Apple $AAPL CEO Tim Cook during earnings conference:
Apple has “big plans to announce” from an “AI point of view” during its iPad event next week as well as at the company’s annual developer conference in June - CNBC
BREAKING: Apple $AAPL climbed 7% in extended trading after the company announces a $110 BILLION share buyback.
Apple reported quarterly revenue of $90.8 billion and EPS of $1.53, both of which were above expectations. However, revenue in Greater China was down by 8.1% and iPhone sales fell 10%. Apple did not provide formal guidance, but Apple CEO Tim Cook told CNBC’s Steve Kovach that overall sales would “grow low single digits” during the June quarter. Apple announced that its board had authorized $110 billion in share repurchases, a 22% increase over last year’s $90 billion authorization. It’s the largest in history, ahead of Apple’s previous repurchases, according to data from Birinyi Associates. Apple is the latest tech giant to announce a massive share buyback after $META and $GOOGL. We are on track to see over $1 trillion in share buybacks this year for the first time in history. Mixed earnings but buybacks are all the market wants. Source: The Kobeissi Letter
Apple has poached dozens of artificial intelligence experts from Google and has created a secretive swiss laboratory in Zurich
As the tech giant builds a team to battle rivals in developing new AI models and products. According to a Financial Times analysis of hundreds of LinkedIn profiles as well as public job postings and research papers, the $2.7tn company has undertaken a hiring spree over recent years to expand its global AI and machine learning team. The iPhone maker has particularly targeted workers from Google, attracting at least 36 specialists from its rival since it poached John Giannandrea to be its top AI executive in 2018. While the majority of Apple’s AI team work from offices in California and Seattle, the tech group has also expanded a significant outpost in Zurich. Professor Luc Van Gool from Swiss university ETH Zurich said Apple’s acquisitions of two local AI start-ups — virtual reality group FaceShift and image recognition company Fashwell — led Apple to build a research laboratory, known as its “Vision Lab”, in the city. Source: FT
Apple's iPhone sales tumble 24% in China, its biggest Asian market, losing out to Huawei, according to Counterpoint Research data
Source: Bloomberg
BREAKING: A strong intraday reversal by apple stock $AAPL
After they announced they have CANCELLED their work on designing an electricvehicule to focus on artificialinteéligence.
Valuations today:
Apple: $2.8 trillion BlackBerry: $1.5 billion Valuations 15 years ago: Apple: $79 billion BlackBerry: $28 billion Source: Jon Erlichman
Remember when Apple was the most important company in the world?
That was like just a few months ago. Source: J-C Parets
Nice visual by Graphite Asset Advisory and John Haslett, CA(SA), FRM
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