Unsurprisingly, Apple NASDAQ: AAPL scrapped its plans to build an electric vehicle. After ten years of effort, the goal to launch a 100% autonomous vehicle in 2024 failed to produce even a timeline of when a car might come, and now it's 2024. Add in the fact the EV market bubble has burst, and there are other fruits to gather, and it makes sense for the shift. Ultimately, Apple’s appeal in the EV world will be software and operating systems rather than vehicles, which plays into what the company is shifting to. AI.
Analysts were unfazed by the news. After a brief goodbye to the project, they focused on AI and Apple’s need to catch up. The company appears behind in deploying AI across its ecosystem, a significant opportunity missed. Analysts at Rosenblatt view the company as losing its position as the innovative, market-disrupting consumer tech leader, which may impact the valuation. The stock trades at premium valuations to the S&P 500 and may be unable to maintain it without a new catalyst.
Stocks Mentioned in This Episode
Add This Stock to My Watchlist Chris Markoch, Guest
MarketBeat Contributor, MarketBeat
Chris Markoch is a freelance financial copywriter with over five years of experience covering various aspects of the financial markets. You may find his writing a little different than other stock articles you’ve read. And that’s OK with him. Chris doesn’t have a traditional finance background. What he does bring to the table is a strong business and marketing background having worked for agencies that serviced Fortune 500 companies. With that in mind, he isn’t overly impressed with what companies say, and more focused on what they do. And because buyer behavior dictates so much of what happens with a stock, Chris always keeps the end consumer close in mind. Chris has been writing for MarketBeat since 2018.
Thomas Hughes, Guest
MarketBeat Contributor, MarketBeat
Thomas got his start with the markets while working as a Chef. In 2005 a chance invitation to attend the seminar “How To Buy And Sell Your Own Stocks” altered his worldview. Soon trading and stocks consumed his every waking moment to the point of excluding all else. Thomas now enjoys a much different lifestyle engaged in his true passion, uncovering great investments.
Laycee Kluin, Host
Digital Marketing Strategist, MarketBeat
As MarketBeat's Digital Marketing Strategist, Laycee helps with the marketing side of tasks including developing email campaigns, running the promotion of the MarketBeat products and exploring social media opportunities. She felt called to the Marketing industry because she enjoys collaborating with people and making connections. The University of Sioux Falls alum majored in Media Studies with minors in Communications and Spanish. Laycee brings a background in Financial Services Marketing.
