After a rough start to 2024 and a lot of negative commentary from analysts, Apple has turned a corner. The mentions on Wall Street are getting brighter, with the tech giant just adding the title of China’s top smartphone maker to its long list of firsts. According to the International Data Corporation’s quarterly mobile phone tracking report, the iPhone gained a solid record market share of 17.3% in China last year. This is up from 16.8% share in 2022. Last year, Huawei spinoff Honor came in a close second with 17.1%, followed by two other Chinese providers, Oppo with 16.7% and Vivo with 16.5%. The difference in market share between the top four companies in China in 2023 is less than 1 percentage point, indicating increased competition between Apple and domestic manufacturers. “Apple’s rise to the top spot in 2023 represents a major success for Apple, especially given renewed competition with Huawei and weak consumer confidence,” IDC analyst Arthur Guo said Thursday. “I will.” “Apple achieved this thanks to timely price promotions in third-party channels, stimulating demand.” Hoping to maintain its No. It took the unusual step of offering a discount on the iPhone 15 for a limited time. Last week, IDC made his Apple the world’s largest smartphone maker, beating out his Samsung for the first time ever. Samsung’s Android-based smartphone has held the number one spot since 2010. All of this gives us even more confidence that the iPhone’s momentum will continue despite the many warnings on Wall Street about declining sales in early 2024. For example, Barclays analysts issued an unusual sell call on Apple on January 2nd, citing slowing iPhone demand. Apple stock plunged more than 3.5%. (While we remained bullish on tech products, we trimmed Apple to right-size its position before the opening bell of the day after last year’s strong rally.) Then Piper Sandler. and other recent mass downgrades by Redburn Atlantic. And just over two weeks ago, we reported that The Street hadn’t been this cautious about Apple stock in years. The club that holds Microsoft even briefly dethroned Apple as the world’s most valuable company on January 11th. The two companies remain on equal footing. AAPL YTD Mountain Apple’s (AAPL) Year-to-Year Performance Fast forward to this week, and it looks like Apple finally got the reprieve it needed. As of Monday’s close, the stock had turned positive since the beginning of the year. Apple shares are up about 1% year-to-date after rising 48% in 2023. Some recent comments from Wall Street have been more positive. Bank of America added Big Tech’s name to its “US 1 List” on Tuesday. This is a collection of the company’s self-proclaimed best investment ideas among stocks it rates as buys. And on Wednesday, Goldman Sachs said it expects Apple to be in better shape in the second half of this year due to faster growth in its services division. Analysts also expect the results to be reflected when Apple releases quarterly results next week. IDC says its cell phone tracker data is preliminary and subject to change, but it says its cell phone tracker data is preliminary and subject to change. We are encouraged by the signs that it is maintaining its position as a premium brand. 20% of Apple’s overall revenue. However, this does not rule out the possibility of China softening over the next year. In any case, Jim Cramer said this week that Apple’s expansion into emerging markets will help offset China’s weaknesses. For example, India, Indonesia, and Brazil are each “meaningful markets” for iPhone developers, Jim explained at Wednesday’s January monthly meeting for club members. Remember, Apple CEO Tim Cook told CNBC last year that India presents a “huge opportunity” for the company. Apple is pouring more resources into these markets to diversify its supply chain and capture smartphone share in less-saturated markets amid uncertainty over U.S.-China relations. We believe Apple should be able to attract more potential customers due to the quality of its devices and robust ecosystem. This ensures customer loyalty to Apple and strengthens the company’s important high-margin services division as more users use its products. “Alas, the only thing that matters to the bears is China. I say run out your time in that market. It’s not as important as you think,” Jim concluded at the club meeting. A catalyst that Jim advocated and is just starting to gain traction is his Vision Pro mixed reality headset from Apple. Pre-orders began last Friday, and demand for the $3,500+ device has been strong. After testing it last summer, Jim was bullish on how the Vision Pro could enhance his viewing of live movies and sports. Indeed, the headset, which goes on sale on February 2nd, likely won’t have a material impact on stock prices for several quarters. However, I’m interested to see how developers start using this device. (The Jim Cramer Charitable Trust is long AAPL, MSFT. See here for a complete list of stocks.) As a subscriber to Jim Cramer’s CNBC Investment Club, you will receive trade alerts before Jim makes a trade. receive. After Jim sends a trade alert, he waits 45 minutes before buying or selling stocks in a charitable trust’s portfolio. If Jim talks about a stock on his CNBC TV, he will wait 72 hours before executing the trade after issuing a trade alert. 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ANKARA, TURKIE – JANUARY 1: This photo illustration shows the Apple logo on a computer screen in Ankara, Turkiye on January 1, 2024. (Photo by Berke Bayur/Anadolu via Getty Images)
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After a tough start to 2024 and a lot of negative opinions from analysts; apple I turned the corner. The mentions on Wall Street are getting brighter, with the tech giant just adding the title of China’s top smartphone maker to its long list of firsts.