Apple, Inc. (NASDAQ:AAPL) reportedly pulled the plug on its self-driving car project, dubbed Project Titan, and this triggered a mixed reaction from the Street. An analyst, who weighed in on the development on Tuesday, has one big takeaway for companies.
What Happened: New Street Research analyst Pierre Ferragu, who is a Tesla, Inc. (NASDAQ:TSLA) bull, made note of Apple’s 10 years of “excruciating work” that went down the drain due to the rumored decision to shelve the Apple Car project.
The analyst said he previously viewed that Apple’s unrelated diversification into self-driving cars might be an exception. He suggested he may have been wrong. “Maybe the golden rule of tech applies: being very good at one thing doesn't make you good at any other,” he said.
Ferragu, who also covers Apple, has a ...