Apple Will Be Forced to Switch Its Chargers by 2024...At Least in Europe

Full Video Transcript Below:

J.D. DURKIN: Here's what we're watching on TheStreet. Critics of the lightning port, rejoice–this next story is for you. The European Parliament has voted to make the beloved USB-C the official go-to charging option for devices throughout the EU. This means that all phones will need to have a USB-C port by the end of 2024. Same rule will apply to laptops by the end of 2026.

In the case of Apple  (AAPL)  specifically, this means moving away from the company's long held proprietary lightning charging port and embracing a new standard shared by, now, all tech companies. Apple had previously argued that doing so would limit the company's innovation. Aside from ending cable clutter, fans of the pro USB-C shift argue the whole purpose is to cut down on waste and to save consumers money.

A European Commission spokesperson said the common charger will simplify the lives of Europeans. Earlier this year, U.S. senators Elizabeth Warren, Bernie Sanders and Ed Markey all asked Commerce Secretary Gina Raimondo to consider following the EU’s lead in support of a common USB charging standard. To be fair, Apple may be getting ready to switch to USB-C for the iPhone 15 with an eye on future models of the iPhone that are entirely port-less, anyway. That'll do it for us here at TheStreet. Stick with us for more on this and every other major market story that matter to you.