Apple Inc. AAPL CEO Tim Cook On Wednesday met with U.K. Prime Minister Keir Starmer. The meeting came at a time when both Apple and Alphabet Inc.'s GOOG GOOGL Google are facing increased scrutiny in the country.
What Happened: Starmer shared a photo on X, formerly Twitter, underscoring the importance of collaboration with businesses to enhance the economy.
He praised Apple’s investment in the U.K. and the launch of Apple Intelligence and highlighted the strength of the U.K.’s tech sector.
See Also: How To Use Apple Watch As A Digital Key For Your Tesla Car
The meeting was part of a broader agenda to boost technology investments, a priority for the Prime Minister.
Apple has invested $23 billion (£18 billion) in the U.K. over the past five years, according to Starmer’s spokesperson, reported Reuters prior to the meeting.
Cook is also scheduled to meet with King Charles on Thursday to tour Apple’s U.K. headquarters in Battersea, south London.
Apple’s U.K. operations have expanded significantly, with engineering teams doubling in size over five years.
The company supports approximately 550,000 jobs in the U.K., with investments in Apple TV+ production and key technologies like Apple Intelligence and Private Cloud Compute.
Why It Matters: The meeting between Cook and Starmer occurs amid a backdrop of legal and regulatory challenges for Apple in the UK.
Last month, a consumer group, Which?, filed a £3 billion ($3.81 billion) legal claim against Apple, accusing the company of breaching U.K. competition law through its iCloud service.
The claim suggests that Apple has abused its market dominance by steering customers towards its integrated iCloud service without clearly presenting alternative cloud storage options.
The U.K.’s Competition and Markets Authority is also considering an investigation into the mobile browser market, focusing on Apple and Google.
This potential probe could further challenge the duopoly’s grip on the market, as the CMA has raised concerns about Apple’s policies potentially hindering innovation by restricting competitors from introducing new features on iPhones.
Price Action: Apple's stock fell by 0.52% on Wednesday, ending at $246.49. However, during pre-market trading on Thursday, it gained 0.18%, reaching $246.93. Year-to-date, Apple's shares have risen by 32.78%, slightly surpassing the Nasdaq 100 index's 31.55% gain over the same period, according to Benzinga Pro data.
Apple's average price target, based on assessments from 31 analysts, stands at $242.26. Wedbush set the highest target at $300 on Nov. 29. Latest ratings from Needham, Wedbush, and Morgan Stanley suggest an average target of $277.67, indicating a potential upside of 12.45%.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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