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Apple stock hit its new ATH driven by increased iPhone sales and the launch of a competitive Vision Pro VR headset last week.
Apple Inc (NASDAQ: AAPL) shares closed Monday trading around $183.79, up 1.56 percent from the day’s opening price. The $2.85 trillion valued tech giant has experienced increased demand for its products, thus motivating investors to double down on its stock market. As a result, the AAPL shares surpassed the prior ATH last week and the market is currently headed to a price discovery phase.
The incredible performance has directly been attributed to the launch of the Vision Pro VR headset to compete with similar products from different companies like Meta Platforms Inc (NASDAQ: META). Additionally, the bullish outlook coincided with Apple’s Worldwide Developers Conference last week where the company unveiled its new product – the Vision Pro VR headset.
Additionally, the company also announced a new bigger MacBook Air laptop coupled with a high-end desktop that is well suited for 3D designers and programmers. As for the iOS operating system, Apple announced several updates to suit the iPhone, iPad, and Apple Watch.
The products are expected to increase Apple sales although Apple CFO Luca Maestri suggested the current quarter could record a decline of about 3 percent in revenue on an annualized basis. During the fiscal 2023 second quarter that ended on April 1, 2023, Apple reported a revenue of about $94.8 billion, down 3 percent YoY.
Currently, Apple is undertaking a $90 billion share repurchase program after generating more than $28 billion in cash flow and returning over $23 billion to shareholders during the first three months of the year.
Factors that Push AAPL Stock to Its New ATH
The growth of Apple during the past few years is significantly attributed to the global geopolitical differences that have significantly choked Chinese tech companies due to the lower supply of semiconductor chips. Additionally, the company has also launched 5G-enabled smartphones amid the network rollout in Europe, Asia, and North America. As a result, the company expects its current quarter to perform in a similar manner as the prior one of the macroeconomic factors remain unchanged.
“We expect our June quarter year-over-year revenue performance to be similar to the March quarter assuming that the macroeconomic outlook does not worsen from what we are projecting today for the current quarter,” Maestri noted.
According to market data provided by MarketWatch, AAPL shares have gained approximately 41 percent YTD thus most analysts issuing an average recommendation of Overweight. Having been rated by 42 analysts, AAPL shares received an average price target of about $186.27. For instance, analysts at Wedbush maintained a buy rating on Apple shares with a price target of between $205 and $220.
The Apple Vision Pro headset comes with a wide array of features including 4K screens and Spatial Audio, and will first launch in the US.
At the Monday Worldwide Developer Conference (WWDC), Apple Inc (NASDAQ: AAPL) officially announced its mixed reality Vision Pro headset priced at $3,499. The announcement is the tech giant’s first major product in nine years since the Apple Watch launched in 2014.
Apple’s Vision Pro will offer users a new way to experience surrounding spaces and also use existing apps. Anyone can watch movies, play video games, or view 3-D.
Features of Apple’s New Vision Pro Headset
For interaction and safety, Apple included an EyeSight feature with the Vision Pro headset. This feature switches the headset between opaque and transparent so people within view can see whether or not the user is immersed in the content they are viewing or listening to.
Users can control the device’s visionOS with their eyes and hands. The device supports connection with the iPhone and Bluetooth devices such as the Magic Trackpad and the Magic Keyboard. The Vision Pro also comes equipped with 12 cameras that track user movement, and two 4K displays. Using passthrough video, the Vision Pro lets users see the world clearly while enjoying a full display of screen objects, such as a message thread pulled out for a better view. Furthermore, users can control the headset using voice commands.
While the Apple Vision Pro uses a custom dual-core M2 chip, it also runs with a new R1 chip that processes images from the cameras, microphones, and sensors. Via the R1, the headset streams fresh images in a maximum of 12ms, reportedly 8 times faster than a normal eye blink.
Furthermore, users can enjoy Spatial Audio, which allows them to enjoy sound originating from several points in a room. FaceTime calls using Vision Pro show each person on the call in life-size images. Combining this with Spatial Audio allows users to feel like they are seeing and talking to someone in the room.
In addition to these experiences, Apple announced a few partnerships the Vision Pro would support. For instance, Disney CEO Bob Iger joined the presentation on stage, declaring that the entertainment company’s streaming service Disney+ would be available on the Vision Pro at launch. Apple’s Vision Pro will launch in the US early next year.
Apple Stock
In premarket trading, Apple stock rose by 1% to $182 in anticipation of the big Vision Pro reveal. However, it fell to $179.21 in after-hours trading after hitting a high of $184.95 during active trading. AAPL has been trading in green so far, with a 2.37% increase over the last 5 days, 3.5% in 1 month, and nearly 15% over the past three months. AAPL’s 1-year and year-to-date (YTD) changes are 22.88% and 38.21%, respectively.
Apple’s last earnings report shows interesting figures, including $28.6 billion in operating cash flow, $23 billion to shareholders, and a cash dividend of $0.24 per share.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Observers are watching Apple stock, expecting that it would spike as Apple announces a new headset for augmented or virtual reality.
Apple Inc (NASDAQ: AAPL) stock is on track to open at a possible all-time high as the tech giant prepares to launch its first-ever augmented reality (AR) and virtual reality (VR) headset. The launch is considered by many as one of Apple’s most significant product launches in the company’s nearly 50-year history.
AAPL has climbed over 1% to more than $182 as the market pulses through premarket trading. So far, AAPL’s year-to-date (YTD) figures have risen 39,27%, with its 1-year gain at 23.82%, according to MarketWatch figures.
Apple’s figures seem relatively strong, especially considering its recent earnings report for Q2 2023. Interestingly, the iPhone maker reported a 3% year-over-year (YoY) decrease in quarterly revenue to $94.8 billion and $1.52 earnings per diluted share. However, CFO Luca Maestri said the company achieved $28.6 billion in operating cash flow. Maestri also said Apple returned more than $23 billion to shareholders during the quarter. The board of directors declared a common stock $0.24 per share cash dividend, a 4% increase.
Speaking on AAPL’s performance, DFD Partners’ chief executive officer Devon Drew said Apple is in a good place and is strong enough to withstand possible fluctuations. According to Drew:
“Even with how much it has risen, it still feels like a quality company, with a lot of cash, continued innovation, a fortress balance sheet, and a large customer base upgrading their products. It should continue to grow, but it can also weather any storm. That means it works in both risk-on and risk-off environments, and that makes me very excited to own it.”
If maintained, Apple’s price increase can give the company an added value of $16.5 billion.
Apple Stock to Benefit from AR/VR Headset Launch
The 2023 Apple World Wide Developers Conference (WWDC) kicks off today at the Apple Park campus in Cupertino, California. At the event, Apple plans multiple launches, including updates to its existing operating system and a new AR/VR headset.
Expected to cost around $3,000, the Reality Pro headset will have advanced eye and hand tracking, according to leaks. Users should be able to control objects or images simply by looking at it, and selecting by pinching the thumb and index fingers. The hardware will feature internal sensors to see the direction of the eyes, along with external cameras to pick up on hand movements.
MacRumors says the new headset’s performance will compete favorably with Macs. Also, although users can pair the headset with an iPhone for easy data transfer or typing, pairing will not be necessary for use. The headset should come with 4k high-res micro OLED displays, each with up to 3,000 pixels per inch.
Apple’s stock will likely benefit from the buzz surrounding the headset announcement and features likely to be publicized. The company has reportedly built a structure dedicated to providing a few attendees with demos.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
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Compared to Quest 2, the new Meta Quest 3 comes with a 49 percent slimmer optic profile, thus a more comfortable headset for users.
Meta Platforms Inc (NASDAQ: META) Chief Executive Officer Mark Zuckerberg unveiled the company’s next-generation virtual and mixed reality headset dubbed Meta Quest 3. According to the announcement, Meta Quest 3 is an upgrade of its predecessor with higher resolution, stronger performance, and much more Meta Reality technology. The company noted that the Meta Quest 3 is expected to hit the market later this year at a starting price of $499 for the 128 GB headset.
Meanwhile, the company added that it will offer additional storage at an undisclosed fee. The company teased that more details will be released during this year’s Meta Connect which is scheduled on September 27.
Meta Quest 3 Details
According to the company, Meta Quest 3 has combined the highest resolution display and pancake optics to offer the best content quality for its users. Furthermore, Meta Quest 3 has featured the next-generation Snapdragon chipset developed in collaboration with Qualcomm Incorporated (NASDAQ: QCOM). For comparison purposes, the Meta Quest 3 has more than twice the graphics performance of the Snapdragon GPU in Quest 2.
“Now you can play a virtual board game on your kitchen table with Demeo, decorate your living room with virtual art courtesy of Painting VR, or dive into a fully immersive world to do things that are simply not possible otherwise,” the company noted.
Compared to Quest 2, the new Meta Quest 3 comes with a 49 percent slimmer optic profile, thus a more comfortable headset for users. Notably, the company also redesigned Quest 3’s Touch Plus controllers with a more streamlined and ergonomic form factor. To immerse the users even more in the gaming world, Meta included TruTouch haptics that first debuted in Touch Pro. In addition to new library content, Meta Quest 3 is, ostensibly, compatible with the Quest 2 catalog of over 500 VR games, and applications.
Market Outlook
Following the announcement, Meta Platforms shares closed Thursday trading at $272.61, up 2.98 percent from the day’s opening price. The $678.52 billion valued company has seen its stock market rally approximately 126 percent YTD, according to the latest market data.
The launch of Quest 3 is a huge boost to the company’s VR products amid huge competition for Apple Inc (NASDAQ: AAPL).
Moreover, Apple is also slated to launch its VT headset next week as part of June’s WWDC event. Meanwhile, Meta announced that it has lowered the price of Quest 2 to $299.99 for the 128GB SKU and $349.99 for the 256GB SKU. Additionally, the company noted that the Quest 2 is slated to get a software update to spice up the user experience.
“Quest 2 and Quest Pro GPU and CPU. Quest 2 and Pro will see an up-to 26% CPU performance increase with an up-to 19% GPU speed increase for Quest 2 and 11% for Quest Pro,” the company noted.
Let’s talk crypto, Metaverse, NFTs, CeDeFi, and Stocks, and focus on multi-chain as the future of blockchain technology.
Let us all WIN!