Shares of Apple (AAPL) are down over 10% in 2024 as the tech giant has faced mounting challenges, including increased competition in China, where iPhone sales have dragged. As earnings season heats up, many on Wall Street are eyeing "Magnificent 7" tech stocks, which have led previous market rallies.
Creative Strategies CEO and Principal Analyst Ben Bajarin joins Market Domination to discuss expectations for Apple's Thursday earnings report.
Bajarin gives insight into key issues to pay attention to: "One of the things a lot of people will be looking at is there any commentary on MIC shift, the last couple years with iPhones the buyers have moved more to the high end of the market, buying things like Pro and Pro Max, I think they're going to want to see if that's continuing just to get a gauge of ASPs. A lot of that hopefully comes out in commentary, but I think again, all eyes on iPhone and just sort of seeing where we are at in this cycle and expectations are probably relatively flat."
Also, Amazon (AMZN) will report its first quarter earnings alongside other tech giants like Apple (AAPL) this week. Creative Strategies CEO and Principal Analyst Ben Bajarin joins Market Domination to discuss Amazon's upcoming earnings and why investors should pay attention to how Amazon Web Services performs.
On what to expect with AWS, Bajarin states: "Everybody is going to be looking at cloud growth for AWS. Right now, it's super trendy to talk about CapEx, everyone wants to see what the hyperscalers are spending in terms of new infrastructure, buying AI servers, creating 'AI factories,' as Nvidia (NVDA) likes to call them. I think that's what's going to be a big spotlight, what Amazon's growth is doing in terms of AWS. I think it's probably predictable it will be healthy, somewhat double-digit. Where are they going, where are they guiding, and what CapEx are they investing?"
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