1 week Ago By Benzinga Neuro
CNBC’s “Mad Money” host Jim Cramer called Apple Inc. AAPL the “most vulnerable” among the Magnificent 7 stocks. What Happened : Cramer has identified Apple as the most susceptible stock among the “Magnificent 7” ahead of the iPhone 16 launch, CNBC reported on Monday.
In a note on Sunday, Cramer expressed concerns about the valuation of the top seven tech companies, including Apple, which he believes has become overvalued despite recent sell-offs. Cramer emphasized that investors have stopped considering the price at which they buy these stocks, leading to inflated valuations. He noted that Apple’s upcoming iPhone 16 launch could be a critical event for the company’s stock performance.
He also pointed out that Apple’s partnership with OpenAI to integrate ChatGPT into its devices, announced in June, has created high expectations. However, Cramer remains cautious about the stock’s future amid these developments. See Also: Mark Cuban Says Kamala Harris Is Simply Doing What Trump Did In 2016: ‘It’s Her Party.
She Gets To Set The Rules’ Why It Matters : The upcoming iPhone 16 launch, dubbed the “Glowtime” event, is highly anticipated. Apple has been at the center of tech news, with the event expected to showcase significant upgrades , including OLED displays. However, competition is heating up, with Huawei making unexpected moves that could impact Apple’s market share.
Analysts have mixed opinions on Apple’s stock performance post-event. While some believe the iPhone 16 launch could drive the stock higher, others, like Cramer, are cautious. An analyst recently noted that the iPhone 16 event might not be a “sell the news” moment, suggesting that Apple’s shares could move higher .
Additionally, a recent poll revealed that investors are considering other options within the “Magnificent 7” for retirement investments, with Amazon.com emerging as a top pick over Apple . This indicates a shift in investor sentiment, potentially impacting Apple’s stock performance.
Read Next: Did A Potential Stock Sale By Elon Musk Lead To Fall In Tesla Shares? Top Analyst Says It Could Instead Because Of Broader Selloff In AI Stocks Image via Shutterstock This story was generated using Benzinga Neuro and edited by Pooja Rajkumari © 2024 Benzinga.com. Benzinga does not provide investment advice.
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