Apple Stock News
For the latest Apple Stock News, AAPL closed at $117.55 on Monday, October 18th, with a 0.18% gain, or $0.21 from its previous close of $117.34 per share. Shares are currently trading at a pre-market open of $118.36 a 0.69%, a gain from its previous closing.
Shares have remained at par and constant over the past week, while up 3% over the past month. Today, Apple Inc. had announced that they plan on scaling back Project Titan, their ambitious automotive plans. Due to a lack of leadership direction, bottleneck and supply issues in the automotive industry, Apple has decided to drastically scale back its sights. Though they have laid off hundreds of workers, they have hired others, placing a greater emphasis on working towards AI-based autonomous driving capabilities.
Realizing that it would face tremendous capital inefficiencies as it struggles to enter supply agreements with auto manufacturing, it now turns away from building actual cars. It now plans on focusing on the software strategy route, similar to Alphabet (Google’s parent company). Their ambitions are still high, as they seek to diversify from other products, ie the famous iPhone, and into a more growing industry. The auto manufacturing industry is expected to be worth over $6 trillion by 2020, according to McKinsey.
Though they are scaling back greatly from their original goals, investors are pleased with the news, given they are up in pre-market trading. This can be due to the fact that over the past year and a half, there has been much internal strife revolving around Project Titan, as well as high costs with higher expected costs for capex. Investing in an actual premium Apple branded software, can lead to a higher margin of profitability, if it is able to pair with leading auto manufacturers in the industry.
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