Apple Stock Reaction After iPhone Launch Sparks Portfolio Manager's Reflection: 'I May Be Wrong In The Short Term But...Will Be Back In The Long Run'

Quick Summary:

Quoting famous American researcher, scientist and futurist Roy Amara’s law, Nile said, “We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run.” The portfolio manager noted that Apple’s price/earnings multiple calculated on calendar year 2024 earnings expanded from 24 times to 31 times, primarily on AI expectations.“It is hard to argue for valuation support at current levels,” he said.

Apple, Inc.(NASDAQ:AAPL) shares have barely budged to the Glowtime hardware launch event held on Sept.9, and a portfolio manager on Tuesday offered “Mea Culpa” for his short-term stance on the stock.

What Happened: Very early indications point to a nearly 10% year-over-year decline in the sales of the iPhone 16, the newest iteration of Apple’s flagship product, said portfolio manager and founder of Niles Investment Management Dan Niles.

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Author / Journalist: Shanthi Rexaline

Category: Technology

Markets: United StatesChina

Topics: US78462F1030 News Stories That Matter Analyst Color Benzinga Top Stories Markets Tech Artificial intelligence Trading Ideas Long Ideas Expert Ideas SPY US0378331005 Gene Munster HNHPF Equities AAPL

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Article Type: News Report

Published On: 2024-09-18 @ 08:56:19 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 622 words

Reading Time: 4 minutes read

Sentences: 22 lines

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Copyright Owner: © Benzinga

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