Source: Anthropic is severing ties with the Information Technology Industry Council after the tech industry trade group opposed three export control measures (Maria Curi/Axios)

On Tuesday, the market for tech stocks opened lower as the Nasdaq declined by 0.32%. On Wednesday, Apple (AAPL) is set to begin a new era with CEO John Ternus hosting his inaugural iPhone event at the company's headquarters in Cupertino, California. Ternus assumed the role of CEO on September 1, inheriting a formidable legacy from former CEO Tim Cook, whose leadership transformed Apple into a $4.6 trillion enterprise.

During the presentation, Apple is anticipated to unveil its inaugural foldable iPhone, alongside the iPhone 18 Pro and Pro Max models, as well as the Apple Watch Series 12 and Ultra 4. Investors are eagerly awaiting these new products, which are expected to further solidify Apple's position in the market.

Meanwhile, Wall Street remains closely watching Anthropic (ANTH.PVT), an AI startup, as it prepares to release its S1 investing prospectus. This document will provide potential investors with insight into the company's financials, outlook, and data center expenditures. While rumors suggest the filing could happen as early as this week, recent reports hint at a potential release in October.

SAP CEO Christian Klein aims to dispel the notion that his company is lagging in the AI-driven software race. At the Goldman Sachs Communacopia & Tech Conference, Klein emphasized that the company's new platform, now available for general use in the fall, empowers users to create any agent with any large language model (LLM). The platform boasts a rich context layer, marking a significant breakthrough in the industry.

SAP has seen substantial growth since its announcement, with second-quarter sales increasing by 9% to $10.8 billion, cloud sales rising by 22%, and earnings surpassing analyst expectations. However, despite the positive performance, management has modestly adjusted its full-year 2026 profit guidance, acknowledging the impact of recent acquisitions.

This cautious stance from investors reflects the competitive landscape as new enterprise software firms emerge and existing companies adapt to the AI era.