— The stock market has punished Apple Inc. this year for failing to offer a vision of where its future growth will come from. The shares caught a bid Thursday after the tech giant took a step toward providing an answer.US Slams Strikes on Russia Oil Refineries as Risk to Oil Markets
Sustaining this momentum, however, will depend on Apple’s ability to deliver on the promise of growth. For the Cupertino, California-based tech giant, that likely means getting AI into the iPhone.“We think Apple will come back,” said Daniel Skelly, head of Morgan Stanley’s wealth management market research and strategy team. “It is hard to bet against some of the perennial winners forever.”
“It has all these defensive qualities, like its cash flow, balance sheet and buybacks,” said Skelly. “It will start outlining more clarity and visibility around its AI pipeline, and while it may not be this year, expectations are building for an AI-enabled iPhone. In other words, it is becoming increasingly attractive.”JPMorgan Chase & Co.
“Investors have historically underestimated Apple’s gross margins and it appears that it is happening again,” Bank of America Corp. analyst Wamsi Mohan wrote in a note to clients. “We see gross margins at Apple headed significantly higher, driven by increased mix of services within the overall portfolio,” he added.The Magnificent Seven group of tech stocks have become even bigger relative to the rest of the S&P 500 Index.
Apple Inc. Artificial Intelligence Daniel Skelly Stock Market Ameriprise Financial
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