Horizon Kinetics: Chinese Tech Has Boosted Apple (AAPL), the Second Highest-Weighted Company in the S&P 500

Horizon Kinetics LLC, an investment management company, released its fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The letter discussed global macroeconomic landscape and a comprehensive discussion about plans. You can check the fund’s top 5 holdings to know more about its best picks for 2023.

Horizon Kinetics featured stocks like Apple Inc. (NASDAQ:AAPL) in its Q4 2023 investor letter. Headquartered in Cupertino, California, Apple Inc. (NASDAQ:AAPL) is a multinational technology company that designs and manufactures smartphones, personal computers, tablets, wearables, and accessories. On February 23, 2024, Apple Inc. (NASDAQ:AAPL) stock closed at $182.52 per share. One-month return of Apple Inc. (NASDAQ:AAPL) was -4.80%, and its shares gained 23.39% of their value over the last 52 weeks. Apple Inc. (NASDAQ:AAPL) has a market capitalization of $2.818 trillion.

Horizon Kinetics stated the following regarding Apple Inc. (NASDAQ:AAPL) in its fourth quarter 2023 investor letter:

“The full point is that if BYD has turned its attention from its domestic market to direct global competition, then other Chinese companies can do the same. The next most visible example of Chinese commercially applied technological prowess relates to the 2nd highest-weight company in the S&P 500, Apple Inc. (NASDAQ:AAPL).

In September 2023, Huawei Technologies introduced its Mate 60 Pro smartphone. It uses its own, internally developed 5G enabled chip that is apparently competitive with the Apple A17 chip. For practical purposes it has the functionality of the iPhone 15 Pro. This came as a great surprise – perhaps even shock – to the U.S. technology community, because four years ago the U.S. placed strict sanctions on China’s access to state-of-the-art semiconductor manufacturing technology…” (Click here to read the full text)

Apple Inc. (NASDAQ:AAPL) is in 10th position on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Apple Inc. (NASDAQ:AAPL) was held by 131 hedge fund portfolios, down from 134 in the previous quarter, according to our database.

We discussed Apple Inc. (NASDAQ:AAPL) in another article and shared the list of best major stocks to buy. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.