Positive

From Nasdaq: 2024-07-31 04:18:00

Apple, the world’s most valuable company, is set to release its Q3 earnings report on August 1, with services revenue expected to spike 13% to $23.99 billion. Despite a slight dip in product revenue, Apple is projected to see a 3% increase in sales to $84.38 billion.

Wall Street is eagerly awaiting updates on Apple’s expansion into generative AI, as the company believes in the transformative power of AI. Working closely with Taiwan Semiconductor, Apple has been testing a generative AI tool called “ASK” for AppleCare Support and upgrading Siri.

Year-to-date, Apple’s stock is up 12%, trading at a premium of 33.1X forward earnings compared to the S&P 500’s 23X. With a Zacks Rank #3 (Hold), reaching or exceeding quarterly expectations may lead to more upside for Apple’s stock. Apple has the resources to capitalize on artificial intelligence, offering potential rewards for long-term investors.

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Read more at Nasdaq: Zacks Investment Ideas feature highlights: Apple, Microsoft, Taiwan Semiconductor and Tesla