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Forget AMC and Gamestop: 5 New Stocks Reddit’s WallStreetBets Is Buying

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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.”

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A New Dawn is Coming to U.S. Stocks

I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries.

We’re independently funding today’s broadcast to address something on the mind of every investor in America right now…

Should I put my money in Artificial Intelligence?

Here to answer that for us… and give away his No. 1 free AI recommendation… is 50-year Wall Street titan, Marc Chaikin.

Marc’s been a trader, stockbroker, and analyst. He was the head of the options department at a major brokerage firm and is a sought-after expert for CNBC, Fox Business, Barron’s, and Yahoo! Finance…

But what Marc’s most known for is his award-winning stock-rating system. Which determines whether a stock could shoot sky-high in the next three to six months… or come crashing down.

That’s why Marc’s work appears in every Bloomberg and Reuters terminal on the planet…

And is still used by hundreds of banks, hedge funds, and brokerages to track the billions of dollars flowing in and out of stocks each day.

He’s used this system to survive nine bear markets… create three new indices for the Nasdaq… and even predict the brutal bear market of 2022, 90 days in advance.

Click to continue reading…