2024-06-16 20:00:00 ET
Summary
- Apple hit all-time highs based on AI excitement, though unjustified.
- The company won't release new AI features until iOS18 and primarily with the launch of the iPhone 16, which won't lead to material growth until FY26, if at all.
- The stock trades at 29x forward EPS targets, although analysts only forecast 6% revenue growth and 10% EPS growth for Apple in FY26.
While the stock market was hyped about the AI portion of the annual WWDC, Apple ( AAPL ) failed to deliver a compelling product. The stock quickly jumped to all-time highs, though the tech giant isn't even releasing a killer AI app. My investment thesis remains ultra-Bearish on the stock hitting all-time highs without any justification for the current stock price, much less higher prices....
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Apple: Intelligence Failure