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Weekly Tech Update

Written By Alexandra Perry

Posted March 21, 2017

There have been major moves in tech this week — and it is only Tuesday. Join us for our tech wrap-up as we keep investors up to date on the latest news.

Snap Finally Got its “Buy” Rating

It has been a rough start for social media giant Snap Inc. Its IPO came out of the gate hot, before faltering and entering a downward spiral. The market regarded Snap’s IPO with speculation. Many analysts turned their back on Snap’s flashy, attention-garnering antics.

Lucky for Snap, it finally got its first “buy” rating on Monday from Monness Crespi Hardt analyst James Cakmak. And the market reacted. Yesterday, Snap’s stock surged 4%. It closed the day with a 2% increase.

What does this mean for Snap? In the short term, it has given the stock a bit of a popularity boost. But many analysts are still bearish, standing by their suggestions of “sell” or “hold.” It is too early to tell how this will affect Snap’s stock in the long term. But for today it would seem the little ghost got a break from the onslaught of trouble it has endured since IPO.

Apple Debuts New iPhone 7 and 7 Plus

This morning, Apple’s website went down. And people entered a frenzy. Because the tech giant’s website going down usually signals one thing: a new product is about to drop.

And drop it did. Apple released new versions of the iPhone 7 and 7 Plus. It also released a new version of its 9.7-inch iPad. But what makes these versions different?

It is all about the color. All three new products are deep red, a gesture to the fight against HIV and AIDS.

In its lifetime, Apple has raised over $120 million for RED, a charity focused on fighting HIV/AIDS.

You can buy the new phone this Friday, March 24th. The starting price is $749.

Waymo on the Move

As you probably know, Waymo and Uber are locked in a legal battle. Last time we checked, things were getting messy.

Waymo stands by its accusations that an ex-engineer gave Uber intellectual property. And even locked in a vicious legal battle, Waymo refuses to slow down in its self-driving car pursuit.

The company just poached a major eBay executive to help with its public policy and government affairs department. Waymo CEO John Krafcik said in a post on LinkedIn that the company hired Tekedra Mawakana.

The hiring is a major milestone for Waymo and just the latest venture in its busy month. Waymo will be on our radar moving forward.

There you have it. From self-driving cars to social media, tech is killing it this week. And things are just getting started. Stay tuned as we keep an eye on the iPhone 8, Snap’s market growth, and the Uber/Waymo dispute.