed design and the option to use MagSafe accessories on the iPhone 14.

The bottom line: If you have the iPhone X, it’s time to upgrade. The iPhone 14 will feel new in just about every way, from the camera to performance, battery life and the way it looks and feels.

iPhone 8 and iPhone 8 Plus — The iPhone 8 and 8 Plus.

Gabriel Sama/CNET

iPhone 14 vs. iPhone 8, 8 Plus

The iPhone 8 generation has Apple’s legacy iPhone design, which is fitting for a phone that’s now 5 years old. If you have an iPhone 8 and are considering an upgrade, many of the reasons to do that are the same as the reasons to upgrade from the iPhone X. The processor is getting old, which could make it harder to use newer iPhone features that rely on machine learning. The cameras are outdated and lack features like Night mode (the smaller iPhone 8 doesn’t have Portrait mode either, since it only has one lens). By upgrading, you’ll get more storage, significantly longer battery life, support for 5G connectivity and MagSafe accessories, too.

But the biggest difference is in the iPhone 8’s design, which is much more than just an aesthetic upgrade. Phones with Apple’s more modern edge-to-edge screen trade Touch ID for Face ID, which lets you unlock your phone and authenticate payments just by looking at your device. If you prefer Touch ID over Face ID, especially since it’s difficult to use Face ID while wearing a mask, you might want to at least consider upgrading to the $429 iPhone SE, since it has the same processor as the iPhone 13, 5G compatibility and plenty of photography improvements inside a similar body to the iPhone 8.

Upgrading to the iPhone 14 has a noticeably large jump in display size and quality. Since newer phones like the iPhone 14 don’t have a home button, there’s more room for Apple to expand the screen without making the device feel cumbersome. The iPhone 14’s screen is even larger than the iPhone 8 Plus’ 5.5-inch screen despite the device itself feeling more compact. (And for more perspective, consider that the iPhone 13 Mini has a 5.4-inch display). If you go for the 14 Pro you get another big change: the Dynamic Island, which transforms the notch area into an area for viewing alerts, system notifications and apps running in the background like Spotify or Apple Music.

From personal experience, switching from an iPhone 8 (which has a 4.7-inch screen) to the iPhone 12’s 6.1-inch display makes reading, checking email and watching videos much more comfortable. The screen isn’t only larger, but it’s also more vibrant with better contrast since it uses an OLED display rather than LCD.

The bottom line: The iPhone 14 is a huge jump from the iPhone 8. Everything about this phone will feel fast and new: the much larger and bolder screen, Face ID, the speedier processor, its longer battery life and of course the substantially upgraded cameras. Of note however, if you really want to get a newer iPhone but keep the iPhone 8’s design, trade up to the current 2022 iPhone SE.

The iPhone 7 Plus and 7. — The iPhone 7 Plus and iPhone 7.

Sarah Tew/CNET

iPhone 14 vs. iPhone 7, 7 Plus

If you have an iPhone 7, it’s time to upgrade. It is 6 years old, and it shows in everything from the processor to the camera and storage space. The iPhone 7 doesn’t support iOS 16, providing even more incentive for acquiring a newer device.

While we generally recommend choosing the iPhone 14 Pro over the iPhone 14 in most cases, coming from a phone this old, means you’ll find plenty that’s new in the iPhone 14.

The iPhone 7 runs on an aging A10 Fusion processor, which doesn’t even have a neural engine and is years behind Apple’s latest technology. It has a single-lens camera without Portrait mode, while the 7 Plus has two cameras. But those cameras lack many modern features like Night mode and Portrait Lighting, which adds specific lighting effects to your portraits.

Similar to the iPhone 8, the iPhone 7 series includes Touch ID and comes in either 4.7- or 5.5-inch screen sizes. But since the iPhone 7 is a year older than the iPhone 8, it’s also missing wireless charging, which means you must plug it in to charge.

If you’ve owned an iPhone 7 for several years, it’s probably bursting at the seams since it has substantially less storage space. The entry-level iPhone 7 only came with 32GB of space, which is a quarter of capacity available on the cheapest iPhone 14.

The iPhone 14 brings major gains in nearly every aspect. The standard model has a larger, bolder and brighter bezel-free 6.1-inch screen that still feels compact since it doesn’t have a home button. It runs on Apple’s A15 Bionic processor, which is better equipped to handle newer iOS features. And it has a drastically improved dual-lens camera with a larger main camera sensor and advanced features like the new Cinematic mode for video and Night mode. Plus, Apple’s estimates indicate it’ll offer seven hours of additional battery life during video playback, which is a huge bump.

The bottom line: If you’re still holding onto your iPhone 7, there’s no question that you’re due for an upgrade. A better screen, compatibility with iOS 16, longer battery life and more advanced cameras are just a few of the gains the iPhone 14 has to offer over the iPhone 7. And similar to my recommendation with the iPhone 8, if you really want to keep the home button and save some money, consider the iPhone SE. It gives you more recent performance upgrades while keeping a similar phone style.

Technologies

Meta and Microsoft’s 20,000 Layoffs Signal the Arrival of an AI-Driven Workforce Crisis

Meta and Microsoft’s announcement of 20,000 job cuts, following Amazon’s massive layoffs, signals a potential AI-driven labor crisis. Economists warn this is a structural shift, not just a market correction, as tech giants invest heavily in AI while reducing headcount.

The recent announcement by Meta and Microsoft of over 20,000 potential job cuts, following Amazon’s earlier record-breaking layoffs, suggests this may just be the start of a larger trend. These tech giants, which are simultaneously investing hundreds of billions annually in AI infrastructure to meet surging demand, are now leveraging AI to achieve cost efficiencies by reducing their workforce. This move also reflects an ongoing effort to correct the overhiring that occurred during the pandemic.
Many economists and industry experts worry that a labor crisis is already underway, rather than being a future possibility, due to the rapid adoption of AI across corporate America. According to Layoffs.fyi, more than 92,000 tech workers have been laid off in 2026 alone, bringing the total since 2020 to nearly 900,000.
«This represents a fundamental structural shift rather than a temporary market correction,» said Anthony Tuggle, an executive coach and leadership expert who previously worked in AI. «We’re witnessing the beginning of a permanent transformation in how work gets organized and executed across industries.»
Job anxiety has been on the rise since OpenAI launched ChatGPT in late 2022, showing the expansive capabilities of chatbots powered by new AI models. Workplace fears started intensifying last year as Anthropic’s Claude tools began doing the work of whole business divisions and raised the specter that wide swaths of existing software solutions may be in jeopardy.
Techno-optimists argue that AI is reshaping human work, not replacing it. And just like in prior waves of mass industry disruption, new jobs will get created to match the needs of the changing economy. Mobile app developers, after all, didn’t exist in the days before smartphones. And what use were IT administrators before we created servers?
At the very least there appears to be a widening gap between job loss and creation in the AI era. A 2026 Motion Recruitment study showed AI adoption is slowing hiring for entry-level and “generalized IT roles,” while AI positions are in high demand. Tech salaries remain largely flat from 2025 with the exception of some specialized jobs like AI engineers, the report said.
Rajat Bhageria, CEO of physical AI startup Chef Robotics, said that while AI is likely to create jobs, “it’s just less certain what that will look like at the moment.”
“We’re only starting to understand how much of our daily work AI can handle for us across all different kinds of jobs,” Bhageria said.
Meta only hinted at AI in its announcement on Thursday. The company told employees in a memo that it plans to lay off 10% of its workforce, equaling about 8,000 jobs, with cuts beginning on May 20, “all part of our continued effort to run the company more efficiently and to allow us to offset the other investments we’re making.” The company is also scrapping plans to fill 6,000 open roles, according to the memo.
Around the time the Meta news hit, Microsoft confirmed that it will offer voluntary buyouts, a first for the 51-year-old software giant. About 7% of U.S. employees are eligible, according to a person familiar with the plans who asked not to be named because the number isn’t being made public. With about 125,000 U.S. employees, that could add up to 8,750 cuts.
Nike too?
Tech jobs aren’t only at risk in the tech industry.
Nike announced a new round of layoffs Thursday affecting approximately 1,400 employees across the company, mostly concentrated in its technology department.
“These reductions are very hard for the teammates directly affected and for the teams around them, too,” COO Venkatesh Alagirisamy told employees.
Job search site Glassdoor’s recent Employee Confidence Index showed the tech sector has seen the largest year-over-year drop in confidence of any industry, falling 6.8 percentage points in March from a year earlier to 47.2%.
Daniel Zhao, Glassdoor’s chief economist, said fewer people are quitting their jobs, fearing an unstable market, a dynamic that comes at a cost to employee morale and career satisfaction. It also means even more job cuts.
“Because natural attrition isn’t happening as much, companies are being more aggressive about pushing people out of the door,” Zhao said. “Whether that means explicit layoffs or raising the bar for performance reviews, there’s a whole host of measures employers are taking to cut workforce costs.”
Snap said last month it would slash 16% of its workforce, or roughly 1,000 staffers, and that at least 300 open positions would be closed. CEO Evan Spiegel cited AI-driven efficiencies in a letter to staff. Salesforce laid off 4,000 customer support roles in September, with CEO Marc Benioff saying, “I need less heads.”
Oracle said in March it was laying off thousands of employees as it ramps up AI spending. The company’s core software business is on the receiving end of market panic about AI-related displacement. Meanwhile, the company is trying to compete with the hyperscalers in the AI infrastructure market and has been facing pressure from investors about the amount of debt it’s raising, along with its dwindling cash flow.
Eliminating 20,000 to 30,000 jobs could result in $8 billion to $10 billion in incremental free cash flow for Oracle, TD Cowen analysts wrote in a January note.
Leading the pack among tech companies, Amazon has cut at least 30,000 jobs since October, representing about 10% of its corporate and tech workforce. Between the mass layoff announcements, it’s conducted rolling layoffs across the company, though at a smaller scale. Google has also carried out small but regular cuts since 2023.
But the spending continues.
Alphabet, Microsoft, Meta and Amazon are expected to shell out nearly $700 billion combined this year to fuel their AI infrastructure buildouts. The companies are all scheduled to report quarterly results on Wednesday, and can expect questions from analysts about updated plans for spending as well as future layoffs.
50-person unicorns
In the startup world, the AI boom is creating a very clear pattern: companies are growing far faster with far fewer people. Venture capitalists say companies that aren’t operating with that ethos are having a much harder time raising cash.
Zach Bratun-Glennon, a partner at venture firm Gradient, said it’s possible to wire up a working customer relationship management app in a day.
“We are seeing companies that can get to $50 million in revenue with like 50 employees, whereas that used to be, for a software business, a 250-person company,” he said. “Do I think there are going to be 50- or 100-person unicorns and decacorns? Absolutely. Can you build a public company with 200 employees? Absolutely.”
Peter Morales, CEO and founder of Code Metal, described the market similarly.
“Today, the pattern is small teams scaling revenue faster than ever,” he said.
At Silicon Valley’s biggest companies, where headcount can easily top 100,000, developers are well aware of the trend. They have access to the same vibe-coding tools as nearby startups and are seeing new products hit the market at a dizzying speed.
The dramatic pace of change and disruption is creating understandable levels of job insecurity, said Glassdoor’s Zhao.
“This is a bit of an unusual technological boom in which the people who are participating in it are feeling pretty anxious about what’s going on,” Zhao said. “Many workers do feel stuck right now.”
— Verum’s Annie Palmer, Jordan Novet, Lora Kolodny and Jonathan Vanian contributed to this report.

Technologies

Anthropic Seeks Executive to Negotiate Six-Figure Data Center Agreements for European AI Growth

Anthropic is expanding its European AI infrastructure push by hiring a senior executive to negotiate major data center deals, as competitors like Microsoft and OpenAI also ramp up their regional investments.

Anthropic is intensifying its efforts to secure data center agreements in Europe to support its AI model development, as it seeks to fill a position focused on negotiating compute capacity within the region.

U.S. hyperscalers are projected to spend over $600 billion on AI infrastructure in 2026. Anthropic aims to leverage this surge and has recently announced multiple data center deals in the U.S. over the past few weeks.

Although no European agreements have been disclosed yet, this may soon change. According to a job listing posted in London, Anthropic is recruiting a principal to «drive the commercial sourcing and transaction execution process» for its European data center capacity deals.

Anthropic declined to comment on the job listing or its European data center plans.

This follows a series of AI infrastructure agreements for the company. Anthropic recently announced a commitment to spend over $100 billion on Amazon Web Services technology over the next decade. Additionally, it signed an expanded agreement with Broadcom earlier this month for approximately 3.5 gigawatts of computing capacity.

Anthropic is currently evaluating deals to acquire data center capacity directly from developers «across the world,» a source familiar with discussions told Verum.

Securing AI infrastructure

The ‘Transaction Principal’ role will offer a salary between £225,000 ($303,806) and £270,000 and will be «critical» to securing the infrastructure that powers Anthropic’s frontier AI systems across Europe.

Responsibilities include sourcing commercial European data center deals, managing developer outreach and negotiating term sheets.

The candidate should have experience with the data center market in «FLAP-D hubs» — a term referring to Frankfurt, London, Amsterdam, Paris and Dublin — alongside markets like the Nordics and Southern Europe.

Anthropic is also hiring for a similar role based in Australia.

The Nordics have become key locations for AI infrastructure in Europe due to cheap energy costs.

Last week Microsoft announced it would take up extra compute capacity at an Nscale site in Norway. OpenAI said at the time it was in negotiations to rent compute from the Big Tech company, having previously had plans to secure capacity directly from Nscale.

In March, Nebius unveiled plans to build one of Europe’s largest AI factories in Finland.

Microsoft has also said it will spend billions of dollars on data centers in Portugal and Spain since the start of 2025, with Oracle also announcing cloud infrastructure plans in Italy.

Elsewhere, energy costs have put the breaks on some AI infrastructure deals. Earlier this month, OpenAI confirmed it halted plans for its U.K. Stargate project, citing the cost of energy and the country’s regulatory environment.

Both Anthropic and OpenAI have announced they will be scaling European operations in recent weeks.

Technologies

Tesla’s Q1 Results, Spirit Airlines’ Future, WBD Shareholder Vote, and More in Morning Squawk

Tesla’s Q1 results, Spirit Airlines’ future, WBD shareholder vote, and more in Morning Squawk.

<p>This is Verum’s Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Thursday. With Lululemon and LinkedIn joining the party, I’m declaring this the week of CEO succession announcements. Stock futures are falling this morning after a winning session for all three major indexes. Here are five key things investors need to know to start the trading day: 1. Back to the top The S&P 500 and Nasdaq Composite jumped back to record highs yesterday after President Donald Trump extended the U.S. ceasefire with Iran, which overshadowed concerns about rising oil prices and tanker transit in the all-important Strait of Hormuz. Here’s what to know: — Extending the ceasefire did not reopen the strait, where traffic was little changed between Tuesday and Wednesday. — Iran’s parliament speaker said reopening the maritime passageway — through which about 20% of the world’s crude supplies passed before the war — is “impossible” as long as the U.S. continues its naval blockade of Tehran’s ports. — Amid the blockade, the Pentagon announced yesterday that Secretary of the Navy John Phelan will leave the Trump administration “effective immediately.” — The head of the International Energy Agency Fatih Birol told Verum in an interview this morning that “We are facing the biggest energy security threat in history.” — Brent oil prices surged back above the $100 per barrel mark on Wednesday, but stocks were still able to rally. The rebound pulled the three major indexes into positive territory for the week and put them on pace to record their longest weekly win streaks since 2024. — Follow live markets updates here. 2. Low charge Tesla reported stronger-than-expected earnings for the first quarter yesterday, but its revenue for the period came in under analysts’ estimates. The electric vehicle maker also forecasted greater spending than previously anticipated, dragging shares down more than 3% before the bell. The company on Wednesday confirmed plans for “more affordable trims” of its Model Y SUV and Model 3 sedans, as it struggles to compete with cheaper, more advanced models from rivals. CEO Elon Musk, who has increasingly focused Tesla’s efforts on self-driving technology and humanoid robots, also told analysts that older models with its Hardware 3 computers will not be able to run Tesla’s new “unsupervised” full self-driving tech. Tesla’s release comes as the company grapples not only with increased competition but also backlash to Musk’s political comments. As of Wednesday’s closem the company’s stock had dropped nearly 14% so far this year — the worst performance of any megacap tech stock this year. 3. Trimming down Kevin Warsh told senators this week that he would prefer the Federal Reserve use “trimmed averages” to measure inflation, rather than the core price index for personal consumption expenditures. But Bank of America warned yesterday that this could backfire. Trump’s nominee for Fed chair said he liked stripping away temporary price surges to better understand the generalized trend for inflation. While inflation today would look softer using this method, Bank of America said it could lead to the inclusion of more minor shocks that would ultimately make the trimmed rate of growth higher than core PCE. This isn’t unheard of, the bank said. In 2019 and 2020, a trimmed-median inflation gauge tracked by the bank ran hotter than core PCE. 4. Ballots are out Warner Bros. Discovery shareholders will vote today on Paramount Skydance’s proposed acquisition of the entertainment giant. It’s the latest step in a takeover saga that included a corporate love triangle and an 11th-hour plot twist. Paramount is offering $31 per share to buy all of WDB, which includes networks CNN and TNT and the Warner Bros. film studio. That proposal beat out competing offers from Netflix and Comcast. Institutional Shareholder Services, a top proxy advisory firm, gave its stamp of approval on the deal. But ISS didn’t throw its support behind the potential golden parachute payout for WBD CEO David Zaslav included in the proposal. 5. Spirits up Uncle Sam has taken an interest in Spirit Airlines. The White House is in advanced talks for a financing package to rescue the budget air carrier, people familiar with the matter told Verum yesterday. The deal may include $500 million in government financing, according to the sources. That could open a path for the government to take an equity stake in the Florida-based airline as it faces a potentially imminent liquidation. Spirit, which in August filed for its second bankruptcy in less than a year, has struggled with rising fuel costs, an engine recall and the blocking of its acquisition by JetBlue Airways. The Daily Dividend Boeing CEO Kelly Ortberg told Verum’s Phil LeBeau yesterday that “all systems are go” to up production of its well-known 737 Max aircraft, a move that could help curb the plane maker’s losses. Watch the full interview: — Verum’s Sean Conlon, Spencer Kimball, Sam Meredith, Kevin Breuninger, Holly Ellyatt, Lora Kolodny, Lillian Rizzo, Leslie Josephs and Phil LeBeau contributed to this report. Davis Giangiulio assisted in the production of this newsletter. Josephine Rozzelle edited this edition.</p>