The secret group, the report said, is a team of biomedical engineers which have been working on sensors to monitor blood sugar levels to better treat diabetes and turn devices like the Apple Watch a must-have.
According to CNBC’s anonymous sources, the company is developing optical sensors, which involves shining a light through the skin to measure indications of glucose.
The efforts have been underway for 5 years and was said to be envisioned by Apple Inc. (NASDAQ:AAPL) co-founder Steve Jobs prior to his death. Jobs envisioned wearable devices to monitor important vitals like oxygen levels, heart rate, and glucose.
What Does The Smart Money Sentiment Say?
The Smart Money was bearish on Apple Inc. (NASDAQ:AAPL) stocks, after we saw a noticeable decline in hedge funds who own shares quarter over quarter. By the end of the fourth quarter of 2016, only 113 hedge funds hold shares of the company valued at $16.54 billion, versus 145 funds who own shares valued at $16.22 billion in the third quarter of the same year.
While the Smart Money shied away from Apple, Warren Buffet of Berkshire Hathaway continues a bullish outlook with a 277% increase in activity in Q4. As of the fourth quarter of 2016, his shares now stand at over 57 million and valued at $6.64 billion.
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The Bottom Line
Apple Inc. (NASDAQ:AAPL) shares rose Thursday after a report from CNBC, citing anonymous sources about the tech giant forming a team to cure diabetes. Here are the top 10 best-selling apps for iPhone and iPad.