Event Contract Trading Signals Uncertainty In Apple Monopoly Case During WWDC

The chance of courts seeing Apple Inc AAPL as a monopoly seesawed on Tuesday as the tech giant held its Worldwide Developers Conference in Cupertino, California’s Apple Park.

The likelihood of this happening went from 61% to 65% in 15 minutes at mid-morning Tuesday and then stayed there for almost two hours before dropping abruptly back down to 61% at around noon, where it has been since Sunday, according to event contract trader Kalshi. The number went as high as 68% on April 11.

Since early March, Apple has faced a proposed class-action lawsuit accusing the company of monopolizing digital storage for its customers.

Also Read: Apple’s WWDC 2024 Sneak Peek: Generative AI Strategy With Privacy Focus

The suit, filed on March 1 in the Northern District of California, claimed Apple is imposing "surgical" restrictions that prevent customers from effectively using any service except its iCloud storage system.

The lawsuit stated iCloud is the only service that can host certain data from Apple's phones, tablets and computers, such as application data and device settings. The plaintiffs argue this practice has "unlawfully tied" the devices and iCloud together.

The suit also alleged Apple's arbitrary prohibition on hosting Restricted Files distorts the competitive landscape, favoring iCloud over all rivals. This has prevented potential cloud competitors from offering Apple's device holders a full-service cloud storage solution.

APPL Price action: Apple’s shares gained 7.26% to close at $207.15 on Tuesday, after a string of announcements at WWDC made related to ChatGPT-parent OpenAI and privacy.

Also Read: ‘Apple Intelligence:’ What To Expect From Tim Cook’s WWDC Plans For Bringing AI To iPhone, iPad And Mac

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