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Apple (NASDAQ:AAPL) Stock, Quote.Headers.trade-ideas

Apple

Apple is among the largest companies in the world, with a broad portfolio of hardware and software products targeted at consumers and businesses. Apple's iPhone makes up a majority of the firm sales, and Apple's other products like Mac, iPad, and Watch are designed around the iPhone as the focal point of an expansive software ecosystem. Apple has progressively worked to add new applications, like streaming video, subscription bundles, and augmented reality. The firm designs its own software and semiconductors while working with subcontractors like Foxconn and TSMC to build its products and chips. Slightly less than half of Apple's sales come directly through its flagship stores, with a majority of sales coming indirectly through partnerships and distribution.

Steve Jobs: Perfect Every Detail

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French luxury mogul Bernard Arnault revealed that the late Steve Jobs sought his advice on Apple&#39;s retail strategy, leading to the successful launch of Apple&#39;s first store despite industry skepticism.

Steve Jobs Once Consulted Bernard Arnault When Apple Was Opening Its First Retail Store: French Luxury Tycoon Says &#39;It Proved To Be A Fantastic Success. When At The Time Many Of His Competitors…Saying It Would Never Work.&#39;

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IPGP

IPG Photonics (NASDAQ: IPGP) is slated to release its second-quarter 2024 results on Jul 30.

For the second quarter, the company anticipates sales in the range of $240-$270 million. Earnings per share are projected between 30 cents and 60 cents.

IPG Photonics to Post Q2 Earnings: What&#39;s in the Cards?

Technicals

Stock Of The Day: Apple Is In The Driver Seat

Apple Inc

French luxury mogul Bernard Arnault on Friday disclosed that the late Steve Jobs had once sought his counsel on the retail strategy for Apple (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), despite skepticism from industry rivals.
What Happened: While appearing on CNBC, Arnault reminisced about a conversation with Jobs when Apple was considering the launch of its first retail store. The late Apple co-founder intrigued by Arnault&#8217;s success with the luxury brand Vuitton, sought his views on the venture.
Arnault said that he suggested Jobs inaugurate the first Apple store at a prime location, hinting at emulating Vuitton&#8217;s strategy. The first Apple store was launched in Tokyo, directly across a Vuitton outlet on Ginza, and it turned out to be a massive success.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/39902838/broadcom-to-challenge-nvidia-dominance-analyst-says-jensen-huang-led-chip-giants-competitor-is-catch?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Broadcom To Challenge Nvidia Dominance? Analyst Says Jensen Huang-Led Chip Giant&#8217;s Competitor Is &#8216;Catchin</a>
Arnault said that Michael Dell, the founder of Dell Technologies, had expressed reservations about Apple&#8217;s direct retail strategy. &#8220;It proved to be a fantastic success. When, at the time, many of his competitors, I remember Dell, for instance, saying it would never work, these direct shops,&#8221; he stated.
During their interaction, Jobs also acknowledged the durability of Arnault&#8217;s products, contrasting it with the unpredictability of the tech industry&#8217;s success over time.
&#8220;He was very smart, obviously, and very creative also. But he told me, &#8216;You know, I like your products. And you have an advantage on me.&#8217; I said, &#8216;Well, which one?&#8217; &#8216;I don't know if my iPod will still be successful in 10 years. But what I know is your Dom Perignon will be sold in a century,'&#8221; Arnault said.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">.<a href="https://twitter.com/LVMH?ref_src=twsrc%5Etfw">@LVMH</a> Chairman and CEO Bernard Arnault on speaking with Steve Jobs when Apple was thinking about opening its first retail store: "It proved to be a fantastic success. When at the time many of his competitors, I remember [Michael] Dell for instance, saying it would never work." <a href="https://t.co/Ex3ypFMmzq">pic.twitter.com/Ex3ypFMmzq</a>
&mdash; Squawk Box (@SquawkCNBC) <a href="https://twitter.com/SquawkCNBC/status/1816819168617824402?ref_src=twsrc%5Etfw">July 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Why It Matters: Bernard Arnault&#8217;s advice to Steve Jobs came from his extensive experience in the luxury retail sector. His success with Vuitton is a testament to his understanding of the retail landscape.
The French luxury mogul currently has a net worth of $188 billion, making him the third wealthiest individual in the world, according to the Bloomberg Billionaire <a href="https://www.bloomberg.com/billionaires/">Index</a>. However, Arnault&#8217;s fortune has seen a <a href="https://www.benzinga.com/news/large-cap/24/07/39920045/arnaults-fortune-falls-as-lvmh-misses-on-earnings-zuckerberg-now-eyes-third-spot-on-billionaires-l">significant drop recently</a>. 
Earlier this week, it was reported that nearly half of Arnault's wealth is tied to his stake in LVMH-Moët Hennessy Louis Vuitton, which saw a nearly 5% decline in over-the-counter shares after earnings fell short of expectations.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/news/24/07/39947719/elon-musk-says-he-will-fight-mark-zuckerberg-any-place-any-time-any-rules-cage-match-vibes-anyone?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says He Will Fight Mark Zuckerberg &#8216;Any Place, Any Time, Any Rules&#8217; — &#8216;Cage Match&#8217; Vibes Anyone?</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock

Steve Jobs Once Consulted Bernard Arnault When Apple Was Opening Its First Retail Store: French Luxury Tycoon Says 'It Proved To Be A Fantastic Success. When At The Time Many Of His Competitors…Saying It Would Never Work.'

Raymond James analyst Srini Pajjuri maintains Apple (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) with a Outperform and raises the price target from $200 to $250.

Price Target

Raymond James Maintains Outperform on Apple, Raises Price Target to $250

In the stock market, different things are in the driver&#8217;s seat at different times. It can be a particular sector or industry. It could even be an important commodity like oil.
But sometimes, and can be just one individual stock that could influence the direction of the entire market. And that's the case now with Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>). That's why our team of trading experts made it our <a href="https://www.benzinga.com/topic/stock-of-the-day">Stock of the Day</a>.
When markets are headed down it's because they are out of equilibrium. There are more shares for sale than there are to buy. Because of this the price trends lower.
When they reach a support level, the tide turns. There is enough demand, or buy orders, to absorb all of the supply, or sell orders.
As you can see on the chart, after a nasty selloff, shares of <a href="https://www.benzinga.com/quote/AAPL">Apple</a> found support at the $218.00 level. At least for now, the price has stopped going lower.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="590" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/26114424/1-30-1024x590.png" alt="Apple Inc. (AAPL)" class="wp-image-459818" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/26114424/1-30-1024x590.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/26114424/1-30-300x173.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/26114424/1-30-768x442.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/26114424/1-30.png 1038w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read Also: <a href="https://www.benzinga.com/news/24/07/39984404/apple-joins-meta-and-google-pledges-support-for-bidens-ai-regulations">Apple Joins Meta And Google, Pledges Support For Biden&#8217;s AI Regulations</a>
There is a reason why there is support at this price. It was a resistance level in June, and levels that were previously resistance can convert into support. This is a common occurrence not just in the stock market, but it all financial markets.
This happens because there are traders and investors who sold their shares of AAPL when the stock was at resistance. At first, they thought they made a good decision because the stock moved lower after they did so.
But the price eventually moved above $218.00. When this happened, many of these sellers thought that they actually made a bad decision. Some vow that if the stock eventually reverses and falls back to their selling price, they will buy their shares back.
So as a result, now that AAPL has returned to this price these remorseful sellers are placing buy orders. And as for now, this large concentration of these orders has created support and put a floor underneath the shares.
If this support breaks it will mean the buyers have either finished or canceled their orders. This will set <a href="https://www.benzinga.com/24/07/39987363/market-clubhouse-morning-memo-july-26th-2024-trade-strategy-for-spy-qqq-aapl-msft-nvda-googl-meta-an">Apple</a> up for a move lower. And this could bring the entire market down
But if it holds, the market should be able to work its way higher. Right now, Apple is in the driver's seat and it's about to tell the market which way to go.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/07/39983210/feds-preferred-inflation-measure-shows-mixed-readings-personal-income-spending-fa">Fed&#8217;s Preferred Inflation Measure Shows Mixed Readings, Personal Income, Spending Fall: September Rate Cut Remains Likely</a></li>
</ul>

The Biden-Harris Administration revealed that the U.S. Department of Commerce and Amkor Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMKR#NASDAQ">AMKR</a>) <a target="_blank" href="https://www.commerce.gov/news/press-releases/2024/07/biden-harris-administration-announces-preliminary-terms-amkor" rel="noreferrer noopener">signed </a>a preliminary memorandum of terms to provide up to $400 million in funding under the CHIPS and Science Act.
This funding supports Amkor&#8217;s planned $2 billion semiconductor packaging facility in Peoria, Arizona, which is expected to create 2,000 jobs and boost the domestic semiconductor supply chain.
Amkor announced in November 2023 its plans to build its first domestic outsourced semiconductor <a href="https://www.benzinga.com//node/39978603">assembly and test facility in Peoria, Arizona.</a>
Amkor&#8217;s Arizona facility will utilize technology, including 2.5D technology crucial for AI and high-performance computing.
President Biden&#8217;s CHIPS and Science Act, a pivotal part of his Investing in America agenda, aims to revitalize U.S. semiconductor manufacturing, enhance supply chain security, and foster job creation.
The proposed funding will help Amkor build the largest advanced packaging facility in the U.S., supporting high-performance computing, AI, communications, and automotive markets.
Amkor has secured approximately 55 acres and intends to build the campus with more than 500,000 square feet of clean room space. The first phase of the manufacturing facility is targeted to be ready for production within three years.
Commerce Secretary Gina Raimondo highlighted the significance of this investment in meeting the rising demand for AI chips and securing economic and national security.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/07/39966756/intel-taps-micron-leader-to-strengthen-ai-chip-strategy" rel="noreferrer noopener">Intel Taps Micron Leader To Strengthen AI Chip Strategy</a>
This initiative ensures that companies like Taiwan Semiconductor Manufacturing Company Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>), Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), and GlobalFoundries Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GFS#NASDAQ">GFS</a>) can package and test essential chips domestically, reinforcing the entire chip manufacturing process within the U.S. 
Amkor plans to take advantage of the Department of the Treasury&#8217;s Investment Tax Credit, which is expected to be up to&nbsp;25%&nbsp;of qualified capital expenditures.
In addition to the proposed direct funding of up to $400 million, the CHIPS Program Office would make approximately $200 million of proposed loans, which is part of the $75 billion in loan authority provided by the CHIPS and Science Act, available to Amkor under the preliminary memorandum of terms.
Price Action: AMKR shares are trading lower by 0.75% at $37.90 at last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/news/24/07/39959836/amd-delays-desktop-cpu-zen-5-processor-launch-whats-going-on" target="_blank" rel="noreferrer noopener">AMD Delays Desktop CPU Zen 5 Processor Launch &#8211; What&#8217;s Going On?</a></li>
</ul>

Equities

Government

Regulations

AMKR

What's Going On With Amkor Technology Stock Today?

In a recent development, Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has committed to the voluntary artificial intelligence (AI) safeguards set by President Joe Biden&#8216;s administration.
What Happened: Along with Apple Inc., other industry giants such as OpenAI Inc., Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), and Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) have also pledged to test their AI systems for potential discriminatory tendencies, security flaws, or national security risks, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-07-26/apple-to-adopt-voluntary-ai-safeguards-established-by-biden?srnd=homepage-americas">reported</a> on Friday.
This commitment by Apple comes at a time when the company is gearing up to integrate OpenAI&#8217;s chatbot application, ChatGPT, into its voice-command assistant on iPhones. This decision has stirred up a controversy with Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk, who has <a href="https://www.benzinga.com/news/24/06/39347276/apples-ai-endeavors-ios-18-and-a-spat-with-elon-musk-this-week-in-appleverse">expressed concerns over security</a> and<a href="https://www.benzinga.com/general/social-media/24/06/39260415/musk-threatens-to-ban-apple-devices-from-tesla-spacex-over-openai-integration-unacceptable-s"> threatened to ban Apple</a> devices from his companies if the AI software is integrated at the operating system level.
See Also: <a href="https://www.benzinga.com/news/24/07/39926002/after-donald-trumps-recent-taiwan-statement-sent-shockwaves-japans-pm-kishida-reveals-new-bill-to-bo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">After Donald Trump&#8217;s Recent Taiwan Statement Sent Shockwaves, Japan&#8217;s PM Kishida Reveals New Bill To Boost AI And Chipmaking With Domestic Investment</a>
Why It Matters: Apple&#8217;s AI offerings, including the ChatGPT integration, are expected to <a href="https://www.benzinga.com/news/24/06/39349706/apples-ai-rollout-could-extend-beyond-fall-much-anticipated-chatgpt-integration-may-not-come-until-2">roll out gradually, w</a>ith some features not anticipated until 2025.
Apple plans to integrate its A18 chip into its <a href="https://www.benzinga.com/news/24/07/39904665/apple-plans-a18-chip-integration-to-bring-ai-features-to-iphone-16-its-entry-level-variants-and-ipad">upcoming entry-level iPhones</a> and iPads to enable them to run Apple Intelligence, the company&#8217;s suite of AI features.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/07/39927380/nvidia-tsmc-rival-texas-instruments-shares-surge-in-pre-market-after-beating-q2-estimates?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia, TSMC-Rival Texas Instruments Shares Surge In Pre-Market After Beating Q2 Estimates</a></li>
</ul>
Image via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

AMZN

GOOGL

MSFT

TSLA

Apple Joins Meta And Google, Pledges Support For Biden's AI Regulations

After the severe pounding the tech space received in the past three sessions, it might be rebound time. However, any recovery will largely hinge on whether key inflation data confirms the continued downward trajectory in pricing pressure. The major index futures are notably higher early Friday. Tamer inflation data could reinforce hopes of a September rate hike and more for the rest of the year, proving supportive of the market rally, especially amid the small-cap space.
Traders may also take cues from some quarterly reports as they nervously wait for next week&#8217;s earnings news flow from the likes of Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Amazon, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and the Federal Reserve&#8217;s rate-setting meeting.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.98%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.74%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.58%</td>
</tr>
<tr>
<td>R2K</td>
<td>+1.62%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Friday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) moved down 0.75% to $542.43, while the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 1.00% to $462.87, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Session:
U.S. stocks closed Thursday&#8217;s session on a mixed note, as early optimism generated by strong GDP data did not sustain throughout the session. Negative tech news weighed down on the Nasdaq Composite and the S&amp;P 500 indices, sending them notably lower for a third straight day. The former pulled back toward its lowest close since June 7, and the latter slumped to the lowest since June 11.
The 30-stock Dow Jones Industrials Average ignored a negative start and traded mostly above the unchanged line, with International Business Machine Co.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) 4%+ gain lending support.
Second-quarter GDP rose at an annualized quarter-over-quarter pace of 2.8%, faster than the 1.4% growth in the first quarter and the core PCE inflation slowed. Comerica Chief Economist Bill Adams commented on the report, &#8220;The GDP report will reassure the Fed that there's no need for immediate rate cuts.&#8221;
&#8220;The Fed is expected to hold their policy rate steady at next Wednesday's decision and signal a cut coming in September,&#8221; he added.
Energy, industrial and utility stocks gained ground in the session, while the IT and communication services stocks were among the biggest decliners.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-0.93%</td>
<td>17,181.72</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-0.51%</td>
<td>5,399.22</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.20%</td>
<td>39,935.07</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+1.26%</td>
<td>2,222.98</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Commenting on the recent market pullback, spearheaded by the tech stocks, LPL Chief Technical Strategist Adam Turnquist said, &#8220;Technical damage is beginning to mount for the broader market.&#8221;
Thursday&#8217;s decline led the S&amp;P 500 to break below key support at the 20-day moving average, violating a short-term uptrend. &#8220;Momentum confirmed the breakdown as select indicators turned bearish for the first time in several months, &#8221; he said.
Turnquist said the pullback was due to the weakness seen in mega-caps as well as the historically overbought conditions. &#8220;The good news is that there is still a lot of support in play before the S&amp;P 500's longer-term uptrend is challenged and strong momentum tends to be sustainable on a longer-term basis, although the path is not linear,&#8221; the strategist said.&#8217;
&#8220;Based on this backdrop, we recommend a neutral equities allocation and tactically buying dips once support is established and momentum improves.&#8221;
Upcoming Economic Data:
<ul>
<li>The Bureau of Economic Analysis is scheduled to release the personal income and spending report for June at 8:30 a.m. EDT. Economists, on average, expect personal income and spending to rise 0.4% and 0.3% on a month-over-month basis. This compares to May&#8217;s growth of 0.5% and 0.2%, respectively. The annual rate of the Personal Consumption Expenditure (PCE), the Fed&#8217;s preferred measure of inflation, is projected to remain at 2.6%, unchanged from the May reading. On a month-over-month basis, the personal consumption expenditure index may have increased by 0.1% compared to flat performance in May.</li>
<li>The University of Michigan will release the final consumer sentiment index for July at 10 a.m. EDT. The flash reading released in mid-July came in at 66, down from 68.2 in June. The report also comprises key inflation expectation readings.</li>
</ul>
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Stocks In Focus:
<ul>
<li>Deckers Outdoor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DECK#NYSE">DECK</a>) climbed over 11% in premarket trading following the company&#8217;s quarterly results. Boyd Gaming Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>) climbed over 5%, Mohawk Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MHK#NYSE">MHK</a>) climbed over 14% and DexCom, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DXCM#NASDAQ">DXCM</a>) plunged over 35%, all reacting to their earnings.</li>
<li>3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>), Barnes Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>), Bristol-Myers Squibb Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>), Newell Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWL#NASDAQ">NWL</a>), Colgate-Palmolive Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CL#NYSE">CL</a>) and Charter Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>) are among the key companies due to release their earnings reports ahead of the market open.</li>
<li>Tech stocks firmed up in premarket, led by Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Micron Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>), Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) and Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>).</li>
<li>Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) gained over 4.6% amid the strength in cryptos, while crypto mining stocks also gained ground.</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures pulled back after two straight sessions of gains, as they traded around $78_a-barrel, while gold futures rebounded from Thursday&#8217;s sharp pullback. The 10-year Treasury note yielded 4.242%, down 1.2 basis points. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) climbed over 5% and traded above the $67K mark.
The major Asian markets closed on a mixed note, with the Taiwanese market, which remained closed on Thursday, playing catchup with the losses in the region. The Japanese, Malaysian, New Zealand and Singaporean markets ended lower, while the remainder of the major markets advanced.
European stocks are higher in early trading on Friday.
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Image Via Shutterstock

Futures

Previews

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Federal Reserve

Pre-Market Outlook

Movers

$BTC

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CHTR

COIN

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DXCM

NVDA

US Stocks Look To End Week On High Note As Nvidia Leads Mega-Caps Higher In Premarket Ahead Of Key Inflation Data

<a href="https://www.bloomberg.com/news/articles/2024-07-26/apple-to-adopt-voluntary-ai-safeguards-established-by-biden?utm_content=business&amp;utm_campaign=socialflow-organic&amp;utm_medium=social&amp;utm_source=twitter&amp;cmpid=socialflow-twitter-business&amp;sref=y3YMCJ4e" title="https://www.bloomberg.com/news/articles/2024-07-26/apple-to-adopt-voluntary-ai-safeguards-established-by-biden?utm_content=business&amp;utm_campaign=socialflow-organic&amp;utm_medium=social&amp;utm_source=twitter&amp;cmpid=socialflow-twitter-business&amp;sref=y3YMCJ4e">https://www.bloomberg.com/news/articles/2024-07-26/apple-to-adopt-voluntary-ai-safeguards-established-by-biden?utm_content=business&amp;utm_campaign=socialflow-organic&amp;utm_medium=social&amp;utm_source=twitter&amp;cmpid=socialflow-twitter-business&amp;sref=y3YMCJ4e</a>

Bloomberg Reported Apple To Adopt Voluntary AI Safeguards Established By Biden

Epic Games has announced that its flagship game, Fortnite, will soon be available for download on Apple Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) iPhones and iPads <a href="https://www.benzinga.com/news/24/07/39654022/apple-approves-epic-games-marketplace-app-in-europe-amid-ongoing-feud">in the EU</a>. However, the company has also decided to pull out its game from Samsung Electronics&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) Galaxy Store.
What Happened: On Thursday, the Fortnite maker announced this latest development adding that the company plans to expand the availability of its mobile games, including Fortnite, to other app stores.
&#8220;We will be ending distribution partnerships with mobile stores that serve as rent collectors without competing robustly and serving all developers fairly, even if those stores offer us a special deal for our own games,&#8221; Epic said in a press release.
Epic also announced that its mobile games will be accessible on AltStore, a third-party store that permits side-loading, on iOS in the EU. The company also intends to extend support to at least two other third-party stores.
See Also: <a href="https://www.benzinga.com/news/24/07/39879895/if-youre-a-lawyer-for-crowdstrike-youre-probably-not-going-to-enjoy-the-rest-of-your-summer-say-dan?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8221;If You&#8217;re A Lawyer For Crowdstrike, You&#8217;re Probably Not Going To Enjoy The Rest Of Your Summer&#8217;</a>
Meanwhile, the company&#8217;s move to exit the Samsung Galaxy Store comes as a protest against the smartphone maker&#8217;s decision to prevent side-loading by default on Android devices.
&#8220;In sad news, we are today announcing that Fortnite and our other games will be leaving the Samsung Galaxy Store in protest of Samsung&#8217;s anticompetitive decision to&nbsp;block side-loading&nbsp;by default on Samsung Android devices,&#8221; Epic stated.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: The latest development comes amid the company&#8217;s ongoing legal battle with Apple. The gaming company has been challenging the high commissions on in-app purchases and the restriction on users to download apps only <a href="https://www.benzinga.com/news/24/07/39646883/fortnite-maker-epic-games-accuses-apple-of-blocking-its-game-store-launch">through the App Store</a>.
Earlier in July,&nbsp;Apple had approved Epic Games&#8217;&nbsp;marketplace app&nbsp;for&nbsp;iPhones and iPads in Europe. This came after <a href="https://www.benzinga.com/general/gaming/24/03/37517484/apple-terminates-epic-games-developer-account-in-ongoing-feud-over-app-store-fees">Epic accused the company</a> of obstructing its efforts to launch a game store on Apple devices.
The Epic Games Store will be launched globally on Android and iOS in the EU. The timeline for this, however, remains unspecified. Last month, Epic announced that the company&#8217;s marketplace and Fortnite will be <a href="https://www.benzinga.com/general/gaming/24/06/39340107/epic-games-store-and-fortnite-coming-to-ios-in-japan-by-late-2025">accessible on iOS in Japan</a> by late 2025.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Gaming

SSNLF

Fortnite Is Coming Back To Apple's iPhones, Including Alternative App Stores, But There's A Catch

Apple Vision Pro‌ has upped its Digital Crown virtual reality feature with the launch of a <a href="https://www.benzinga.com/news/24/07/39961795/apple-to-rally-around-10-here-are-10-top-analyst-forecasts-for-thursday">new virtual environment </a>that takes the user to a picturesque lake in Norway.
Digital Crown already provides a dozen virtual environments that serve as backdrops to whatever apps and images the user is viewing through the Apple Vision Pro headset. 
The new release follow&#8217;s Apple Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) announcement that Apple Vision Pro&#8217;s visionOS 2, which turns 2D images into 3D, will feature a Bora Bora environment later this year, MacRumors<a href="https://www.macrumors.com/2024/07/24/apple-vision-pro-lake-vrangla-environment/"> reported</a>.
Read Also: <a href="https://www.benzinga.com/news/earnings/24/07/39958982/apples-taiwanese-chip-supplier-ase-tech-clocks-modest-q2-growth-in-revenues">Apple&#8217;s Taiwanese Chip Supplier ASE Tech Clocks Modest Q2 Growth In Revenues</a>
The newest environment provides a pleasant foggy view of Lake Vrangla, a placid body of water near Oslo. It also showcases a calming sunset scene and videos that appear over the lake will reflect in the water.
Digital Crown provides a virtual alternative to the user&#8217;s actual surroundings, which Apple Vision Pro shows behind apps and other images via the headset&#8217;s passthrough cameras.
The new Lake Vrangla environment is available to users as a simple download that can be started from the Environments tab of Apple Vision Pro&#8217;s Home View, in either visionOS 1 or visionOS 2 beta.
Price Action: Apple slipped 0.48% to $217.49 on Thursday, while exchange-traded funds that track Apple also fell.
<ul>
<li>T-Rex 2X Long Apple Daily Target ETF (AAPX) slipped 1.24%.</li>
<li>Direxion Daily AAPL Bull 2X Shares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPU#NASDAQ">AAPU</a>) declined 0.98%.</li>
<li>Fidelity MSCI Information Technology Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTEC#NYSE">FTEC</a>) fell 0.90%.</li>
<li>Vanguard Information Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>) slid 0.94%.</li>
<li>IShares U.S. Technology ETF ARCA: IYW) lost 0.91%.</li>
</ul>
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Photo: Apple Vision Pro &#x7C; Photo courtesy: Apple

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Apple Vision Pro Launches New Lake-Setting Environment For Digital Crown VR

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders often look for circumstances when the market estimation of an option diverges away from its normal worth. Abnormal amounts of trading activity could push option prices to hyperbolic or underperforming levels. 
Below are some instances of options activity happening in the Information Technology sector: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>NVDA</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>07/26/24</td>
<td>$115.00</td>
<td>$362.9K</td>
<td>19.2K</td>
<td>226.1K</td>
</tr>
<tr>
<td>AMD</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>07/26/24</td>
<td>$140.00</td>
<td>$54.7K</td>
<td>10.4K</td>
<td>87.2K</td>
</tr>
<tr>
<td>AAPL</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>09/20/24</td>
<td>$230.00</td>
<td>$52.0K</td>
<td>48.3K</td>
<td>5.4K</td>
</tr>
<tr>
<td>SMCI</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>07/26/24</td>
<td>$710.00</td>
<td>$57.6K</td>
<td>326</td>
<td>5.3K</td>
</tr>
<tr>
<td>MSFT</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>09/20/24</td>
<td>$430.00</td>
<td>$62.1K</td>
<td>19.3K</td>
<td>2.0K</td>
</tr>
<tr>
<td>CRWD</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$200.00</td>
<td>$32.7K</td>
<td>886</td>
<td>1.4K</td>
</tr>
<tr>
<td>PLTR</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$33.00</td>
<td>$87.6K</td>
<td>3.2K</td>
<td>823</td>
</tr>
<tr>
<td>SNOW</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>08/02/24</td>
<td>$130.00</td>
<td>$30.5K</td>
<td>363</td>
<td>747</td>
</tr>
<tr>
<td>ARM</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>08/02/24</td>
<td>$170.00</td>
<td>$47.6K</td>
<td>6.0K</td>
<td>580</td>
</tr>
<tr>
<td>IREN</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$10.00</td>
<td>$26.0K</td>
<td>11.6K</td>
<td>555</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These itemized elaborations have been created using the accompanying table. 
• For NVDA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), we notice a call option trade that happens to be bullish, expiring in 1 day(s) on July 26, 2024. This event was a transfer of 1994 contract(s) at a $115.00 strike. The total cost received by the writing party (or parties) was $362.9K, with a price of $182.0 per contract. There were 19285 open contracts at this strike prior to today, and today 226173 contract(s) were bought and sold. 
• Regarding AMD (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), we observe a put option sweep with bearish sentiment. It expires in 1 day(s) on July 26, 2024. Parties traded 393 contract(s) at a $140.00 strike. This particular put needed to be split into 33 different trades to become filled. The total cost received by the writing party (or parties) was $54.7K, with a price of $140.0 per contract. There were 10425 open contracts at this strike prior to today, and today 87296 contract(s) were bought and sold. 
• For AAPL (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), we notice a call option trade that happens to be bearish, expiring in 57 day(s) on September 20, 2024. This event was a transfer of 100 contract(s) at a $230.00 strike. The total cost received by the writing party (or parties) was $52.0K, with a price of $520.0 per contract. There were 48305 open contracts at this strike prior to today, and today 5490 contract(s) were bought and sold. 
• Regarding SMCI (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>), we observe a call option sweep with bullish sentiment. It expires in 1 day(s) on July 26, 2024. Parties traded 50 contract(s) at a $710.00 strike. This particular call needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $57.6K, with a price of $1152.0 per contract. There were 326 open contracts at this strike prior to today, and today 5360 contract(s) were bought and sold. 
• Regarding MSFT (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), we observe a call option sweep with neutral sentiment. It expires in 57 day(s) on September 20, 2024. Parties traded 37 contract(s) at a $430.00 strike. This particular call needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $62.1K, with a price of $1675.0 per contract. There were 19316 open contracts at this strike prior to today, and today 2044 contract(s) were bought and sold. 
• Regarding CRWD (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>), we observe a put option trade with bullish sentiment. It expires in 148 day(s) on December 20, 2024. Parties traded 37 contract(s) at a $200.00 strike. The total cost received by the writing party (or parties) was $32.7K, with a price of $885.0 per contract. There were 886 open contracts at this strike prior to today, and today 1423 contract(s) were bought and sold. 
• For PLTR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>), we notice a call option sweep that happens to be bearish, expiring in 85 day(s) on October 18, 2024. This event was a transfer of 756 contract(s) at a $33.00 strike. This particular call needed to be split into 19 different trades to become filled. The total cost received by the writing party (or parties) was $87.6K, with a price of $116.0 per contract. There were 3202 open contracts at this strike prior to today, and today 823 contract(s) were bought and sold. 
• For SNOW (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>), we notice a call option trade that happens to be bearish, expiring in 8 day(s) on August 2, 2024. This event was a transfer of 65 contract(s) at a $130.00 strike. The total cost received by the writing party (or parties) was $30.5K, with a price of $470.0 per contract. There were 363 open contracts at this strike prior to today, and today 747 contract(s) were bought and sold. 
• Regarding ARM (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>), we observe a call option sweep with bullish sentiment. It expires in 8 day(s) on August 2, 2024. Parties traded 119 contract(s) at a $170.00 strike. This particular call needed to be split into 63 different trades to become filled. The total cost received by the writing party (or parties) was $47.6K, with a price of $400.0 per contract. There were 6022 open contracts at this strike prior to today, and today 580 contract(s) were bought and sold. 
• Regarding IREN (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IREN#NASDAQ">IREN</a>), we observe a call option trade with bullish sentiment. It expires in 113 day(s) on November 15, 2024. Parties traded 100 contract(s) at a $10.00 strike. The total cost received by the writing party (or parties) was $26.0K, with a price of $260.0 per contract. There were 11680 open contracts at this strike prior to today, and today 555 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more about unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Options

CRWD

IREN

PLTR

SMCI

SNOW

10 Information Technology Stocks Whale Activity In Today's Session

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-ratings/">analyst ratings page</a>.
<ul>
<li>Baird increased Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) price target from $200 to $240. Baird analyst William Power maintained an Outperform rating. Apple shares fell 0.1% to trade at $218.51 on Thursday. <a href="https://www.benzinga.com/quote/AAPL/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Truist Securities raised the price target for ServiceNow, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>) from $750 to $780. Truist Securities analyst Joel Fishbein maintained a Hold rating. ServiceNow shares gained 11.9% to trade at $817.75 on Thursday. <a href="https://www.benzinga.com/quote/NOW/analyst-ratings">See how other analysts view this stock.</a></li>
<li>JP Morgan cut the price target for Illinois Tool Works Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITW#NYSE">ITW</a>) from $275 to $267. JP Morgan analyst Tami Zakaria maintained an Overweight rating. Illinois Tool Works shares gained 1.4% to trade at $242.61 on Thursday. <a href="https://www.benzinga.com/quote/ITW/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Cantor Fitzgerald raised the price target for HCA Healthcare, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HCA#NYSE">HCA</a>) from $335 to $392. Cantor Fitzgerald analyst Sarah James maintained an Overweight rating. HCA Healthcare shares rose 2.6% to trade at $352.73 on Thursday. <a href="https://www.benzinga.com/quote/HCA/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Stifel boosted Thermo Fisher Scientific Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TMO#NYSE">TMO</a>) price target from $600 to $615. Stifel analyst Daniel Arias maintained a Buy rating. Thermo Fisher Scientific shares rose 3.3% to trade at $593.57 on Thursday. <a href="https://www.benzinga.com/quote/TMO/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Oppenheimer raised the price target for AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) from $21 to $23. Oppenheimer analyst Timothy Horan maintained an Outperform rating. AT&amp;T shares rose 2.1% to trade at $19.56 on Thursday. <a href="https://www.benzinga.com/quote/T/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Keefe, Bruyette &amp; Woods raised Renasant Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RNST#NYSE">RNST</a>) price target from $34 to $36. Keefe, Bruyette &amp; Woods analyst Catherine Mealor maintained a Market Perform rating. Renasant shares fell 1% to trade at $35.55 on Thursday. <a href="https://www.benzinga.com/quote/RNST/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Canaccord Genuity boosted Boston Scientific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSX#NYSE">BSX</a>) price target from $83 to $88. Canaccord Genuity analyst William Plovanic maintained a Buy rating. Boston Scientific shares fell 1.6% to trade at $76.53 on Thursday. <a href="https://www.benzinga.com/quote/BSX/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Barclays cut NICE Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NICE#NASDAQ">NICE</a>) price target from $320 to $286. Barclays analyst Tavy Rosner maintained an Overweight rating. NICE shares gained 0.6% to trade at $181.99 on Thursday. <a href="https://www.benzinga.com/quote/NICE/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Baird cut Amphenol Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APH#NYSE">APH</a>) price target from $72 to $70. Baird analyst Luke Junk maintained an Outperform rating. Amphenol shares rose 0.2% to trade at $62.12 on Thursday. <a href="https://www.benzinga.com/quote/APH/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39954998/over-1m-bet-on-united-security-bancshares-check-out-these-3-stocks-insiders-are-buying">Over $1M Bet On United Security Bancshares? Check Out These 3 Stocks Insiders Are Buying</a></li>
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Apple To Rally Around 10%? Here Are 10 Top Analyst Forecasts For Thursday

Editor&#8217;s Note: The headline of this article was corrected; it previously mentioned Apple Earnings instead of Alphabet. Note that Apple's third-quarter earnings are scheduled for Thursday, Aug. 2.
The recent tech stock selloff has raised concerns about Wall Street&#8217;s vulnerability to a potential downturn in the Big Tech trade, prompting investors to reconsider their portfolio composition.
What Happened: The market experienced a selloff triggered by disappointing quarterly reports from Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Google-parent Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), causing the tech-heavy Nasdaq Composite to drop 3.6% in its worst day since October 2022.
Senior portfolio manager at GLOBALT, Thomas Martin, indicated that Tesla&#8217;s results served as a wake-up call for investors who realized their portfolios were heavily weighted towards information technology and growthier type companies, Reuters reported. 
&#8220;This was the hair trigger for people saying, &#8216;Wow, I&#8217;ve got way too much exposure to information technology and growthier type companies,'&#8221; he said.
&nbsp;&#8220;The trade &#8230; is to get more diversified.&#8221;
 Jake Dollarhide, chief executive officer of Longbow Asset Management, added, &#8220;We set the bar too high on earnings. Even Alphabet&#8217;s earnings beat, but the market obviously wasn&#8217;t impressed and they didn&#8217;t beat by enough.&#8221;
The selloff follows a prolonged rally in tech and growth companies, including Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), and Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), driven by optimism about artificial intelligence technology. These megacap stocks, along with Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), have accounted for approximately a third of the S&amp;P 500&#8217;s 14% gain in 2024.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39923307/senator-cynthia-lummis-slams-biden-administrations-dangerous-scheme-to-impose-30-tax-on-bi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Senator Cynthia Lummis Slams Biden Administration&#8217;s &#8216;Dangerous Scheme&#8217; To Impose 30% Tax On Bitcoin Mining, Call It &#8216;Blatant Attack&#8217; On American Excellence</a>
However, as share prices soared, concerns grew over companies&#8217; stretched valuations, drawing comparisons to <a href="https://www.benzinga.com/top-stories/24/07/39601364/ai-surge-sparks-fears-of-dot-com-like-bubble-burst">the dot-com bubble</a> of more than two decades ago. The S&amp;P 500 is trading near 22 times expected earnings, its highest in over two years, and well above its 10-year average of 18.
Signs of nervousness around tech stocks have been evident in recent weeks, with hedge funds reducing their market exposure amid fears that gains from earlier this year could evaporate if sentiment around tech stocks changed.
However, some like Tim Ghriskey, senior portfolio strategist at New York-based Ingalls &amp; Snyder, feel the pullback is a short-term phenomenon and could reverse &#8220;if we see some good numbers in the coming days.&#8221;
Why It Matters: The recent tech selloff has had a significant impact on key tech suppliers. For instance, South Korea's SK Hynix, a major supplier to NVIDIA, saw its<a href="https://www.benzinga.com/markets/asia/24/07/39948132/key-nvidia-supplier-sk-hynix-stock-drops-nearly-8-following-us-tech-sell-off-despite-record-quarterl"> stock drop nearly 8% </a>following the U.S. tech sell-off, despite reporting its highest quarterly profit since 2018.
The disappointing earnings from mega tech companies have wiped out <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39938672/us-stocks-tumble-magnificent-7-wipe-out-570-billion-as-mega-tech-earnings-disappoint-vix-s">over $570 billion </a>in their combined market valuation, with Tesla shares plummeting over 11% after missing earnings expectations.
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Image via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Analyst Color

Tesla, Alphabet Selloff After Recent Earnings Was A 'Hair Trigger' For Investors To Rethink Tech-Heavy Portfolios: 'We Set The Bar Too High' (CORRECTED)

ASE Technology Holding Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ASX#NYSE">ASX</a>) reported&nbsp;a&nbsp;fiscal second-quarter 2024 net revenue growth of 2.9% year-on-year to 140.24 billion New Taiwan dollars&nbsp;($4.35 billion), missing the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/n39949765/ase-technology-holding-co-ltd-reports-its-unaudited-consolidated-financial-results-for-the-second-" rel="noreferrer noopener">analyst consensus estimate of $4.51 billion</a>.&nbsp;The revenue&nbsp;of the Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) chip supplier grew by 5.6%&nbsp;quarter-on-quarter.
Net revenues for ATM (assembly, testing, and material) business was 77.81 billion New Taiwan dollars, up by 2.2% Y/Y and 5.3% Q/Q.&nbsp;
EMS (electronic manufacturing services) net revenues were 62.91 billion New Taiwan dollars, up by 4.1% Y/Y and 6.0% Q/Q.
Gross margin increased by 70 bps Q/Q to 16.4%. The operating margin grew by 70 bps Q/Q to 6.4%.
Diluted EPS was 1.75 New Taiwan dollars&nbsp;(or $0.109 per ADS) versus&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus estimate of $0.110</a>.
Capital expenditures totaled $406 million.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/25034653/newplot-61.png" alt="" class="wp-image-456057" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/25034653/newplot-61.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/25034653/newplot-61-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Earlier in July, ASE Technology opened its second testing facility in San Jose, California, to enhance its advanced chip testing capabilities to meet growing customer needs for artificial intelligence (AI) and high-performance computing (HPC). ISE Labs Inc, a wholly owned subsidiary of ASE, will manage this new facility, the Taipei Times <a target="_blank" href="https://www.taipeitimes.com/News/biz/archives/2024/07/13/2003820719" rel="noreferrer noopener">reported</a>.
ISE Labs has invested about $500 million in its U.S. labs, and plans to invest around $200 million in the San Jose facility.
In April, ASE Technology increased its capital spending by 10% from an earlier estimate of $2.1 billion to meet growing demand.
It also plans to allocate a larger portion of its budget to the chip testing business, increasing it to 24% from the original 18%. ASE Technology is also exploring potential locations for advanced chip packaging capacity in the U.S., Japan, and Mexico.
ASE Technology stock gained over 37% in the last 12 months.
Price Action: At the last check on Thursday, ASX shares traded lower by 0.38% at $10.56 premarket.
Photo via Shutterstock

Media

Apple's Taiwanese Chip Supplier ASE Tech Clocks Modest Q2 Growth In Revenues

STMicroelectronics NV&nbsp;(NYSE:&nbsp;STM) reported&nbsp;a fiscal second-quarter 2024 revenue decline of 25.3% year-on-year to $3.23 billion, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/g39948903/stmicroelectronics-reports-2024-second-quarter-financial-results" rel="noreferrer noopener">analyst consensus estimate of $3.20 billion</a>.&nbsp;
The Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) supplier&#8217;s EPS of $0.38 beat the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus estimate of $0.36</a>.
Sales to OEMs decreased by 14.9% Y/Y, and Distribution sales fell&nbsp;by 43.7% Y/Y.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/25031229/newplot-60.png" alt="" class="wp-image-455979" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/25031229/newplot-60.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/25031229/newplot-60-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Analog products, MEMS, and&nbsp;Sensors (AM&amp;S) segment revenue declined 10.0% Y/Y to $1.17 billion, mainly&nbsp;due to a decrease in Imaging.
Power and&nbsp;Discrete&nbsp;products (P&amp;D) segment revenue decreased 24.4% Y/Y to $747 million.
The microcontrollers (MCU) segment revenue decreased 46.0% year over year to $800 million, mainly&nbsp;due to a decrease in GP MCU.
Digital&nbsp;ICs and RF products (D&amp;RF) segment revenue decreased 7.6%&nbsp;Y/Y&nbsp;to $516 million due to a decrease in ADAS.
Margins: The gross margin declined by 890 bps to 40.1%, mainly due to the combination of the sales price, product mix, and unused capacity charges. The operating margin decreased by 1,490 bps to 11.6%.
STMicroelectronics generated $159 million in free cash flow and held $6.3 billion in cash and equivalents as of June 29, 2024. It generated an operating cash flow of $702 million.
Jean-Marc Chery, ST President &amp; CEO, commented: &#8220;Q2 net revenues were above the midpoint of our business outlook range driven by higher revenues in Personal Electronics, partially offset by lower than expected revenues in Automotive. Gross margin was in line with expectations.&#8221;
&#8220;During the quarter, contrary to our prior expectations, customer orders for Industrial did not improve and Automotive demand declined.&#8221;
Outlook: STMicroelectronics expects fiscal third-quarter 2024 revenue of $3.25 billion, a decrease of about 0.6% sequentially, plus or minus 350 bps (<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">consensus $3.58 billion</a>). The company expects a gross margin of 38.0%, plus or minus 200 bps.
It now expects fiscal 2024 revenue of $13.2 billion &#8211; $13.7 billion (<a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38430303/not-all-chipmakers-are-doing-great-stmicroelectronics-lowers-annual-outlook-after-q1-performance" rel="noreferrer noopener">prior $14 billion&nbsp;– $15&nbsp;billion</a>) versus consensus of $14.34 billion and a gross margin of 40% (prior in the low 40%).
During the first-quarter print, the company maintained a net Capex outlook of $2.5 billion for fiscal 2024.&nbsp;
STMicroelectronics stock plunged 23.4% in the last 12 months.
Price Action: STM shares traded lower by 13.01% at $34.41 premarket at the last check on Thursday.
Photo by Michael Vi via Shutterstock

Guidance

Tesla, Apple Chip Supplier STMicroelectronics Q2 Earnings Hit by Weakness in Industrial and Automotive Sectors, Stock Plunges

Apple Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) troubles in China continue, with the iPhone maker witnessing a decline in its market share in China, dropping from third place to sixth in the country, while Huawei Technologies has seen a significant increase in smartphone shipments, as per the latest data.
What Happened: Apple&#8217;s market share in China dropped to 14% in Q2 2024, a decrease of two percentage points from the same period last year, according to data from Canalys, reported Reuters.
Conversely, Huawei experienced a 41% year-on-year increase in smartphone shipments in the same quarter, largely attributed to the launch of its new <a href="https://www.benzinga.com/news/24/05/38723677/us-sanctioned-huawei-brags-chinas-tech-self-sufficiency-with-latest-smartphone-built-with-more-homem">Pura 70 series</a> in April.
This growth comes amid U.S. sanctions that have disrupted Huawei&#8217;s access to the global chipset supply chain.
Read Also: <a href="https://www.benzinga.com/news/24/07/39929189/elon-musk-agrees-with-mark-zuckerberg-on-apple-tesla-ceo-wonders-how-many-enemies-he-can-make-and-su?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Agrees With Mark Zuckerberg On Apple, Tesla CEO Wonders How Many Enemies He Can Make And Survive</a>
Lucas Zhong, a research analyst at Canalys, stated, &#8220;Domestic manufacturers have demonstrated market leadership, occupying the top five positions in the mainland Chinese market for the first time in history.&#8221;
He also noted that Apple is under growth pressure in the Chinese market and is actively focusing on optimizing channel management.
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Why It Matters: Apple's decline in China comes after a series of events that have impacted the iPhone maker's market position in China.
In April, Telegram Messenger founder Pavel Durov criticized Apple&#8217;s strict App Store policies, suggesting that they <a href="https://www.benzinga.com/news/24/04/38354891/apple-shot-itself-in-the-foot-telegram-founder-says-cupertino-iphone-market-share-in-china-will-keep">could lead to a further decline</a> in iPhone market share in China.
In May, Apple CEO Tim Cook <a href="https://www.benzinga.com/news/24/05/38605055/apple-ceo-tim-cook-says-china-is-the-most-competitive-market-in-the-world-as-iphone-sales-take-a-hit">acknowledged the challenges</a> faced by the company in China, attributing underwhelming quarterly results to a drop in demand in the country and fierce competition from Huawei.
Later in June, <a href="https://www.benzinga.com/markets/asia/24/06/39434301/apples-ai-strategy-faces-hurdles-in-china-talks-with-local-firms-are-ongoing">Apple sought a local partner in China</a> to integrate artificial intelligence (AI) functions into its devices sold in the region.
Despite these challenges, Apple has increased its discounting efforts this year, launching an <a href="https://www.benzinga.com/news/24/05/38915046/tim-cook-feels-chinas-homegrown-heat-as-apple-slashes-iphone-prices-second-time-this-year-in-asian-n">aggressive campaign in May</a> with price cuts of up to $318 on select iPhone models.
However, analysts expect Huawei&#8217;s strong performance to continue throughout the year, with TechInsights projecting that Huawei&#8217;s overall smartphone shipments in China will exceed 50 million units in 2024.
Price Action: Apple&#8217;s shares were down 0.70% in premarket trading on Thursday, after closing 2.88% lower on Wednesday at $218.54, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Check out more of Benzinga&#8217;s Future Of Consumer Tech by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link.</a>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Global

Apple Drops From 3rd To 6th In China Amid Intensifying Competition, Huawei Shipments Surge 41% In Q2: Report

Privacy executives at Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) have reiterated the tech giant&#8217;s commitment to user privacy, terming it as a &#8220;fundamental human right.&#8221;
What Happened: In an interview with YouTuber Andru Edwards that was posted on his channel on Wednesday, two Apple executives&nbsp;Katie Skinner&nbsp;and&nbsp;Sandy Parakilas&nbsp;discussed the company&#8217;s strategies for preserving user privacy. 
The conversation spanned a variety of topics, including Apple&#8217;s balancing act between privacy and the development of advanced features, and the role of Apple Intelligence in this regard.
While the interview did not reveal any new information, it provided a comprehensive overview of Apple&#8217;s privacy protection measures and beliefs. The Apple privacy team members offered detailed responses to all queries, upholding the company&#8217;s long-standing stance on privacy.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/39927380/nvidia-tsmc-rival-texas-instruments-shares-surge-in-pre-market-after-beating-q2-estimates?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia, TSMC-Rival Texas Instruments Shares Surge In Pre-Market After Beating Q2 Estimates</a>
At the beginning of the interview, Parakilas said, &#8220;The way we think about privacy at Apple is we think it is a fundamental human right.&#8221; He added that they think companies should always ask users for permission before using their data and be transparent about their intentions.
Apple is gearing up to launch&nbsp;its <a href="https://www.benzinga.com/news/24/07/39768442/6-new-hidden-iphone-features-you-probably-havent-discovered-yet-on-ios-18">new operating systems</a>, including&nbsp;iOS 18, this fall. These systems will introduce new privacy features such as&nbsp;the ability to hide apps,&nbsp;a new Passwords app, and&nbsp;per-app Contacts permissions similar to Photos.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: This reaffirmation of Apple&#8217;s commitment to privacy comes in the wake of recent controversies. In June, at the <a href="https://www.benzinga.com/news/24/06/39256948/tim-cook-announces-apple-intelligence-for-iphones-calls-it-next-big-step-tremendously-excited">WWDC 2024 keynote</a>, Apple announced a partnership with Microsoft Corp.-backed OpenAI to integrate ChatGPT into iOS 18, iPadOS 18, and macOS 15 Sequoia.
Soon after the announcement, Tesla Inc. CEO Elon Musk <a href="https://www.benzinga.com/news/24/06/39264633/as-elon-musk-blasts-apples-partnership-with-chatgpt-parent-openai-analysts-say-theres-definitely-an">criticized the partnership</a> saying that he would prohibit Apple devices in his companies if the tech giant integrated OpenAI at the operating system level.
Later during the same month, it was reported that <a href="https://www.benzinga.com/news/24/06/39470144/apple-reportedly-said-no-to-metas-offer-for-iphone-ai-integration-due-to-privacy-policy-concerns">Apple rejected&nbsp;a proposal</a> from Meta to integrate its AI chatbot, Llama, into the iPhone, citing concerns over the company&#8217;s privacy practices. 
This decision led to a public spat with Meta&#8217;s CEO Mark Zuckerberg, who has now&nbsp;<a href="https://www.benzinga.com/news/24/07/39926076/mark-zuckerberg-slams-tim-cooks-apple-after-cupertino-reportedly-rejected-its-iphone-ai-partnership">criticized&nbsp;Apple&#8217;s &#8220;soul-crushing&#8221;</a> tactics in an interview posted earlier this week. 
Zuckerberg said, &#8220;It is somewhat soul-crushing to go build something that you think is going to be good and then just get told by Apple you can't ship it because they&nbsp;wanted to put us in&nbsp;a box because they view&nbsp;us as competitive.&#8221;
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Talking Privacy with Apple - Are Your Secrets Safe?" width="500" height="281" src="https://www.youtube.com/embed/1YOi0r3vptQ?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Apple

Apple Reiterates Privacy As Core 'Human Right' Amid Growing Concerns About AI Integration And Mark Zuckerberg Accusing iPhone-Maker Of Wanting To Put Meta 'In A Box'

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is reportedly planning to discontinue the iPhone 17 Plus model and introduce an <a href="https://www.benzinga.com/news/24/05/38900479/apple-plans-for-thinner-more-expensive-iphone-17-in-2025">ultra-slim variant in the second half of 2025</a>.
What Happened: The iPhone&#8217;s Plus model, which currently accounts for only 5-10% of total new iPhone shipments, will be phased out, according to a <a href="https://medium.com/@mingchikuo/%E9%97%9C%E6%96%BC2h25%E6%96%B0%E6%AC%BEiphone-17%E7%94%A2%E5%93%81%E7%B5%84%E5%90%88%E8%88%87%E8%B6%85%E8%96%84iphone-17%E7%9A%84%E9%A0%90%E6%B8%AC%E8%88%87%E5%88%86%E6">report</a> by Ming-Chi Kuo, a prominent analyst at TF Securities. 
Kuo suggests that the Plus model has become redundant due to the comprehensive coverage of high-end market segments by the standard, Pro, and Pro Max models.
The new ultra-slim model is not intended to replace the Plus model but rather to explore new design trends beyond the existing iPhone lineup.
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Emphasizing innovative form factor design over hardware specifications, the ultra-slim iPhone 17 is expected to feature a 6.6-inch screen, an A19 chip (with the higher-end iPhones using the A19 Pro), a titanium-aluminum alloy metal frame, Apple&#8217;s in-house 5G chip, and a single rear camera (wide camera), according to Kuo.
Apple did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
See Also: <a href="https://www.benzinga.com/news/24/07/39929189/elon-musk-agrees-with-mark-zuckerberg-on-apple-tesla-ceo-wonders-how-many-enemies-he-can-make-and-su" target="_blank" rel="noreferrer noopener">Elon Musk Agrees With Mark Zuckerberg On Apple, Tesla CEO Wonders How Many Enemies He Can Make And Survive</a>
Why It Matters: Apple&#8217;s iPhone 17 lineup has been the subject of much speculation and scrutiny. Kuo recently cast doubt on the anticipated surge in iPhone 16 sales, stating that Apple had not ramped up its iPhone 16 orders, contrary to certain reports. 
This observation followed the latest earnings reports from Apple suppliers Taiwan Semiconductor and Largan Co. Ltd., neither of whom reported an <a href="https://www.benzinga.com/news/24/07/39852904/iphone16-projections-questioned-ming-chi-kuo-says-expecting-apple-intelligence-to-drive-sales-may-be">increase in unit growth,</a> raising questions about the future of Apple&#8217;s smartphone sales.
Earlier, Kuo had also predicted a 5% YoY fall in iPhone 16 shipments and suggested that the unveiling of iOS18 at Apple&#8217;s WWDC 2024 might have a <a href="https://www.benzinga.com/news/24/06/39244134/ming-chi-kuo-says-iphone-16-shipments-to-fall-5-yoy-ios18s-unveiling-at-apples-wwdc-2024-will-have-l">limited impact on replacement demand</a>. He emphasized that the key to hardware growth lies in whether the AI services have &#8220;unique and sustainable competitive advantages.&#8221;
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Image Via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Apple To Discontinue iPhone 17 Plus In Favor Of An Ultraslim Version, Says Prominent Tipster

Baird analyst William Power maintains Apple (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) with a Outperform and raises the price target from $200 to $240.

Baird Maintains Outperform on Apple, Raises Price Target to $240

Taiwan&#8217;s Premier Cho Jung-tai has announced a sweeping economic and social reform plan, aiming to attract nearly $100 billion in investments. This comes after former President Donald Trump said <a href="https://www.benzinga.com/news/24/07/39807774/trump-says-taiwan-should-pay-us-for-defense-ex-presidents-remark-triggers-fall-in-tsmc-shares">&#8220;Taiwan should pay us for defense.&#8221;</a>
What Happened: The reform plan would focus on energy, artificial intelligence, and infrastructure. The strategy includes appealing to Taiwanese investors disillusioned with conducting business in China, a trend the government aims to capitalize on, said Premier Cho in an <a href="https://asia.nikkei.com/Editor-s-Picks/Interview/Taiwan-s-premier-pushes-100bn-economic-reform-unfazed-by-opposition">interview</a> with Nikkei Asia.
The plan is in line with President Lai Ching-te&#8216;s vision of a &#8220;smarter, forward-looking sustainability,&#8221; exploring ocean and space industries, and enhancing Taiwan&#8217;s global presence.
Despite the opposition&#8217;s majority in parliament, Cho is determined to push forward with the reform, which aims to revitalize the Democratic Progressive Party following Lai&#8217;s re-election in January.
The plan includes the establishment of an Economic Development Commission, chaired by Cho, to oversee a $100 billion investment in development.
See Also: <a href="https://www.benzinga.com/news/24/07/39880470/elon-musk-pushes-back-optimus-timeline-says-teslas-humanoid-robot-will-hopefully-be-available-for-ot?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Pushes Back Optimus Timeline, Says Tesla&#8217;s Humanoid Robot Will &#8216;Hopefully&#8217; Be Available For Other Companies By 2026</a>
Cho also emphasized the need to address concerns over livelihoods and housing and to attract Taiwanese investors who have turned away from China&#8217;s business environment. He stated, &#8220;China is no longer an attractive investment environment from a legal or political point of view. Many Taiwanese companies are coming back to Taiwan.&#8221;
Another top priority for Cho is energy security. From 2023 to 2026, many existing power plants are scheduled to shut down, making it a critical period. 
Next year, the last reactor at Taiwan&#8217;s Third Nuclear Power Plant is scheduled for retirement. However, Cho indicated that a proposal to extend nuclear service should have been made five years ago. While the government is open to exploring future atomic energy systems, he emphasized that &#8220;tomorrow&#8217;s technologies won&#8217;t help our power demand today.&#8221;
The urgency has intensified as NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), the world&#8217;s leading AI chip developer, along with contract manufacturer and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) biggest iPhone assembler Foxconn Technology Group and server maker Super Micro Computer Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>), announced plans to build new supercomputer or AI data centers in Taiwan. Additionally, Taiwan Semiconductor Mfg. Co. Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) and other chipmakers are expanding their capacity.
Why It Matters: The announcement comes at a critical time for Taiwan, which is <a href="https://www.benzinga.com/news/24/07/39878513/nvidia-apple-supplier-tsmc-and-other-us-listed-taiwan-stocks-trading-lower-in-pre-market-after-biden">navigating complex geopolitical</a> and economic challenges. 
Recently, U.S. President Joe Biden&#8216;s withdrawal from the presidential race led to a dip in shares of major Taiwanese companies like TSMC. This underscores the volatility and sensitivity of Taiwan&#8217;s market to international political events. Former President Donald Trump&#8216;s recent comments suggesting <a href="https://www.benzinga.com/markets/equities/24/07/39837493/trump-says-taiwan-should-pay-for-its-defense-to-us-but-if-china-invades-taipei-it-will-be-catast">Taiwan should pay for its defense</a> have raised concerns about the future of U.S. support. 
Moreover, the rapid growth of AI technologies is putting pressure on Taiwan&#8217;s infrastructure. Chief Telecom&#8216;s President Jacky Liu has called for a <a href="https://www.benzinga.com/news/24/07/39810790/as-nvidia-microsoft-and-google-lead-ai-boom-taiwans-chief-telecom-president-calls-for-entirely-new-d">complete redesign of data centers</a> to meet the demands of AI computing, highlighting the urgent need for infrastructure upgrades.
President Lai Ching-te has also publicly thanked Micron Technology Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) CEO for ongoing <a href="https://www.benzinga.com/news/24/07/39748984/taiwans-president-expresses-gratitude-to-micron-ceo-for-ongoing-investment">investments in Taiwan</a>, emphasizing the importance of foreign investment in sustaining Taiwan&#8217;s technological edge.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39883138/trump-vs-harris-first-poll-post-biden-exit-shows-majority-approval-potential-impact-on-tru?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump vs. Harris: First Poll Post-Biden Exit Shows Majority Approval; Potential Impact On Trump&#8217;s Chances; US Cybersecurity Official Criticizes CrowdStrike&#8217;s Faulty Microsoft Windows Update &#8211; Top Headlines Today</a></li>
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Image Via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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As more investors take some AI stock profits off the table, those seeking to bet on the next boom phase may just have an opportunity to do so at a slight discount. Of course, buying dips and braving corrections can come with near-term risks. Some edge <a href="https://investorplace.com/industries/technology/artificial-intelligence/">AI stocks</a> seem to be a better deal today than just over a week ago, when the AI trade was close to its peaks.



As large language models (LLMs) shrink, perhaps by enough to fit on consumer devices, it will become even harder to avoid the buzz surrounding personalized AI on the edge and the unique slate of hardware that powers it. While the next few weeks will be bumpy for stocks as investors sour over big-tech earnings, the long-term trajectory seems promising enough to watch the top firms at or close to the AI edge. 



In this piece, we&rsquo;ll check out three of the best edge AI stocks worth buying or watching on the way down.



<h2>Amazon (AMZN)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2024/07/amzn1600-300x169.png" alt="Amazon logo on smartphone screen with blurred Amazon delivery or shipping boxes in the background. AMZN stock"><div>Source: QubixStudio / Shutterstock.com</div></div>Amazon (NASDAQ:<a href="https://investorplace.com/stock-quotes/amzn-stock-quote/">AMZN</a>) is already one of the kings of at-home AI, with an Echo device now found in many homes nationwide. Indeed, the Echo is home to Alexa, a helpful (but painfully dated) AI assistant about to get a big facelift as Amazon seeks to keep up with its top rival in the home, Apple (NASDAQ:<a href="https://investorplace.com/stock-quotes/aapl-stock-quote/">AAPL</a>).



Apple Intelligence is right around the corner, and it could push the iPhone maker from &ldquo;catching up on AI&rdquo; to leading the race on the edge. At this juncture, there are no plans for Apple Intelligence to come to HomePod, Apple&rsquo;s Siri-enabled home speaker. However, it only makes sense that future versions of HomePod incorporate hardware to support Apple Intelligence. 



Either way, Amazon seems to be in a race to catch up to Apple right now. The <a href="https://www.theverge.com/2024/6/13/24177664/amazon-llm-alexa-delayed-fortune">new LLM-enabled Alexa</a> will be playing from behind. That said, a few years down the road, perhaps the Echo will be the alternative edge AI device, smart enough to give Apple a good run.



<h2>Apple (AAPL)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/09/aapl1600-300x169.png" alt="Apple (AAPL) logo brand and text sign on entrance facade store American multinational boutique corporation dealership shop. Apple Layoffs"><div>Source: sylv1rob1 / Shutterstock.com</div></div>When it comes to investing in AI on the edge, it&rsquo;s hard not to mention Apple. The company is readying to launch its most AI-capable phone later this year. And while it&rsquo;s likely to be the best, if not one of the best, AI phones on the market come launch, the big question is whether it&rsquo;ll induce enough demand to power what some may refer to as a &ldquo;supercycle.&rdquo; 



Much-respected Apple analyst Ming-Chi Kuo <a href="https://bgr.com/tech/apple-intelligence-wont-be-enough-for-an-iphone-16-supercycle-top-insider-suggests/">believes</a> that iPhone 16 demand expectations &ldquo;may be too optimistic.&rdquo; Kuo, who has an excellent track record, is probably right in that too many analysts are pounding the table a bit too hard over the potential for an iPhone 16 refresh cycle.



Indeed, Apple Intelligence is a big deal, but you don&rsquo;t need the latest to run it. The current-gen iPhone 15 Pro model is good enough to power the impressive AI software upgrades to come. In fact, it&rsquo;s the AI device that many people may not even know they currently possess! 



Despite Kuo&rsquo;s skepticism, AAPL stock remains one of the best edge AI stocks to own for the long term.



<h2>Intel (INTC)</h2>



<a href="https://investorplace.com/wp-content/uploads/2019/06/intel-one-api-889x500.png"><img width="300" height="168" src="https://investorplace.com/wp-content/uploads/2019/06/intel-one-api-889x500-300x168.png" alt="Intel Stock Bores Wall Street and Shareholders Should Be Worried"></a>Next, we have Intel (NASDAQ:<a href="https://investorplace.com/stock-quotes/intc-stock-quote/">INTC</a>), the AI-capable semiconductor company that nobody seems to like these days. Undoubtedly, INTC stock has fallen behind with some of its chip designs, and it&rsquo;s racking up the bills big-time as it invests in its U.S.-based foundries. Higher costs and less-than-extraordinary chip offerings make an ice-cold stock less appealing on the way down.



Either way, Donald Trump&rsquo;s latest Taiwan comments shine a light on the long-term value of Intel&rsquo;s foundry buildout. As Intel doubles down on its <a href="https://www.intc.com/news-events/press-releases/detail/1679/intel-announces-new-edge-platform-for-scaling-ai">new edge platform,</a> perhaps value investors seeking deeper value should go with the name over its much-pricier rivals in the space.



With INTC stock flirting with 52-week lows again, perhaps now&rsquo;s a great time to start thinking about nibbling into a starter position.



On the date of publication, Joey Frenette held a long position in Apple and Amazon. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://protect-us.mimecast.com/s/YUYqC31vVVI7KAkriDfKi6?domain=investorplace.com/">Publishing Guidelines.</a>



On the date of publication, the responsible editor held a long position in AMZN.
<div>Joey Frenette is a seasoned investment writer specializing in technology and consumer stocks. Contributing to the Motley Fool Canada, TipRanks, and Barchart, Joey excels in spotting mispriced stocks with long-term growth potential in a fast-paced market.</div><h3>More From InvestorPlace</h3>
		<ul><li>
						<a href="https://investorplace.com/2024/04/legendary-investor-predicts-forget-a-i-this-technology-is-the-future/?cid=MKT794457&amp;eid=MKT802109">Legendary Investor Predicts: &ldquo;Forget AI... THIS Technology Is the Future&rdquo;</a>
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The post <a href="https://investorplace.com/2024/07/the-3-best-edge-ai-stocks-to-buy-now/">The 3 Best Edge AI Stocks to Buy Now</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

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