WWDC24 ‘the most important event for Apple in over a decade’ – analyst
AI is expected to be a central focus of Apple’s annual Worldwide Developers Conference (WWDC), which begins Monday, and optimism has been steadily growing. Investors are hoping new AI features will be enticing enough for consumers to pay up for new iPhones, Macs, iPads, Apple Watches, and HomePods.
Ryan Vlastelica for Bloomberg News:
The conference is “the most important event for Apple in over a decade,” according to Wedbush. Such high expectations could invite disappointment if the event doesn’t deliver, especially as the stock trades at an elevated multiple.
“If Apple doesn’t come out with compelling reasons to upgrade, that’s a real problem,” said Greg Martin, co-founder of Rainmaker Securities. “If the event is uninspiring, I think the stock will be stagnant for a while.” At the same time, he added, a positive event would be a catalyst.
The stock has soared almost 20% off an April low, returningabove a $3 trillion market valuation and pulling within 1% of a record close hit last year. While some of the rally reflects a positive earnings report from early May, where Apple announced the largest buyback in US history, improving sentiment about AI has also been central to the bull case.
Despite the recent gains, Apple’s year-to-date rise of 2.3% is paltry compared with the Nasdaq 100 Index’s 13% advance. Stocks with more concrete AI exposure — including Microsoft Corp, Amazon.com Inc., Alphabet Inc., and Meta Platforms Inc. — have all posted double-digit gains. AI-focused chipmaker Nvidia Corp has soared 144%, briefly overtaking Apple in size.
Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.
MacDailyNews Take: No pressure, Apple.
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!
Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.
The post WWDC24 ‘the most important event for Apple in over a decade’ – analyst appeared first on MacDailyNews.
