Apple Inc. (NASDAQ:AAPL): Apple may bounce off from here if the momentum unwinding in the AI chip sector continues


Apple stock bounced off the trendline support on Friday as momentum traders dumped AI chip stocks, including Nvidia (NASDAQ:NVDA). Apple stock has been under selling pressure on concerns that the company may be behind the curve for generative AI. We don't know yet what the momentum unwinding in AI chip stocks will look like. So, stay tuned!

In our view, it is a matter of when, not if, that Apple brings their Apple GPT and Siri's generative AI version to all its devices. Typically, the company will release its products to the public when they're ready. Our guess is at the Apple WWDC in June, at the earliest.

Current AI systems could be major liabilities as they make things up sometimes or give customers bad advice. Ask Air Canada or the Chevy dealership in Watsonville, CA!

This note contained herein is our opinion and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

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