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Technology Stocks : Apple Inc.

AAPL 273.67

+0.5%

Dec 19 9:30 AM EST

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From: Zen Dollar Round	6/3/2024 5:58:29 PM
	of 213177

Apple Turns Positive for 2024 After Addressing Key Bear Concerns (Bloomberg) — Apple Inc. closed in positive territory for the year on Monday, in the latest sign of improving sentiment toward the iPhone maker. The stock rose 0.9%, its sixth straight positive session, and it is now up 0.8% for 2024. Shares climbed about 13% over the month of May, Apple’s biggest one-month percentage gain since July 2022. While it continues to lag other megacap technology stocks, Apple had previously been down as much as 14% this year, and the rally has brought Apple back near the $3 trillion market capitalization threshold, which it hasn’t closed above since January. The Nasdaq 100 Index is up almost 11% this year. Much of the stock’s recent strength followed Apple’s quarterly report in early May when it gave an upbeat forecast that eased concerns about its growth trends and sales in China. The company also announced the largest stock buyback program in US history at $110 billion. There is also growing optimism that incorporating AI into upcoming iPhone models will prompt users to trade up, providing a catalyst for revenue growth. More detail on its AI strategy is expected to come at Apple’s Worldwide Developers Conference on June 10. “AI technology being introduced into the Apple ecosystem will bring ample monetization opportunities on both the services as well as iPhone/hardware front,” wrote Wedbush analyst Dan Ives. Bloomberg News recently reported that Apple is closing in on a deal with OpenAI to use ChatGPT features in the new iPhone operating system. The company has also has held talks with Alphabet Inc. to build Google’s Gemini AI engine into the iPhone. Link: finance.yahoo.com

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