This article presents an overview of the Forget AMC and Gamestop: 5 New Stocks Reddit’s WallStreetBets Is Buying. For a detailed overview of such stocks, read our article, Forget AMC and Gamestop: 10 New Stocks Reddit’s WallStreetBets Is Buying.
5. Apple Inc (NASDAQ:AAPL)
Number of Hedge Fund Investors: 134
Apple Inc (NASDAQ:AAPL) ranks fifth in our list of the new stocks Reddit’s WallStreetBets is buying. Redditors are fans of Apple Inc’s (NASDAQ:AAPL) huge cash position.
Recently, Bloomberg reported Apple Inc’s (NASDAQ:AAPL) iPhone and smartwatch product design chief Tang Tan will step down in February.
Apple Inc (NASDAQ:AAPL) has been visibly quiet about AI as other companies release product after product related to generative AI. Some believe Apple Inc (NASDAQ:AAPL) might be working on its own LLM and could release a highly innovative AI software over the course of the next few months.
Tim Cook during Q3 earnings call briefly talked about AI when an analyst asked him how does Apple Inc (NASDAQ:AAPL) plan to invest in the trend:
“If you take a step back, we view AI and machine learning as core fundamental technologies that are integral to virtually every product that we build. And so if you think about WWDC in June, we announced some features that will be coming in iOS 17 this fall, like Personal Voice and Live Voicemail. Previously, we had announced lifesaving features like fall detection and crash detection and ECG. None of these features that I just mentioned and many, many more would be possible without AI and machine learning. And so it’s absolutely critical to us. And of course, we’ve been doing research across a wide range of AI technologies, including generative AI for years. We’re going to continue investing and innovating and responsibly advancing our products with these technologies with the goal of enriching people’s lives.
And so that’s what it’s all about for us. And as you know, we tend to announce things as they come to market, and that’s our MO, and I’d like to stick to that.”
Read the full earnings call transcript here.
Here is what White Brook Capital has to say about Apple Inc. (NASDAQ:AAPL) in its Q3 2023 investor letter:
“The magnificent seven, that underpin the S&P 500 performance, which includes Apple Inc. (NASDAQ:AAPL), now comprise almost 30% of the market capitalization of the S&P500. At least three of the seven stocks have heightened downside risk and suffer from already high penetration, weakening end markets, competitive risk, and lofty valuation. They have been remarkably resilient to increased interest rates and the potential for slowing growth. Small and midcap stocks, on the other hand, have been systemically penalized by fears of recession and continue to price that eventuality even as significantly better outcomes have become more probable. Today, it’s relatively easy to find attractive investments in this segment.”
