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Apple's stock looks oversold here, says Wedbush's Dan Ives - YouTube
Channel: CNBC Television
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dan what's the big headline for
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investors
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i think it's really on the chip front i
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mean that's where the efficiency and the
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innovation continues they're beating
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intel at their own game
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and ultimately they're introducing new
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products at a time the supply chain
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continues to be the biggest headwind i
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think it shows them flex their muscles
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as well as really doubling down on
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privacy the developer community really
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likes this if you look at you know some
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of the chatter out there and i think
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this is really them focused software
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services privacy but still introducing
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products despite the headwinds and the
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supply chain
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is there anything you didn't get
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that dan that you were expecting to get
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maybe more on the ar vr
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front
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out of today
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yeah ar vr and we got to see how the
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conference plays is that i mean that's
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one you know i think you were expecting
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maybe them to highlight that more
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especially ahead of what we believe will
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be the apple glass uh release in terms
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of the error our vr headset we later
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this year early 2023
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but i think they're laying the
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breadcrumbs for what the strategy is
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going to be with developers and and
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that's something where they're going to
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keep that kush to vest till they believe
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it's the right place the right time
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that's the dna of cupertino
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colin as an investor watching apple
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stock down now 18
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for the year how much do you care about
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the software updates obviously the
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hardware is really where the revenue
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driver is but but but it's important for
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the ecosystem right yeah actually i care
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quite a bit you know because if you're a
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holder of apple what you care about is
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that the ecosystem remains intact and
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there are 30 million developers that are
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tuning into this conference apple is a
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build first platform they paid out 260
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billion dollars to developers so they're
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the platform that pays and so you've got
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great hardware you've got innovative
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applications and that's going to keep
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drawing consumers to the platform
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do you buy the stock at these levels i
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think there was a technical
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iron or death cross according to btig
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that happened on friday with apple after
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four percent slide
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yeah so you know the iphone revenue is
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going to be growing in single digits
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right for the fiscal year and that's you
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know that's going to be a problem and
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you know there are issues with supply
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chain there's going to be issues with
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kobe china lockdowns there's going to be
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issues with the iphone 14 having more
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expensive components and being priced a
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little higher than people may expect
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there are issues with the broader
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economy slowing down right but if you're
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a believer in the services story right
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which is growing in the high teens right
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you've already got close to 2 billion
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ios devices out there and that services
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revenue is going to just keep layering
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on and on so if you have a longer term
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look apple is the it's a very healthy
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ecosystem there's nothing wrong with the
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platform or the demand but it's going to
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be a bumpy road for a few quarters
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you agree dan you're pretty bullish on
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this company you agree that there are
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bumps though in the near term
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look i think the bumps are well known in
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terms of what we've seen with the zero
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coveted in china some of the demand
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issues i think street looks past after
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the june quarter it's all about the drum
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mode iphone 14
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and what's a pen up demand cycle a
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quarter of the billion iphones out there
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still have not upgraded and i think a
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lot of this is priced into the stock
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where buyers say this is a rock or
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gibraltar tech stock that in my opinion
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is oversold here can we just one minute
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more on the on the chip the m2 because
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you said that was the big
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announcement dan what what does that
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allow apple to do in the middle of a
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global chip shortage and a really
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competitive market who does it hurt and
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and what does it actually mean for apple
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product well well i think you saw it
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today because they're flexing their
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muscles they have more control over
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their accuracy it's no longer just
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waiting for intel to see if they pick up
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the phone they're beating intel at their
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own game the negative for intel and
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typically it's another gut punch that
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ultimately would there be a from an
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innovation perspective in terms of the
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m2 chip and i think it's giving them
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more not just control but also on the
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margin perspective that's another talent
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that's why this is so important remember
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the haters that say innovations in the
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rear view mirror look at m2 they're
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beating ship companies their own game
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