5 Trending Stocks This Week

2. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 131

Apple Inc. (NASDAQ:AAPL) is 1.27% in the green this week after Dan Ives at Wedbush gave positive commentary on the tech giant. Apple Inc. (NASDAQ:AAPL) was also selected as one of the top three tech stocks by Wedbush Securities for the second half of 2022.

Ives thinks that Apple Inc. (NASDAQ:AAPL) is set to benefit from the fourth industrial revolution. He added that the challenges related to supply chain and China seem to have peaked, and Apple Inc. (NASDAQ:AAPL) is now focused on the demand production of the iPhone 14, which is expected to launch in September 2022. There has been news in mainstream media that the Cupertino, California-based company has ordered its suppliers to increase production from 90 million units to 95 million units. Ives highlighted that 225 million Apple users had not upgraded their devices in the last three-and-a-half years due to the pandemic and other reasons. This reflects pent-up demand for iPhone 14.

Wedgewood Partners was bullish on Apple Inc. (NASDAQ:AAPL) in its Q2 2022 investor letter. Here’s what the firm said:

“Apple grew revenues +9%, driven by +17% growth in the Services segment. While iPhone revenues grew a modest +5%, it was on an exceptional year ago comparison of +66%. iPhone continues to capture most industry smartphone profits by focusing on high-end price tiers. Apple is taking nearly two-thirds of the revenue share in the premium ($400 and above) smartphone segment. Further, most of the growth was driven by expansion in the “ultra-premium” price tier of $1000 or more per unit.^[1] As we have highlighted in the past, Apple’s relentless focus on the development and integration between hardware (especially integrated circuits) and software continues to add significant value for customers of its products and services. We expect this favorable competitive dynamic to continue for the foreseeable future.