Dan Ives of Wedbush expressed optimism about Apple Inc. (NASDAQ: AAPL) despite recent stock downturns.
What Happened: Talking to Bloomberg Surveillance, Ives highlighted the tech giant's potential in the AI race, suggesting the current dip in Apple's stock could be a prime buying opportunity rather than a sign of lasting trouble.
When asked if Apple is late to the AI race, Ives pointed out, "There's 2.2 billion reasons why they are not too late."
"This was more of a golden buying opportunity than ultimately the time that Apple becomes a structural negative"
Why It Matters: Apple's stock has been under pressure, with concerns over its performance in China and a recent fine by the European Commission. Jim Cramer of CNBC predicted a further 5% drop in Apple's shares but advised investors to hold onto their stock. The company's shares have already experienced a significant decline, reaching a four-month low.
Despite these setbacks, Ives maintains a positive outlook on Apple, viewing the current situation as an opportunity for investors. He previously stated that selling Apple stock ahead of the company's advancements in AI would be a "historically wrong move." His stance remains firm even as Apple's iPhone sales in China have decreased, causing the company to fall to the fourth position among smartphone vendors in the region, as reported by Counterpoint Research.
Apple closed 0.071% lower at $169, as per Benzinga Pro.