Vanguard Information Tech ETF (ARCA: VGT)

에 대한 최신 뉴스 Vanguard Information Tech ETF (ARCA:VGT)

Vanguard Information Tech ETF

Vanguard Information Tech ETF - DNQ

Technology

Industrials

Communication Services

Financial Services

Other

Basic Materials

Healthcare

Consumer Cyclical

The fund employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index/Information Technology 25/50, an index made up of stocks of large, mid-size, and small U.S. companies within the information technology sector, as classified under the Global Industry Classification Standard. The Advisor attempts to replicate the target index by seeking to invest all, or substantially all, of its assets in the stocks that make up the index, in order to hold each stock in approximately the same proportion as its weighting in the index. It is non-diversified.

Microsoft Corp

Apple Inc

Nvidia Corp.

Broadcom Inc

Advanced Micro Devices Inc.

Qualcomm Inc.

Salesforce Inc.

Adobe Inc

Oracle Corp.

Cisco Systems, Inc.

Vanguard Information Technology Index Fund ETF

Equities

News

Global

Markets

Tech

AAPL

BABA

NFLX

혼합 현실 비전 프로(Vision Pro) 헤드셋의 시장 성공을 높이기 위해 애플(NASDAQ:AAPL)은 지원되는 애플리케이션 목록에 중국 최대 온라인 소매업체 두 곳을 추가했다.

애플은 중국에서 비전 프로 앱에 알리바바와 JD를 추가

Large Cap

Sector ETFs

ETFs

iShares Trust S&P Global Information Technology Sector Index Fund

MSFT

TSLA

애플(NASDAQ:AAPL)의 주가는 큰 기대를 모았던 연례 세계 개발자 회의(WWDC) 2024에 대한 반응으로 첫 날인 월요일에 1.91% 하락 마감했다. 이 행사에서 쿠퍼티노 소재의 이 거대 기술 기업이 인공 지능의 새로운 발전을 발표했다. 무슨 일이 (What Happened): 애플은 WWDC 2024에서 사용자에게 개인화된 생성 AI 경험을 제공한다고 약속하는 시스템 전체 소프트웨어 업데이트인 &#34;애플 인텔리전스(Apple Intelligence)&#34;를 선보였다.

애플 주식, WWDC 첫 날 거의 2% 하락: 매그니피센트 7, 기술주는 상승세 유지

Long Ideas

Social Media

Opinion

Trading Ideas

CELH

FLNC

NVDA

PLTR

QQQM

SOFI

수익성 있는 투자 기회를 찾아 헤매던 중, 레딧의 r/stocks 커뮤니티의 청년 투자자들이 대중의 지혜를 활용하기 시작했다. werewere223은 &#34;내 나이 때문에 내가 조금 오랜 기간 투자를 할 수 있어, 그리고 지금 당장 성장에 초점을 맞추고 싶어&#34;라고 말하며 성장주를 고려하고자 레딧 커뮤니티의 다른 투자자들과 대화를 시작했다.

2024년과 그 이후를 위한 최고의 성장주 3종목: 레딧 사용자 추천

VGTel Inc

Elon Musk seeks to dismiss a lawsuit filed by former Twitter shareholders who claim he delayed disclosing his substantial ownership stake in the <a target="_blank" href="https://www.benzinga.com/news/23/04/31810229/elon-musk-bought-twitter-1-year-ago-a-look-back-at-whats-happened-since-and-what-could-be-next" rel="noreferrer noopener">social media company in early 2022</a>.
Musk argues that "all indications" suggest any delay was unintentional.
In a recent filing in Manhattan federal court, Musk dismissed the idea that he aimed to deceive shareholders unaware of his 9.2% Twitter stake, which led them to miss out on significant gains when they sold their stock, Reuters reports.
Investors allege that Musk and his wealth manager, Jared Birchall, were aware of the U.S. Securities and Exchange Commission (SEC) rule requiring disclosure by March 24, 2022, after Musk acquired 5% of Twitter.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/07/39640751/tesla-model-y-features-on-chinese-governments-purchase-list-in-a-first-for-elon-musks-company" rel="noreferrer noopener">Tesla Model Y Features On Chinese Government's Purchase List In A First For Elon Musk's Company</a>
They claim he waited an additional 11 days, allowing him to purchase more shares at lower prices, saving over $200 million. Twitter's stock surged 27% on April 4, 2022, following <a target="_blank" href="https://www.benzinga.com/m-a/22/04/26444862/elon-musk-discloses-9-2-stake-in-twitter-weeks-after-criticizing-algorithm-what-you-need-to-know" rel="noreferrer noopener">Musk's announcement of his 9.2% stake</a>.
Musk stated in his filing that he initially planned to reveal his Twitter stake at the end of 2022 but did so promptly upon realizing his misunderstanding of the SEC rule. "This is not a scheme to defraud," Musk asserted.
He also denied allegations that a Morgan Stanley banker <a target="_blank" href="https://www.benzinga.com/news/large-cap/23/01/30485850/morgan-stanleys-role-in-musks-twitter-acquisition-advisers-not-owners" rel="noreferrer noopener">helped him develop a strategy</a> to amass Twitter shares secretly.
The investors, led by an Oklahoma public pension fund, have not commented on Musk's latest filing.
Musk acquired Twitter, now known as X, for $44 billion in October 2022. The SEC is also <a target="_blank" href="https://www.benzinga.com/news/24/02/37061910/us-judge-orders-elon-musks-testimony-in-sec-probe-of-44b-twitter-acquisition" rel="noreferrer noopener">investigating his Twitter stock purchases.</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39649239/teslas-top-rival-byd-clinches-1b-ev-manufacturing-plant-agreement-with-turkey" target="_blank" rel="noreferrer noopener">Tesla's Top Rival BYD Clinches $1B EV Manufacturing Plant Agreement With Turkey</a></li>
</ul>
Photo via Shutterstock

Media

General

iShares Dow Jones US Technology Sector Index Fund

Elon Musk Argues Mistake, Not Fraud, In Twitter Stake Disclosure Lawsuit

Epic Games, the creator of &#8220;Fortnite,&#8221; has accused tech giant Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) of obstructing its efforts to establish a games store on iPhones and iPads in Europe.
This marks the latest development in the ongoing dispute over Apple&#8217;s control of the iOS app ecosystem.
Epic Games reported that Apple has twice denied its submission to launch the Epic Games Store, citing similarities in the design of certain buttons and labels to those used by the App Store, Reuters reports.
According to Epic, their use of &#8220;Install&#8221; and &#8220;In-app purchases&#8221; follows standard conventions seen across popular app stores on various platforms.
They argue that Apple&#8217;s rejection is arbitrary and violates the Digital Markets Act (DMA).
In March, under pressure from European regulators, Apple had agreed to allow Epic to set up its own game store on iOS devices in Europe. However, the current impasse suggests ongoing friction between the two companies.
Also Read: <a target="_blank" href="https://www.benzinga.com/24/07/39611089/top-apple-executive-phil-schiller-to-join-openai-board-as-observer-giving-iphone-maker-equal-status" rel="noreferrer noopener">Top Apple Executive Phil Schiller To Join OpenAI Board As Observer, Giving iPhone Maker Equal Status With Microsoft After Landmark AI Agreement Reached: Report</a>
Epic has communicated its concerns about Apple&#8217;s actions to the European Commission, seeking intervention.
Previously, Epic was barred&nbsp;from selling its products and&nbsp;services on the App Store&nbsp;and briefly lost its<a target="_blank" href="https://www.benzinga.com/news/24/07/39567248/fortnite-could-return-back-to-apple-iphone-as-epic-moves-to-reintroduce-game-via-eu-alternative-app" rel="noreferrer noopener"> developer license for violating Apple&#8217;s rules.</a>
However, after the EU implemented&nbsp;its&nbsp;Digital Markets Act rules, the company regained its developer status.
Apple reversed its decision to ban Epic Games from launching its own app store on iOS in Europe, following <a target="_blank" href="https://www.benzinga.com/general/gaming/24/03/37567854/epic-victory-fortnite-returns-to-ios-in-europe-as-apple-relents-on-eu-ban" rel="noreferrer noopener">pressure from European Union officials.</a>
Apple stock has gained more than 15% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Vanguard Information Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>) and IShares U.S. Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYW#NYSE">IYW</a>).
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39589968/apples-next-gen-vision-pro-to-feature-major-design-and-price-changes-heres-what-we-know-so-far" target="_blank" rel="noreferrer noopener">Apple&#8217;s Next-Gen Vision Pro To Feature Major Design And Price Changes: Here&#8217;s What We Know So Far</a></li>
</ul>
Photo via Shutterstock

Eurozone

Fortnite Maker Epic Games Accuses Apple Of Blocking Its Game Store Launch

Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) is facing scrutiny as reports emerge of its advanced AI chips being smuggled into China despite U.S. export restrictions.
The underground market, driven by strong demand for these powerful chips, highlights the ongoing tech rivalry between the U.S. and China.
More than 70 distributors are openly advertising what they claim to be Nvidia&#8217;s restricted chips online, with many verified sellers confirming steady supplies, the Wall Street Journal <a target="_blank" href="https://www.wsj.com/tech/the-underground-network-sneaking-nvidia-chips-into-china-f733aaa6?mod=tech_lead_story" rel="noreferrer noopener">reports</a>.
Many sellers take preorders and promise delivery within weeks, indicating a robust supply chain.
Some even offer entire servers equipped with high-end Nvidia chips, costing up to $300,000. This network caters primarily to AI startups and research institutions in China, the WSJ report added.
Nvidia does not sell its powerful data center chips directly to customers but through third parties like Dell Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) and Super Micro Computer Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>).
Resellers in China typically ask $32,400 for Nvidia&#8217;s H100 chip, significantly higher than the typical cost, the WSJ report claims.
An estimate suggests about 12,500 AI chips are smuggled annually, while Nvidia sold over 2.6 million A100 and H100 chips globally last year.
<a target="_blank" href="https://www.benzinga.com/news/24/06/39293929/whats-going-on-with-nvidia-amd-stocks-on-wednesday" rel="noreferrer noopener">Prior reports indicated</a> the U.S. government plans to extend its semiconductor technology embargo to Russia, following similar restrictions on China and the Middle East.
This decision stems from concerns that increased trade between China and Russia is helping Moscow bolster its military capabilities.
Previous sanctions on China led semiconductor companies to produce less effective chips to adhere to the restrictions.
China&#8217;s leading chip manufacturer, Semiconductor Manufacturing International Corp, is reportedly increasing its chip production using domestic tools.
<a target="_blank" href="https://www.benzinga.com/government/24/06/39227871/nvidias-ai-chip-has-a-tough-competitor-from-china-huaweis-latest-ascend-910b" rel="noreferrer noopener">Earlier reports highlighted</a> Tencent Holding Ltd&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) efforts to develop AI chips, aiming to capture part of Nvidia&#8217;s dominant market share, which accounts for up to 90% of China&#8217;s $7 billion AI chip market.
Nvidia stock gained over 189% in the last 12 months as U.S. Big Techs splurge on their AI ambitions. Investors can gain exposure to Nvidia through Vanguard Information Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>) and iShares S&amp;P 500 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVW#NYSE">IVW</a>).
Price Action: NVDA shares traded lower by 0.70% at $121.81 premarket at the last check on Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Government

Regulations

DELL

SMCI

TCEHY

Despite Restrictions, Nvidia Chips Are Still Reaching China: WSJ

The semiconductor industry, led by Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Advanced Micro Devices, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), saw a redemption after <a target="_blank" href="https://www.benzinga.com/news/24/06/39524005/whats-going-on-with-nvidia-stock-on-thursday" rel="noreferrer noopener">a Thursday pullback</a>, reflecting an unabated artificial intelligence frenzy.
Meanwhile, key contract chipmaker Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) <a target="_blank" href="https://www.benzinga.com/government/24/06/39546561/whats-going-on-with-taiwan-semi-stock-on-friday" rel="noreferrer noopener">won government approval</a> for an additional $10.26 billion to finance the construction of its second fab in Kumamoto, Japan, and a second fab in Arizona using advanced process technologies.
TSMC's second Arizona fab will upgrade its process technology to 2 nanometers, and the second Kumamoto fab will produce chips ranging from 6-nanometer to 40-nanometer processes.
<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/2024/06/28111726/newplot-42.png" alt="" class="wp-image-411307" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/28111726/newplot-42.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/28111726/newplot-42-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
The semiconductor industry had a fruitful week, with Nvidia chief Jensen Huang crediting its success in AI chips to a strategic bet over a decade ago and highlighting its "lowest total cost of ownership" at the shareholder meeting.
Also, <a target="_blank" href="https://www.benzinga.com/government/24/06/39525722/whats-going-on-with-taiwan-semi-stock-on-thursday" rel="noreferrer noopener">recent reports indicate</a> that TSMC is considering advanced chip packaging to capitalize on the AI surge. Nvidia and AMD, among other key customers, have nearly booked TSMC's 3nm process to full capacity through 2026.
Nvidia's stock has gained 205% in the last 12 months, and AMD's stock has gained 48%. Investors can gain exposure to Nvidia via the Vanguard Information Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>) and the iShares S&amp;P 500 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVW#NYSE">IVW</a>).
Price Actions: NVDA shares traded higher by 0.02% to $124.02 at the last check on Friday. AMD is up 2.15% at $162.90.
<h2 class="wp-block-heading">AMD Stock Prediction For 2024</h2>
When buying a stock for a longer time horizon, it is important for investors to assess where they think the stock is headed in the future.
When mapping a stock's future trajectory, investors should consider factors including the future earnings expectations and expected performance against a benchmark.
Advanced Micro Devices's revenue has grown at an average rate of 35.99% annually over the past 5 years. The average 1-year price target from analysts is $195.64, representing an expected 20.58% upside in 2025.
While past performance is not a guarantee of future results, investors should also look at a stock's historical performance when compared to both a benchmark index and the company's peers. Shares of Advanced Micro Devices have seen an annualized return of 22.35%, outperforming the S&amp;P500 index by 13.83%. This compares to 26.81% growth in the overall Information Technology sector. Advanced Micro Devices has a beta of 3.03.
Photo via Shutterstock

What's Going On With Nvidia And AMD Semiconductor Stocks On Friday?

GitLab Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GTLB#NASDAQ">GTLB</a>) stock traded higher on Wednesday after the company disclosed that its board amended its severance plan after a periodic <a target="_blank" href="https://ir.gitlab.com/financial-information/sec-filings" rel="noreferrer noopener">review</a>.
The <a target="_blank" href="https://ir.gitlab.com/static-files/fba30f7f-13dc-494e-8c0b-bedd61cc7657" rel="noreferrer noopener">revisions clarified</a> that the board cannot cancel an individual&#8217;s equity awards without consideration during a corporate transaction, affecting certain team members and named executive officers.
In June, GitLab reported <a target="_blank" href="https://www.benzinga.com/news/earnings/24/06/39146733/gitlab-q1-earnings-revenue-beat-eps-beat-raised-guidance-and-more" rel="noreferrer noopener">first-quarter revenue</a> of $169.187 million, beating analyst consensus estimates of $165.887 million. The company reported first-quarter adjusted EPS of $0.03, beating analyst estimates for a loss of $(0.04).
Revenue was up 33% on a year-over-year basis. Customers with more than&nbsp;$5,000&nbsp;of ARR increased to 8,976, up&nbsp;21% year-over-year. Customers with&nbsp;more than&nbsp;$100,000&nbsp;of ARR increased to 1,025, up&nbsp;35% year-over-year.
GitLab reported operating cash flow of $38.1 million in the first quarter. The company also said it generated $37.4 million of adjusted free cash flow during the quarter. GitLab ended the quarter with approximately $420.3 million in cash.
GitLab expects full-year revenue to be between $733.00 million &#8211; $737.00 million versus estimates of $731.67 million. The company expects full-year adjusted EPS of $0.34 &#8211; $0.37 versus estimates of $0.21.
Investors can gain exposure to the stock via First Trust Cloud Computing ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SKYY#NASDAQ">SKYY</a>) and Vanguard Information Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>).
Price Action: GTLB shares traded higher by 11.90% at $48.82 at the last check Wednesday.
Photo by T. Schneider via Shutterstock

Movers

GTLB

SKYY

What's Going On With GitLab Stock On Wednesday?

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has introduced Rich Communication Services (RCS) support in its Messages app with the latest update in the iOS 18 second developer beta, marking a major enhancement in <a href="https://www.benzinga.com/topic/iphone">cross-platform messaging capabilities</a>.
RCS allows for advanced messaging features like sending and receiving high-quality images, file sharing, seeing typing indicators, and getting read receipts, which were previously limited to iMessage interactions among Apple devices. 
This update enables iPhone users to communicate more effectively with Android users, as RCS is supported by most Android phones signaling a move towards more inclusive communication technology, reported TechCrunch.
Prior to this update, iPhone users were restricted to sending basic SMS or MMS messages to non-Apple devices. 
The new RCS functionality bridges this gap, allowing rich media exchanges and group chats across different device ecosystems.
Also Read: <a href="https://www.benzinga.com/markets/equities/24/06/39372969/apple-revises-payment-options-reportedly-ends-buy-now-pay-later-service">Apple Revises Payment Options, Reportedly Ends &#8216;Buy Now, Pay Later&#8217; Service</a>
Currently, the RCS feature is available only through major U.S. carriers such as T-Mobile US Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>), AT&amp;T Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>), and Verizon Communications Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>).
It is operational only if the carrier supports RCS and has updated their network for iOS 18. Apple has indicated that it plans to expand support to additional regions pending carrier updates.
The integration of RCS in iOS 18 follows Apple&#8217;s announcement at the <a href="https://www.benzinga.com/news/24/06/39239622/apples-ai-strategy-could-trigger-three-year-iphone-sales-boost-says-top-tech-bull-dont-overthink-it">Worldwide Developer Conference earlier this month</a>, highlighting the company&#8217;s efforts to provide more seamless and inclusive communication options across different platforms.
Apple stock has gained more than 12% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Vanguard Information Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>) and IShares U.S. Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYW#NYSE">IYW</a>).
Price Action: AAPL shares are trading higher by 0.82% at $210.64 in premarket at last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next: <a href="https://www.benzinga.com/news/24/06/39474703/tim-cooks-goal-to-slash-assembly-workers-by-up-to-50-faces-setback-apple-reportedly-facing-precision">Tim Cook&#8217;s Goal To Slash Assembly Workers By Up To 50% Faces Setback: Apple Reportedly Facing Precision Issues With Robots While Assembling iPhones</a>

TMUS

Apple Introduces iPhone Update, Improves Texting With Android Users

In a bid to boost the market success of its mixed-reality Vision Pro headset, Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has added the two largest online retailers in China to its roster of supported applications.
What Happened: The Vision Pro headset, priced at $3,500, will now be supported by the native apps of Alibaba Group Holding Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) and JD.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>), <a href="https://www.bloomberg.com/news/articles/2024-06-24/apple-adds-alibaba-jd-to-list-of-vision-pro-apps-for-china">reported</a> Bloomberg on Friday. The apps will offer various features such as virtual test drives of Xiaomi cars and makeup simulations.
App support is seen as crucial for the success of Vision Pro, which has had a rocky start in the U.S. with Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) opting out of creating a bespoke app.
The headset, which is set to launch in China, Japan, and Singapore on Jun. 28, has seen a significant sales premium for imported units in overseas markets but has failed to generate significant sales so far.
Apple&nbsp;stock gained nearly 12% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Vanguard Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VUG#NYSE">VUG</a>) and&nbsp;Vanguard Information Tech ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>)
See Also:&nbsp;<a href="https://www.benzinga.com/m-a/24/06/39399228/nvidia-to-acquire-shoreline-io-for-100m-as-jensen-huang-led-ai-stalwart-aims-to-cut-revenue-reliance?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia To Acquire Shoreline.Io For $100M As Jensen Huang-Led AI Stalwart Aims To Cut Revenue Reliance On Microsoft, Amazon And More: Report</a>
Why It Matters: Apple&#8217;s expansion into the Chinese market with the Vision Pro headset comes amid several challenges. The company has been facing obstacles in its artificial intelligence push in China due to stringent regulations and rising <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39425871/apples-ai-push-encounters-obstacles-in-china-with-stricter-regulations-and-local-co">competition from local firms</a> like Huawei. 
Additionally, Apple has reportedly been struggling to develop a more <a href="https://www.benzinga.com/news/24/06/39449011/apple-struggling-to-create-its-cheaper-vision-pro-model-says-expert-its-dealing-with-some-difficult">affordable version of the Vision Pro</a>. The high price tag and lack of mainstream appeal have led to a re-evaluation of the Vision Pro&#8217;s roadmap. The company aims to make the headset more accessible by introducing a range of devices with varying price points.
Apple is also in ongoing discussions with several Chinese companies, including Baidu and Alibaba, <a href="https://www.benzinga.com/markets/asia/24/06/39434301/apples-ai-strategy-faces-hurdles-in-china-talks-with-local-firms-are-ongoing">to integrate AI functions</a> into its devices sold in China. This is part of Apple&#8217;s strategy to navigate the complex regulatory environment and enhance its product offerings in the region.
Read Next: <a href="https://www.benzinga.com/news/24/06/39444283/sydney-sweeney-was-allegedly-watching-pirated-version-of-law-order-but-fans-say-honestly-cant-blame?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Sydney Sweeney Was Allegedly Watching Pirated Version Of &#8216;Law &amp; Order,&#8217; But Fans Say &#8216;Honestly Can&#8217;t Blame Her&#8217; Amid Rising Streaming Costs</a>
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 Adds Alibaba, JD To Vision Pro Apps In China Amid Global Struggle

Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is seeking a <a href="https://www.benzinga.com/topic/china">local partner in China</a>.
What Happened: The Cupertino, California-based company is in talks with several <a href="https://www.benzinga.com/government/24/03/37892837/apple-wants-to-strengthen-presence-in-china-in-talks-with-baidu-over-ai-collaboration" target="_blank" rel="noreferrer noopener">Chinese companies</a>, including Baidu Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) and Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), to integrate artificial intelligence (AI) functions into its devices that are sold in China.
Western AI models like OpenAI's ChatGPT <a href="https://www.benzinga.com/topic/artificial-intelligence">remain unavailable in the region</a>.
Also Read: <a href="https://www.benzinga.com/government/24/04/38460042/apple-strengthens-supply-chain-in-china-while-growing-presence-in-southeast-asia-and-india" target="_blank" rel="noreferrer noopener">Apple Strengthens Supply Chain in China While Growing Presence in Southeast Asia and India</a>
Earlier this year, Apple explored the possibility of obtaining approval for a foreign large language model to be used in its devices in China but found the chances to be slim. This led Apple to intensify talks with potential local partners. The region, including mainland China, Taiwan, Hong Kong, and Macau, accounted for 18% of Apple's global revenue in the quarter ended March 30.
Why It Matters: Local companies pose a growing threat to Apple's market position in China. In the first quarter of this year, the iPhone <a href="https://www.benzinga.com/government/24/03/37479073/apples-iphone-sales-dip-24-in-china-falls-to-fourth-place-behind-vivo-and-huawei" target="_blank" rel="noreferrer noopener">dropped to third place</a> by handset market share among smartphone brands in China, falling behind two local brands, the Wall Street Journal <a href="https://www.wsj.com/tech/ai/for-apples-ai-push-china-is-a-missing-piece-7d2b0ec6" target="_blank" rel="noreferrer noopener">reports</a>.
Huawei will likely increase its market share to 17% this year, while Apple's share will drop to 16%.
In 2023, Apple increased the number of its <a target="_blank" href="https://www.benzinga.com/government/24/06/39164337/apples-streaming-ambitions-in-china-continue-despite-geopolitical-tensions" rel="noreferrer noopener">China-based suppliers</a> and manufacturing sites. The company opened a new Apple store in Shanghai, and CEO Tim Cook attended the China Development Forum in Beijing, highlighting the market's significance.
Apple&nbsp;stock gained 14% in the last 12 months. Investors can gain exposure to the stock via Vanguard Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VUG#NYSE">VUG</a>) and Vanguard Information Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>).
Price Action: AAPL shares are trading higher by 0.49% at $210.70 premarket at the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39410071/nvidia-and-hewlett-packard-enterprise-join-forces-to-dominate-enterprise-ai-market-">Nvidia And Hewlett Packard Join Forces To Dominate Enterprise AI Market &#8211; JPMorgan</a>

Asia

BIDU

Apple's AI Strategy Faces Hurdles In China, Talks With Local Firms Are Ongoing

Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) CEO Jensen Huang has long claimed that the world&#8217;s data centers will need a complete overhaul to handle the demands of generative artificial intelligence (AI).
He estimates it will take $1 trillion over the next four to five years, essentially doubling the existing investment in digital infrastructure, to train and run new AI models, the Financial Times <a target="_blank" href="https://www.ft.com/content/62875472-89f9-4fdf-b9be-076429e9ab25" rel="noreferrer noopener">reports</a>. Key contract chipmaker Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) is weighing rectangular substrates for AI chip packaging to better cater to <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39407413/whats-going-on-with-taiwan-semi-stock-thursday" rel="noreferrer noopener">the AI frenzy</a>.
Broadcom Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) shares have jumped more than 20% since it reported an AI-driven sales increase, highlighting the increasing importance of high-speed networking in data centers. It is another contender for a $1 trillion valuation.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39406855/whats-going-on-with-nvidia-stock-thursday" rel="noreferrer noopener">Nvidia Becomes World&#8217;s Most Valuable Company, Surpasses Microsoft and Apple: Report</a>
Meanwhile, software maker Oracle Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) soared 17% following news of a deal to train Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) OpenAI&#8217;s large language models on its cloud infrastructure.
Even Hewlett Packard Enterprise Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>), previously lagging in AI server demand, saw a 24% stock increase post-earnings.
Nvidia remains the biggest winner, with most of its sales coming from complete servers networked using its proprietary technologies.
Shankar Trivedi, senior vice president of enterprise business, said Nvidia strategically focuses on AI and actively engages with startups and industry partners. In an <a target="_blank" href="https://www.cnbctv18.com/technology/exclusive-nvidia-prioritises-collaboration-over-competition-to-drive-ai-revolution-19431400.htm" rel="noreferrer noopener">exclusive interview</a> with CNBC-TV18, Trivedi emphasized Nvidia&#8217;s commitment to collaboration over competition. Nvidia maintains an inclusive approach, partnering even with potential competitors.
Nvidia places significant importance on nurturing startups, with an extensive program that spans India and globally.
Wedbush analyst Dan Ives predicts Nvidia <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39421667/nvidia-leads-race-to-4-trillion-market-cap-analyst-praises-godfather-jensen-in-four" rel="noreferrer noopener">to be the</a> first to reach a $4 trillion market cap, as its GPU chips are crucial for AI development.
Nvidia stock gained close to 204% in the last 12 months. Investors can gain exposure to the stock via iShares Russell 1000 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWF#NYSE">IWF</a>) and Vanguard Information Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>).
Price Action:&nbsp;NVDA shares traded lower by 1.32% at $129.05 premarket at the 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

AVGO

ORCL

What's Going On With Nvidia Stock Friday?

In a major pivot within its financial services offerings, Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) will reportedly discontinue its &#8220;buy now, pay later&#8221; (BNPL) service in the U.S., coinciding with the introduction of a new loan program.
This adjustment is set to redefine how Apple integrates financial solutions into its ecosystem.
The new program, set to launch later this year, will allow users to utilize installment loans through various payment methods including credit and debit cards, directly through Apple Pay, reported Reuters.
Apple emphasized that while the BNPL service, known as Apple Pay Later, will be phased out, existing customers with open loans can continue to manage and repay their loans through the Wallet app.
The service, which was initially rolled out to select users in March of the previous year, offered a payment option of splitting purchases into four equal payments over six weeks, without incurring interest or fees.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/06/39350130/apple-could-partner-with-japanese-firms-like-canon-to-amplify-vision-pros-reach-says-lead-developer" rel="noreferrer noopener">Apple Could Partner With Japanese Firms Like Canon To Amplify Vision Pro&#8217;s Reach, Says Lead Developer</a>
&#8220;This solution will enable us to bring flexible payments to more users, in more places across the globe in collaboration with Apple Pay-enabled banks and lenders,&#8221; stated the company, per the report.
The transition to a more versatile lending model highlights Apple&#8217;s commitment to expanding its financial services footprint worldwide, providing users with more flexible payment options in their financial transactions.
Apple stock has gained more than 17% in the last 12 months. Investors can gain exposure to the stock via Vanguard Information Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>) and IShares U.S. Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYW#NYSE">IYW</a>).
Price Action: AAPL shares are trading higher by 0.57% at $217.91 in premarket at last check Tuesday.
Disclaimer: This content was partially produced with the help of AI, and was reviewed and published by Benzinga editors.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39350108/apple-supplier-says-it-has-made-tech-breakthrough-that-could-improve-performance-of-watches-earb" target="_blank" rel="noreferrer noopener">Apple Supplier Says It Has Made Tech Breakthrough That Could Improve Performance Of Watches, Earbuds</a>
Photo via Shutterstock

Apple Revises Payment Options, Reportedly Ends 'Buy Now, Pay Later' Service

The technology sector has been the clear leader of the 2024 market rally so far, driven by the artificial intelligence craze, hopes of rate cuts and the rising share of the &quot;Magnificent Seven&quot;. 
The &quot;Magnificent Seven&quot; is the biggest engine of growth for the technology sector. In particular, Apple (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) and Microsoft (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) are racing for the spot of the most valuable company. Last week, Apple reclaimed the most valuable company title, edging out Microsoft, but is unable to sustain the momentum. The iPhone maker currently has a market cap of $3.26 trillion, whereas the software maker boasts $3.29 trillion. 
Apple 
Apple, which was way behind its competitors in adopting AI, is finally catching up following the launch of the latest AI features at its long-anticipated Worldwide Developers Conference. The introduction of numerous AI-powered features is expected to kickstart the next upgrade cycle, enhancing the company&#39;s performance and restoring investor confidence in Apple. 
The iPhone maker unveiled a brand-new AI feature called Apple Intelligence for iPhones, iPads and Macs. The technology will help summarize text, create original images and retrieve the most relevant data when users need it. Apple announced a partnership with ChatGPT-maker OpenAI, which provides customers access to ChatGPT via Siri at no extra cost. 
Apple reported robust second-quarter fiscal 2024 results, beating both earnings and revenue estimates. The tech giant unveiled the largest buyback in the company&#39;s history and lifted its dividend payment. 
Microsoft 
The world&#39;s largest software maker also reported strong third-quarter fiscal 2024 results, beating earnings and revenue estimates, driven by the strong demand for cloud and artificial intelligence offerings. 
Microsoft has invested billions of dollars into AI in a bid to turbocharge its growth, particularly its cloud computing services, and is now reaping the fruits. About 7% of the increase in Azure revenues came from AI. Microsoft CEO Satya Nadella said on the last reported quarter&#39;s earnings call that 65% of Fortune 500 companies are using the Azure service that delivers OpenAI&#39;s technology to businesses. Demand for generative AI will continue to fuel Microsoft&#39;s cloud business. 
Microsoft is now emphasizing AI transformation through its new offerings like Microsoft Copilot. &quot;Microsoft Copilot and Copilot stack are orchestrating a new era of AI transformation, driving better business outcomes across every role and industry,&quot; Nadella added.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/36/68985.jpg?v=708911877" /> 
Image Source: Zacks Investment Research
Apple Vs. Microsoft 
Microsoft is leading the way this year, having gained 17.7% versus Apple&#39;s rise of 10.4%. Both stocks currently have a Zacks Rank #3 (Hold) and a Momentum Score of A, along with a solid Zacks Industry Rank in the top 23%. 
Though Microsoft has a Growth Score of B, meaning that it is primed for strong growth, Apple looks relatively cheaper at the current levels as it is trading at a P/E ratio of 32.30 versus 37.60 for Microsoft. Apple&#39;s earnings are expected to grow 7.3% for the fiscal year (ending Sep 2024), lower than the industry average of 30.68%. However, its revenues will likely increase 0.4%, much higher than the industry&#39;s growth of 0.03%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/0a/68986.jpg?v=612629436" /> 
Image Source: Zacks Investment Research
Apple currently has an average brokerage recommendation&nbsp;of 1.75, up from 1.82 a month ago, made by 30 brokerage firms. Of those deriving the current ABR, 18 are Strong Buy and three are Buy. Strong Buy and Buy, respectively, account for 60% and 10% of all recommendations. A month ago, Strong Buy made up 56.67%, whereas Buy represented 10%. 
Meanwhile, Microsoft has an ABR of 1.13 made by 39 brokerage firms. Of these deriving the current ABR, 35 are Strong Buy and three are Buy. Strong Buy and Buy, respectively, account for 89.74% and 7.69% of all recommendations. A month ago, Strong Buy made up 89.47%, whereas Buy represented 7.89%. The company&#39;s earnings and revenues are estimated to grow 19.98% and 15.33%, respectively, for the current fiscal year (ending June 2024), much higher than the average industry growth of 11.50% and 6.67%.
<h3>ETFs to Bet On</h3>
Based on the above discussion, Apple and Microsoft are in a tough battle and investors should include both stocks in their portfolios to tap growth. Good tidings are in the cards for Apple, given its cheap valuation, strong ABR and new AI innovations. Then again, Microsoft is poised for above-average growth, given its solid earnings and growth estimates. 
As such, investors seeking to invest in both companies at the same time could look at Select Sector SPDR Technology ETF (ARCA:XLK), MSCI Information Technology Index ETF (ARCA:FTEC), Vanguard Information Technology ETF (ARCA:VGT) and iShares Dow Jones US Technology ETF (ARCA:IYW). XLK has the largest 44.1% share in both AAPL and MSFT, followed by 33.7% for IYW, 32.8% for FTEC and 32.6% for VGT. All four ETFs sport a Zacks ETF Rank #1 (Strong Buy) and have been hitting new highs lately.
<a href="https://www.zacks.com/stock/news/2289363/tech-etfs-faceoff-apple-vs-microsoft?cid=CS-BENZ-FT-etf_news_and_commentary-2289363">To read this article on Zacks.com click here.</a>

Earnings

Earnings Beats

Analyst Ratings

FTEC

Tech ETFs Faceoff: Apple Vs Microsoft

Former President Donald Trump has changed the Republican Party&#8217;s economic policy in recent years, opting for <a href="https://www.benzinga.com/news/24/02/37297217/you-screw-us-we-screw-you-trump-vows-to-impose-retaliatory-tariffs-against-china-or-any-other-countr">protectionism and tariffs</a> in a historic departure from conservative norms. Trump floated a new policy idea to CEOs and lawmakers in a meeting ahead of <a href="https://www.benzinga.com/topic/2024-election">the 2024 election</a>.
What Happened: Citing anonymous sources, CNBC reporter Emily Wilkins <a href="https://x.com/emrwilkins/status/1801259034734985607">wrote</a> Trump floated the idea of eliminating income taxes in favor of an &#8220;all tariff policy&#8221; to lawmakers and CEOs on Thursday.
<a href="https://www.cnbc.com/2024/06/05/donald-trump-attends-private-ceo-meeting.html">According</a> to CNBC, Trump is joined at a Business Roundtable meeting by influential business leaders, including Blackstone CEO Steve Schwarzman, JPMorgan Chase CEO Jamie Dimon, Carlyle Group CEO Harvey Schwartz and AT&amp;T CEO John Stankey, among others.
While the roundtable historically approved of Trump&#8217;s tax policies, it has turned a less favorable eye to his protectionist tariffs. Trump&#8217;s tariffs have historically <a href="https://www.benzinga.com/news/24/04/38136283/donald-trumps-china-tariff-push-could-slow-down-economy-and-fuel-inflation-goldman-sachs-cautions">targeted Chinese goods</a>, intending to help domestic manufacturing and workers.
Why it Matters: Trump&#8217;s policy would likely act as <a href="https://www.benzinga.com/personal-finance/24/06/39235281/wealthy-households-looking-to-benefit-most-from-trumps-proposed-10-12-trillion-tax-cuts">a highly regressive tax</a>, benefitting the wealthy while straining lower-income Americans&#8217; pocketbooks. About 40% of Americans, those typically in low-income households, <a href="https://www.statista.com/statistics/242138/percentages-of-us-households-that-pay-no-income-tax-by-income-level/#:~:text=In%20total%2C%20about%2059.9%20percent,paid%20no%20individual%20income%20taxes.">pay</a> no income tax; instead, they would be burdened by higher prices for goods. Low-income individuals&#8217; spending on goods accounts for a higher percentage of their total net worth than high-income individuals.
Trump&#8217;s tariff policy, enacted when he was in office, raised only $63 billion in 2019, <a href="https://www.npr.org/2019/08/07/749163931/trumps-tariff-bounty-how-much-the-u-s-has-brought-in-and-where-the-money-is-goin">according</a> to NPR. The federal government <a href="https://fiscaldata.treasury.gov/americas-finance-guide/government-revenue/">raised</a> $1.7 trillion through income taxes in 2024. A rebalancing of federal tax income would either require an extreme increase in tariffs, a reduction in government spending (likely on Social Security or Medicaid), or both.
In a <a href="https://x.com/paulkrugman/status/1801296665451593868">post</a> on X, economist Paul Krugman estimated that Trump would need to implement an average tariff rate of 133 percent to sustain the policy.
Markets Implication: Trump&#8217;s &#8220;all tariff policy&#8221; would likely be bad news for sectors heavily reliant on imports. 
Companies in the Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) and Vanguard Consumer Discretionary ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VCR#NYSE">VCR</a>) may face much higher import costs for goods. Many technology companies rely on global supply chains and may be subject to increased costs due to tariffs on imported components. ETFs like the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) and Vanguard Information Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>) could be affected.
In contrast, ETFs reliant on domestic manufacturing could stand to benefit. An example is the First Trust RBA Amer Industrial Renaissance ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AIRR#NASDAQ">AIRR</a>). 
If Trump specifically targets Chinese goods, it could be good news for other international manufacturers. The iShares MSCI Japan ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWJ#NYSE">EWJ</a>) and iShares MSCI South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWY#NYSE">EWY</a>) are examples of international funds that could export more goods to the U.S. in China&#8217;s absence.
Some Trump critics, including ex-Treasury Secretary Larry Summers, have warned that Trump&#8217;s economic plan would lead to a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39131503/ex-treasury-secretary-larry-summers-warns-trumps-re-election-may-push-mortgage-rate">rapid increase in inflation </a>and mortgage rates; such a result would affect the entire economy negatively.
Also Read: <a href="https://www.benzinga.com/news/24/05/38791491/biden-vs-trump-incumbent-fails-to-win-voter-confidence-to-steer-economy-as-new-poll-identifies-infla">Biden Vs. Trump: Incumbent Fails To Win Voter Confidence To Steer Economy As New Poll Identifies Inflation As Major Pushback</a>
Photo: <a href="https://www.shutterstock.com/g/devonyu">Feng Yu</a> via Shutterstock

Politics

Economics

AIRR

Select Sector SPDR-Consumer Discretionary

No Income Tax, Yes To High Import Tariffs? Trump Floats Idea To CEOs, GOP Lawmakers

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) shares closed 1.91% lower on Monday in reaction to the highly anticipated Worldwide Developers Conference (WWDC) 2024, where the Cupertino tech giant unveiled new <a href="https://www.benzinga.com/news/24/06/39256948/tim-cook-announces-apple-intelligence-for-iphones-calls-it-next-big-step-tremendously-excited">advancements in artificial intelligence.</a>
What Happened: At WWDC 2024, Apple introduced &#8220;Apple Intelligence,&#8221; a systemwide software update that promises to offer a personalized generative AI experience for users. 
The new iOS 18, powering its flagship devices, allows for a more customizable iPhone home screen and includes enhanced versions of its in-house apps. Siri, the voice assistant, will now better understand natural language, process contextual information and perform actions within apps.
The AI features will be integrated with the latest device software, enabling users to summarize text and generate content such as personalized birthday animations. Privacy remains a core focus, with most AI processing happening on the device itself rather than in the cloud.
Apple also announced a partnership with Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>)&#8217;s OpenAI to bring ChatGPT to its devices and showcased the latest operating system for its Vision Pro mixed-reality headset and iPhone. Vision Pro will be available in eight additional countries, including Australia, Canada, China, France, Germany, Hong Kong, Japan, Singapore and the U.K. starting in June.
<h1 class="wp-block-heading">Why Are Apple Shares Falling After WWDC 2024?</h1>
The market had higher expectations from Apple, particularly in terms of monetizing the announced innovations. 
No new products were launched, except for the expansion of Vision Pro into new markets. Apple&#8217;s strategy to integrate Siri with ChatGPT highlights the existing gap compared to OpenAI in the realm of large language models (LLMs).
Historically, Apple&#8217;s stock performance during past WWDC events has been lackluster. Over the past 10 editions, Apple shares have more often closed down rather than up following these events.
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Apple WWDC</th>
<th>AAPL %chg on WWDC</th>
</tr>
</thead>
<tbody>
<tr>
<td>June 4, 2014</td>
<td>-0.7%</td>
</tr>
<tr>
<td>June 8, 2015</td>
<td>-0.7%</td>
</tr>
<tr>
<td>June 13, 2016</td>
<td>-1.5%</td>
</tr>
<tr>
<td>June 5, 2017</td>
<td>-1.0%</td>
</tr>
<tr>
<td>June 4, 2018</td>
<td>+0.8%</td>
</tr>
<tr>
<td>June 3, 2019</td>
<td>-1.0%</td>
</tr>
<tr>
<td>June 22, 2020</td>
<td>+2.6%</td>
</tr>
<tr>
<td>June 7, 2021</td>
<td>+0.0%</td>
</tr>
<tr>
<td>June 6, 2022</td>
<td>+0.5%</td>
</tr>
<tr>
<td>June 5, 2023</td>
<td>-0.8%</td>
</tr>
<tr>
<td>June 10, 2024</td>
<td>-1.9%</td>
</tr>
</tbody>
</table>
</figure>
<h1 class="wp-block-heading">Not A Broader Tech Selloff</h1>
Monday&#8217;s decline in Apple shares appears company-specific, as the broader tech sector showed gains.
Among the &#8220;Magnificent Seven,&#8221; only Apple and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) experienced declines, while the tech-heavy Nasdaq 100, as tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), rose by 0.3%.
Key exchange-traded funds with significant exposure to Apple also showed gains:
<ul>
<li>Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) up 0.1%</li>
<li>iShares Global Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IXN#NYSE">IXN</a>) up 0.2%</li>
<li>Vanguard Information Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>) up 0.3%</li>
</ul>
Read Now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39257592/economist-warns-crash-of-a-lifetime-is-coming-predicts-s-p-500-to-plummet-86-from-t">Economist Warns &#8216;Crash Of A Lifetime&#8217; Is Coming, Predicts S&amp;P 500 To Plummet &#8216;86% From The Top&#8217;</a>
Photo: Courtesy Apple

Apple Shares Slide Nearly 2% On WWDC 24 Day: Magnificent 7, Tech Stocks Hold Gains

Advance Auto Parts (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AAP#NYSE">AAP</a>) is reportedly investigating a potential data attack connected to a recent Snowflake (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>) <a href="https://www.benzinga.com/news/24/06/39208037/snowflake-hit-with-data-breach-whats-going-on">cyber incident</a>.
What Happened: Reports have surfaced on a dark web hacker forum indicating malicious actors may have stolen information on at least 380 million customers from the automotive aftermarket company, according to a Friday Axios report. 
Hackers stole data from some 358,000 employees. Some 44 million loyalty and gas card numbers leaked.
&#8220;We are aware of reports that Advance may be involved in a security incident related to Snowflake,&#8221; Advance spokesperson Darryl Carr <a href="https://www.axios.com/2024/06/07/advance-auto-parts-snowflake-data-breach">told</a> Axios. &#8220;We have not experienced any impact to our operations or systems.&#8221; 
Benzinga emailed Carr for additional commentary. 
Raleigh, North Carolina-based Advanced Auto is the latest in a string of victims targeted by hackers exploiting Snowflake customers who lacked multifactor authentication.
Snowflake, a cloud computing company based in Bozeman, Montana, has maintained the leaked data was not due to vulnerabilities or misconfigurations on its systems. Instead, the company cites insufficient security measures by some of its customers.
The company says it is developing a plan to require its customers to implement &#8220;advanced security controls, like multi-factor authentication (MFA)&#8221; as a defense against future threats.
Advanced Auto isn&#8217;t the only company at risk. Ticketmaster reported that at least 500 million people are potentially at risk.
TechCrunch recently <a href="https://techcrunch.com/2024/06/05/snowflake-customer-passwords-found-online-infostealing-malware/">revealed</a> the discovery of a dark web database containing what appears to be legitimate Snowflake customer credentials, stolen via infostealer malware. 
Snowflake <a href="https://community.snowflake.com/s/question/0D5VI00000Emyl00AB/detecting-and-preventing-unauthorized-user-access">addressed</a> the situation in a forum post titled &#8220;Detecting and Preventing Unauthorized User Access.&#8221; 
Snowflake said it is engaging with its customers &#8220;to help guide them to enable MFA and other security controls as a critical step in protecting their business.&#8221;
See Also: <a href="https://www.benzinga.com/markets/equities/24/06/39233441/stocks-reclaim-record-highs-as-jobs-data-fuels-growth-optimism-gold-bonds-tumble-as-yields-rise-">Stocks Reclaim Record Highs As Jobs Data Fuels Growth Optimism</a>
Why It Matters: This developing story highlights the critical need for robust security measures in cloud computing and the significant impact that cyber incidents can have on major corporations and their customers. 
Snowflake reported first-quarter revenue growth of 33% year-over-year in May. Revenue reached $828.7 million and surpassed analyst expectations of $785.87 million.
The company has garnered attention for its GenAI initiatives, including Arctic and Cortex.
Snowflake CEO Sridhar Ramaswamy is reportedly seeking M&amp;A opportunities in the AI space. Snowflake stock has seen a decline of over 26% in the last 12 months.
SNOW Price Action: Snowflake shares were trading down by less than 1% ahead of the market close Friday. 
Investors can gain exposure to the stock through two exchange-traded funds: Vanguard Total Stock Market ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTI#NYSE">VTI</a>) and Vanguard Information Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>). 
Advanced Auto was down 0.25%, trading at $64.40 per share.
Now Read: <a href="https://www.benzinga.com/markets/equities/24/06/39233153/roaring-kitty-says-hes-investor-in-gamestops-transformation-bets-on-ceo-ryan-cohen-with-yolo-tra">Roaring Kitty Says He&#8217;s Invested In GameStop&#8217;s Transformation, Bets On CEO Ryan Cohen With YOLO Trade: &#8216;If I Have A Feeling, I Act On It&#8217;</a>
Image: Shutterstock.

SNOW

Advance Auto Parts Probes Potential Cyber Incident Linked To Snowflake

Snowflake Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>) is facing scrutiny after reports of data breaches affecting some of its major clients, including Santander Bank and Ticketmaster.
Hackers claimed to have stolen hundreds of millions of customer records. Australian authorities confirmed successful compromises of several companies using Snowflake, TechCrunch <a target="_blank" href="https://techcrunch.com/2024/06/05/snowflake-customer-passwords-found-online-infostealing-malware/" rel="noreferrer noopener">reports</a>.
The Snowflake stock is trading lower on Thursday.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39163719/snowflake-nvidia-team-up-for-ai-revolution-details" rel="noreferrer noopener">Snowflake &amp; NVIDIA Team Up For AI Revolution: Details</a>
Snowflake acknowledged unauthorized access to a limited number of customer accounts but found no evidence of a direct system breach.
The breaches occurred due to single-factor authentication vulnerabilities. Snowflake advised customers to enable multi-factor authentication (MFA) to enhance security.
TechCrunch reported seeing hundreds of Snowflake customer credentials available online due to infostealing malware.
In May, Snowflake reported <a target="_blank" href="https://www.benzinga.com/news/earnings/24/05/38973551/snowflake-q1-earnings-revenue-beat-eps-miss-strong-customer-interest-for-ai-products-and-more" rel="noreferrer noopener">first-quarter revenue</a> growth of 33% year-over-year to $828.7 million, beating the&nbsp;analyst consensus estimate of $785.87 million. &nbsp;EPS of $0.14 missed the analyst consensus estimates of $0.18.
Analysts flagged <a target="_blank" href="https://www.benzinga.com/news/24/05/39072416/snowflakes-genai-initiatives-drive-investor-interest-analyst-sees-strong-revenue-growth-ahead" rel="noreferrer noopener">Snowflake&#8217;s GenAI initiatives</a>, including Arctic and Cortex, piquing investor attention.
<a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39190698/snowflake-ceo-targets-ai-acquisitions-to-boost-growth-report" rel="noreferrer noopener">Recent reports indicated</a> Snowflake CEO Sridhar Ramaswamy is eying artificial intelligence acquisitions to beat the competition.
Snowflake&nbsp;stock has lost over 26% in the last 12 months. Investors can gain exposure to the stock via Vanguard Total Stock Market ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTI#NYSE">VTI</a>) and Vanguard Information Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>).
Price Action: At the last check on Thursday, SNOW shares were trading lower by 0.42% at $133.73.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

Snowflake Hit With Data Breach - What's Going On?

Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) will open its first retail store in Malaysia on June 22 at The Exchange TRX mall in Kuala Lumpur, expanding its presence in Southeast Asia.
This new store aims to boost sales and operations outside of China. Apple already has stores in India, Thailand, and Singapore.
Malaysia is becoming increasingly important for Apple in both production and sales, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-29/apple-to-open-malaysia-store-on-june-22-in-southeast-asia-push?srnd=technology-vp&amp;sref=TBDibEcD" rel="noreferrer noopener">reports</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/05/39037458/taiwan-semi-leverages-asian-expertise-and-culture-for-chip-manufacturing-edge" rel="noreferrer noopener">Taiwan Semi Leverages Asian Expertise and Culture for Chip Manufacturing Edge</a>
The company began producing some Macs in Malaysia a few years ago and manufactures iPhones in India and AirPods in Vietnam.
The new store has been under construction for several years, with hiring starting early last year.
Apple initially planned the opening for February. CEO Tim Cook visited Southeast Asia in April to promote regional growth in Singapore, Indonesia, and Vietnam.
<a target="_blank" href="https://www.benzinga.com/government/24/04/38460042/apple-strengthens-supply-chain-in-china-while-growing-presence-in-southeast-asia-and-india" rel="noreferrer noopener">Recent reports indicated</a> Apple consolidating its relationship with China while expanding in Southeast Asia and India.
In&nbsp;2023,&nbsp;Apple boosted its number of China-based suppliers and manufacturing sites, lowering its reliance on suppliers from Taiwan, the U.S., Japan, and South Korea.
Apple stock gained over 7% in the last 12 months.&nbsp;Investors can gain exposure&nbsp;to&nbsp;the stock via Fidelity MSCI Information Technology Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTEC#NYSE">FTEC</a>) and Vanguard Information Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>).
Price Action: AAPL shares traded higher by 0.01% at $190.01 premarket at the last check on Wednesday.
Image Source &#8211; Shutterstock

Apple's Southeast Asia Growth: New Kuala Lumpur Store Set to Open In June

Computex Taipei, one of the tech industry's most anticipated events, is just around the corner. As industry giants like Qualcomm Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>), Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) and Advanced Micro Devices Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) prepare to unveil their latest innovations, investors are keenly watching for opportunities in <a href="https://www.benzinga.com/tech">AI and tech stocks</a>.
Computex 2024 promises to be a game-changer, with themes focusing on AI Computing, Advanced Connectivity, Future Mobility, Immersive Reality, Sustainability and Innovations.
<h2 class="wp-block-heading">AI Innovations: The Star of the Show</h2>
Artificial intelligence is set to dominate Computex 2024. The event starts Tuesday and runs through Friday.
Qualcomm President and CEO Cristiano Amon will kick off the event with a keynote on &#8220;The PC Reborn.&#8221; Amon will discuss the trends and technologies shaping the future of PCs, emphasizing productivity, creativity and entertainment. Qualcomm is expected to showcase its powerful new Snapdragon X Elite chips.
Intel CEO Pat Gelsinger will follow with a keynote highlighting Intel's next-generation data center and client computing products. Investors should watch for demos of Intel's new chips, including the much-anticipated Lunar Lake and Arrow Lake CPUs. These advancements could signal significant shifts in the competitive landscape and provide lucrative opportunities for tech investors.
AMD will also have its moment in the spotlight. CEO Lisa Su will present AMD's latest high-performance PC, data center and AI solutions. With rumors swirling about new Strix Point and Strix Halo silicon based on Zen 5 CPU and RDNA 3.5 GPU architecture, AMD's announcements could be pivotal for the company's stock performance.
<h2 class="wp-block-heading">Beyond AI: Other Tech Highlights</h2>
While AI will be a major focus, Computex 2024 will also showcase advancements in gaming handhelds, peripherals and other hardware. These innovations will likely drive interest in companies that supply components and accessories for gaming and entertainment tech.
<h2 class="wp-block-heading">Market Trends and Opportunities</h2>
Historical data shows that technology themes typically boost market performance around Computex. According to First Capital Investment, Taiwan's stock market, including electronic stocks, has seen a 70%-80% probability of monthly gains between May and July, with average variability ranging from 0.5% to 4.5%. 
This suggests that investors could see positive returns following the event, particularly in tech stocks.
Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), a leader in AI technology recently set new benchmarks with its quarterly revenue hitting $26 billion. The increasing demand for GPUs and AI infrastructure reflects Nvidia's strong market position, making it a key stock to watch.
Taiwan's supply chain, which includes semiconductor foundries and related components, stands to benefit from this growing demand, presenting additional investment opportunities. Taiwan Semiconductor Manufacturing Co Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>), Nvidia&#8217;s key supplier, could also be in the spotlight.
<h2 class="wp-block-heading">Landmark Event For Tech Industry</h2>
Computex 2024 is set to be a landmark event for the tech industry, with significant implications for investors. As AI continues to transform the technology landscape, companies like Qualcomm, Intel, AMD and Nvidia are at the forefront of this revolution.
By keeping a close watch on the innovations and market trends emerging from Computex, investors can position themselves to capitalize on the growth opportunities in tech stocks.
Investors who prefer diversified tech exposure could consider the Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), the Vanguard Information Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>), and the SPDR Select Sector Fund &#8211; Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>).
Photo via Shutterstock.

Previews

INTC

QCOM

Tech Titans To Take Center Stage: Computex 2024 Preview For Investors

The Technology Select Sector SPDR ETF (ARCA:XLK) was launched on 12/16/1998, and is a passively managed exchange traded fund designed to offer broad exposure to the Technology - Broad segment of the equity market.
Retail and institutional investors increasingly turn to passively managed ETFs because they offer low costs, transparency, flexibility, and tax efficiency; these kind of funds are also excellent vehicles for long term investors.
Sector ETFs also provide investors access to a broad group of companies in particular sectors that offer low risk and diversified exposure. Technology - Broad is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 10, placing it in bottom 38%.
Index Details
The fund is sponsored by State Street Global Advisors. It has amassed assets over $65.63 billion, making it the largest ETF attempting to match the performance of the Technology - Broad segment of the equity market. XLK seeks to match the performance of the Technology Select Sector Index before fees and expenses.
The Technology Select Sector Index includes companies from the following industries: computers &amp; peripherals; software; diversified telecommunication services; communications equipment; semiconductor &amp; semiconductor equipment; internet software &amp; services; IT services; wireless telecommunication services; electronic equipment &amp; instruments; and office electronics.
Costs
Cost is an important factor in selecting the right ETF, and cheaper funds can significantly outperform their more expensive counterparts if all other fundamentals are the same.
Annual operating expenses for this ETF are 0.09%, making it one of the least expensive products in the space.
It has a 12-month trailing dividend yield of 0.70%.
Sector Exposure and Top Holdings
Even though ETFs offer diversified exposure which minimizes single stock risk, it is still important to look into a fund&#39;s holdings before investing. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Information Technology sector--about 100% of the portfolio.
Looking at individual holdings, Microsoft Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) accounts for about 24.19% of total assets, followed by Apple Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) and Nvidia Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>).
The top 10 holdings account for about 67.46% of total assets under management.
Performance and Risk
So far this year, XLK has added about 10.22%, and was up about 38.16% in the last one year (as of 05/20/2024). During this past 52-week period, the fund has traded between $154.31 and $213.03.
The ETF has a beta of 1.14 and standard deviation of 23.93% for the trailing three-year period, making it a medium risk choice in the space. With about 68 holdings, it effectively diversifies company-specific risk.
Alternatives
Technology Select Sector SPDR ETF holds a Zacks ETF Rank of 1 (Strong Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, XLK is an outstanding option for investors seeking exposure to the Technology ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.
IShares U.S. Technology ETF (ARCA:IYW) tracks Dow Jones U.S. Technology Index and the Vanguard Information Technology ETF (ARCA:VGT) tracks MSCI US Investable Market Information Technology 25/50 Index. IShares U.S. Technology ETF has $17.01 billion in assets, Vanguard Information Technology ETF has $67.32 billion. IYW has an expense ratio of 0.40% and VGT charges 0.10%.
<a href="https://www.zacks.com/stock/news/2275795/should-you-invest-in-the-technology-select-sector-spdr-etf-xlk?cid=CS-BENZ-FT-sector_etf-2275795">To read this article on Zacks.com click here.</a>

Should You Invest in the Technology Select Sector SPDR ETF?

Apple Inc.&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) unionized retail store in Towson, Maryland, will reportedly vote Saturday on whether to approve a strike in the lead-up to a new round of negotiations with the iPhone maker.
Earlier this week, the local Machinists union representing the store workers distributed detailed plans. If the majority approves, a strike could happen at any time, though no dates are set, according to a report from&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-08/apple-s-unionized-store-in-maryland-to-vote-on-potential-strike?srnd=technology-vp&amp;sref=TBDibEcD" rel="noreferrer noopener">Bloomberg</a>.
International Association of Machinists &amp; Aerospace Workers local plan May 21 negotiations. The report further noted that a strike at an Apple retail store would disrupt the company&#8217;s image and mark the first known walkout by unionized workers in the U.S., following one in France last year.
As per the report, the union told employees it would provide $200 per week to the strikers after a walkout&nbsp;has gone on&nbsp;for at least 14 days and that those who protest can&#8217;t&nbsp;be fired&nbsp;for picketing over labor practices.
Apple expressed value for&nbsp;retail&nbsp;team, promising fair engagement with Towson&nbsp;union.
Also Read:<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38701300/apples-new-m4-ipads-more-powerful-than-any-ai-pc-today-set-to-boost-sales" rel="noreferrer noopener">&nbsp;Apple&#8217;s New M4 iPads: &#8216;More Powerful Than Any AI PC&#8217; Today, Set To Boost&nbsp;Sales</a>
The&nbsp;ongoing&nbsp;negotiations include pay, overtime, unpaid leave, time-off benefits, and scheduling.&nbsp;
Current agreements with Apple mostly align with prior policies. Negotiations focus on pay, overtime, leave, benefits, and scheduling.
The union blamed Apple for bad faith bargaining and unfair labor practices, vowing to protect team interests.
The report also mentioned that Apple&#8217;s store in Short Hills, New Jersey, is voting this weekend on unionization.&nbsp;Recently,&nbsp;the U.S. National Labor Relations Board ruled against Apple for interrogating staff at its World Trade Center store in New York City.
Apple stock has gained more than 6% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Vanguard Information Technology ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>) and&nbsp;Technology Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>).
Read Next:&nbsp;<a target="_blank" href="https://www.benzinga.com/government/24/05/38708040/apple-reverses-sales-decline-in-china-with-impressive-march-shipment-growth" rel="noreferrer noopener">Apple Reverses Sales Decline in China with Impressive March Shipment Growth</a>
Price Action: AAPL shares closed higher by 0.19% at $182.74 on Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

Apple's Unionized Maryland Store On Brink Of Strike Amid Union Talks: Report

Apple Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and its Chinese retailers have cut prices, leading to a 12% surge in&nbsp;<a target="_blank" href="https://www.benzinga.com/government/24/03/37941515/apples-iphone-sales-faces-sharp-decline-in-china-amid-rising-competition" rel="noreferrer noopener">Chinese iPhone shipments</a>&nbsp;in March, as&nbsp;indicated by official data.&nbsp;
This increase suggests that Apple&#8217;s strategies to reverse a sales decline are starting to bear fruit. According to the China Academy of Information and Communications Technology, foreign-branded smartphone shipments, predominantly Apple&#8217;s iPhones, rose to 3.75 million units in March compared to the previous year.&nbsp;
This rebound contrasts sharply with a 37% decrease during the first two months of 2024, based on Bloomberg&#8217;s&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-08/apple-s-china-iphone-shipments-soar-12-in-march-after-discounts?srnd=technology-vp&amp;sref=TBDibEcD" rel="noreferrer noopener">analysis of monthly reports</a>.
Apple has faced challenges in China&nbsp;since 2023, battling the rise of local competitors like Huawei Technologies Co and dealing with an unofficial ban on iPhones in state agencies and firms, which has impacted its key market outside the U.S.&nbsp;Rising geopolitical tensions between the U.S. and China further affected Apple&#8217;s prospects, especially as Washington imposed artificial chip ban in China by restricting access to chip designers like&nbsp;Nvidia Corp&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>).
<a target="_blank" href="https://www.benzinga.com/government/24/03/37479073/apples-iphone-sales-dip-24-in-china-falls-to-fourth-place-behind-vivo-and-huawei" rel="noreferrer noopener">iPhone sales in China</a>&nbsp;plunged 24% in the first six weeks of the year, pushing Apple to fourth&nbsp;position&nbsp;in market share.&nbsp;Vivo took charge while Huawei and Honor noted sales growth. Analysts attributed Apple&#8217;s woes&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37966705/apples-china-market-challenge-analyst-attributes-iphone-shipments-decline-to-market" rel="noreferrer noopener">to inventory adjustments</a>. However, they also flagged &nbsp;sustainability of any market recovery.
Despite these hurdles, data from the academy revealed a 27% drop in foreign phone shipments in the first quarter of 2024.
Last week, Apple&#8217;s CEO Tim Cook, while responding to an analyst during the March quarter discussion, mentioned that the iPhone business in mainland China had grown.&nbsp;
In early 2024, Apple and its resellers in China initiated price cuts, leading to a significant increase in quarterly revenue from China. This uptick countered previous data, pointing to a fast-paced decline in iPhone sales.
Apple stock gained over 5% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Vanguard Information Tech ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>) and&nbsp;SPDR Select Sector Fund &#8211; Technology&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>).
Price Action:&nbsp;AAPL shares are&nbsp;trading lower by 0.15% at $182.11&nbsp;on&nbsp;the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy Apple

Apple Reverses Sales Decline in China with Impressive March Shipment Growth

Is Booming Demand For AI Stocks Creating A Bubble In The Tech Sector?

Vanguard Information Technology Index Fund ETF Shares declares $0.7624 dividend

There is a classification system that separates the +5,000 publicly traded U.S. stocks into 11 sectors representing key areas of the economy. Choosing the right sectors can be a challenge so this article should help with that.

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Vanguard Information Tech ETF

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에 대한 최신 뉴스 Vanguard Information Tech ETF (ARCA:VGT)

Monday, June 24, 2024

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