Apple's valuation draws in hedge funds: JPMorgan
The technology giant's shares have fallen 13% this year, badly trailing the broader market. The company is grappling with weak sales in China and a Justice Department suit accusing Apple of violating antitrust laws, taking aim at its lucrative services business. Shares edged higher on Thursday.
New York: is drawing interest from seeing potential for AI-linked upgrades to its iPhones and as a slump in its reduces the stock's , Chase analysts say.The technology giant's shares have fallen 13% this year, badly trailing the broader market. The company is grappling with weak sales in China and a Justice Department suit accusing Apple of violating antitrust laws, taking aim at its lucrative services business. Shares edged higher on Thursday.
Apple is seen as trailing peers when it comes to artificial-intelligence offerings and the company has been looking for partners like Google to add AI features to its iPhones. This prospect is also boosting sentiment as there's growing appetite for AI-led iPhone enhancements, according to JPMorgan.
"Hedge fund investors are increasingly warming up to the opportunity of the AI upgrade cycle," although questions remain around whether that will kick in with iPhones to be introduced later this year or in 2025, analysts led by Samik Chatterjee wrote in a research note Thursday.
Source: Stocks-Markets-Economic Times
