That fear has died down some as Google has taken up the slack recently. The idea was that a Bing integration could help it gain market share in search directly at Google’s expense. When ChatGPT began to gain traction early in the year, a narrative emerged that it posed a real threat to Google’s search dominance. That’s especially true in relation to AI. So, if investors decide that the AI slant is overdone, they could reasonably decide to shift that capital into AAPL which has been a bastion of safety in big tech.Īlphabet (NASDAQ: GOOG, NASDAQ: GOOGL) stock has looked threatened at times in 2023. So, I would hold Apple for that reason and also for the reason that it isn’t deeply connected to AI. Yes, but I think Apple won’t see an outflow of capital because it was such a strong performer relative to other Big Tech stocks in 2022. That would suggest share prices are destined to come down, right? Over the past 10 years, it has had a median of just under 17x. You simply need to look at its current P/E ratio in order to understand that truth. What I mean is Apple’s an expensive stock. Investors are going to be increasingly interested in valuation and valuation-related metrics throughout June.Īnd on that front, it’s difficult to find a reason to buy Apple right now. Because despite the strengths that it has shown, AAPL shares are now as high as they were at the height of the pandemic. Investors should hold Apple (NASDAQ: AAPL) stock now.
That leaves questions for investors wondering what 2024 might look like. That might not sound important, but it is only the fifth time that has occurred since the dot-com bubble burst decades ago. It comprises the 100 largest tech stocks and jumped 3% in late May while the Dow Jones Industrial Average was negative.
The Nasdaq-100 is clearly leading the overall market. More bearish investors will note that this looks a bit like a mini bubble. The overarching thesis is that we are only in the early stages: The best is yet to come. Bullish investors are likely to continue to pile money into those shares.
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