Plus, aerospace startup Beyond Aero raises $20 million in funding. And five of the so-called Magnificent Seven tech companies are set to report earnings this week. Charlotte Gartenberg hosts.
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[00:00:16] Here's your TNB Tech Minute for Monday, October 28th. I'm Charlotte Gartenberg for The Wall Street Journal.
[00:00:22] Indonesia has blocked Apple's sales of the newest iPhone 16 handsets, citing the company's non-fulfillment of local investment requirements.
[00:00:31] State media reported that Indonesia's industry minister said the company's local unit, PT Apple Indonesia, is 240 billion rupiah short of the 1.71 trillion rupiah, or about $109 million, required to get the license to sell the iPhone 16s.
[00:00:47] The ban does not apply to other Apple products. Apple did not immediately respond to a request for comment.
[00:00:54] We exclusively report that startup Beyond Aero has raised $20 million as it aims to make blue skies greener with hydrogen electric private jets.
[00:01:03] This successful funding round is a vote of investor confidence that the French aerospace company can make hydrogen-powered electric jets for companies and the ultra-wealthy into a moneymaker.
[00:01:13] Giant ventures in French sovereign fund BPI France co-led the Series A financing round, which also included capital from venture firms initialized capital, female founders fund, and 7% ventures.
[00:01:26] According to its co-founder and CEO, Beyond Aero will use the capital to accelerate the construction of a plant in Toulouse, France, where it is based.
[00:01:34] The plant will build the hydrogen electric powertrains that will propel its jets.
[00:01:40] And turning to tech company earnings, Alphabet, Meta, Microsoft, Amazon, and Apple are all set to report this week.
[00:01:48] These five companies represent the majority of the so-called Magnificent Seven stocks that have driven the market up in recent months.
[00:01:55] Combined, they have a market capitalization of about $12 trillion.
[00:02:00] Google parent Alphabet kicks it off tomorrow.
[00:02:02] For a deeper dive into what's happening in tech, check out Monday's Tech News Briefing podcast.