Saturday, May 25, 2024

Did OpenAI steal Scarlett...

Opinions expressed by Entrepreneur contributors are their own....

Help Your Business Excel...

Disclosure: Our...

Why Are New Business...

More people are starting businesses now...

Emory University Funds, Suspends...

Eightball was meant to be an...
HomeBusinessApple stock just...

Apple stock just had its best day since last May


Apple CEO Tim Cook greets customers as he arrives for the release of the Vision Pro headset at the Apple Store in New York City on Feb. 2, 2024.

Angela Weiss | AFP | Getty Images

Apple shares climbed 4.3% on Thursday to a share price of $175.04. It is Apple’s best day since May 5, 2023.

Apple’s rise came during a strong day for technology stocks, especially those in artificial intelligence, as the Nasdaq Composite rose 1.77%.

Apple shares are down more than 5% so far this year. On Thursday, JPMorgan analysts wrote that sentiment over Apple shares is improving with hedge fund investors, partially due to its recent stock slide.

Despite some negative trends around iPhone sales in China, and recent reports of canceled projects such as its effort to build a car, JPMorgan analyst Samik Chatterjee said investors may be more comfortable with its current valuation after recent losses and the potential to benefit from AI.

The JPMorgan analysts predicted a strong iPhone sales cycle in 2026 due to forthcoming AI features. Apple CEO Tim Cook recently told investors to expect an AI announcement later this year. That is expected to occur during Apple’s Worldwide Developers Conference event in June.

“Hedge fund investors are increasingly warming up to the opportunity of the AI upgrade cycle, but the uncertainty still pertains to whether the upgrade cycle starts with iPhone 16 in September 2024 or iPhone 17 in September 2025,” Chatterjee wrote.

Separately, Apple is also preparing new Mac laptops and desktops with next-generation “M4 chips” that emphasize AI, according to a report Thursday from Bloomberg. Apple declined to comment on the report. The current generation of Apple’s chips is called M3.

Don’t miss these stories from CNBC PRO:

Continue reading

Figure Markets, Pantera Snap Up Final Pieces of FTX’s Solana (SOL) Stash: Report

Bankrupt cryptocurrency exchange FTX has finished selling $2.6 billion worth of discounted Solana tokens. Figure Markets and Pantera Capital were among the buyers who secured the final troves of SOL tokens from FTX after weeks of auctions. The...

The Top SERP Features in 2024 — Whiteboard Friday

So, some of these stories become more interesting when, instead of presence, we look at share of voice. So, share of voice is a metric we have in...

How nonpartisan data organization USAFacts empowers Americans with just the facts

Elections are scheduled across 64 countries this year, including in the U.S. in what’s bound to be a presidential rematch between President Joe Biden and former President Donald Trump. As nearly half of the world’s population exercises or prepares...