Apple Stock Is Rallying On A Report iPhone Demand Is Stronger Than Expected
By ERIC J. SAVITZ
Wed, Dec 16, 2020 5:09am
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Apple shares were higher on Tuesday following a report that the company is increasing production of its 5G iPhones amid surging demand.
Nikkei Asia reported that Apple (ticker: AAPL) plans to produce 95 million to 96 million iPhones in the first half of 2021f, a nearly 30% increase from a year earlier. The target includes the new iPhone 12 line as well as older iPhone 11 and iPhone SE models.
According to the report, Apple plans to build up to 230 million iPhones in total in 2021. The story said that, according to an executive at one key Apple supplier, demand is stronger than expected in particular for iPhone 12 Pro and iPhone 12 Pro Max. Demand for the entry-level iPhone 12 Mini, by contrast, is described as “a bit sluggish.”
The story also said Apple plans “an aggressive production schedule for its high-end computers,” including the MacBook Pro and the iMac Pro, and that Apple is planning a new Apple TV set-top box for watching streaming services.
Apple didn’t comment on any element of the Nikkei Asia report.
Wedbush analyst Dan Ives said 96 million iPhones in the first half of calendar 2021 would be “well ahead of Street expectations.” He said Street consensus for the fiscal year ending in September 2021 is for Apple to produce 215 million phones—although there is a bull case that would have the total north of 240 million.
Ives continues to see “an unprecedented upgrade cycle for Apple with a major holiday season on the horizon over the coming weeks.” He maintained his Outperform rating and US$160 target on Apple shares.
Apple shares closed up 5.01% to $127.88 Tuesday as the Dow Jones Industrial Average rose 1.1%.
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Tech investor was one of the most outspoken supporters of Trump in Silicon Valley
By Preetika Rana
Fri, Dec 6, 2024 2 min
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President-elect Donald Trump named a Silicon Valley investor close to Elon Musk as the White House’s artificial intelligence and cryptocurrency policy chief, signaling the growing influence of tech leaders and loyalists in the new administration .
David Sacks , a former PayPal executive, will serve as the “White House A.I. & Crypto Czar,” Trump said on his social-media platform Truth Social.
“In this important role, David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness,” he posted.
Musk and Vice President-elect JD Vance chimed in with congratulatory messages on X.
Sacks was one of the first vocal supporters of Trump in Silicon Valley, a region that typically leans Democratic. He hosted a fundraiser for Trump in San Francisco in June that raised more than $12 million for Trump’s campaign. Sacks often used his “All-In” podcast to broadcast his support for the Republican’s cause.
The fundraiser drew several cryptocurrency executives and tech investors. Some attendees were concerned that America could lose its competitiveness in emerging areas such as artificial intelligence because of overregulation.
Many tech leaders had hoped the next president would have a friendlier stance on cryptocurrencies, which had come under scrutiny during the Biden administration.
“What the crypto industry has been asking for more than anything else is a clear legal framework to operate under. If Trump wins, the industry will get this, and more innovation will happen in the U.S.,” Sacks posted on X in July.
The tech industry has also pressed for friendlier federal policies around AI and successfully lobbied to quash a California AI bill industry leaders said would kill innovation.
Sacks’ venture-capital firm, Craft Ventures, has invested in crypto and AI startups. Sacks himself has led investment rounds in many. He has previously invested in companies such as Slack, SpaceX, Uber and Facebook.
Sacks was the former chief operating officer of PayPal, whose founders included Musk and Peter Thiel . The group, called the “PayPal mafia,” has been front and center this election because of its financial muscle and influence in drumming up support for Trump.
