Shares of technology companies experienced a significant rise, driventhe rebound of Apple’s stock. Analysts at brokerage Wedbush reported that early signs indicated strong demand for the premium iPhone 15 models, which garnered the same impression from other brokerages as well.
Morgan Stanley analysts stated that despite the negative sentiment towards Apple, the iPhone 15 cycle was off to a better start than feared. This positive outlook instilled confidence in investors, resulting in the surge of Apple’s shares.
Tech giants such as Apple, Google-parent Alphabet, and Microsoft were noted as some of the heaviest buyers of their own stock, according to a surveyS&P Global. This investment activity demonstrates the confidence these companies have in their own future prospects.
Nikola, the electric truck manufacturer, experienced a surge in shares following the appointment of Mary Chan as its chief operating officer. Chan, formerly the president of General Motors’ global connected consumer group, brings valuable expertise to Nikola as it continues to build on its success in the electric vehicle industry.
Meanwhile, Saudi Arabia is in discussions with Tesla to establish a manufacturing facility in the country. This move is part of Saudi Arabia’s ambitious strategy to secure the necessary metals for electric vehicles and diversify its economy away from oil dependence.
In other news, Naspers announced that Bob van Dijk has stepped down as its chief executive after nearly a decade-long tenure. During his leadership, Naspers grappled with the complexities arising from its significant investment in Chinese internet giant Tencent Holdings.
The overall surge in technology stocks, drivenpositive developments in major companies, indicates the resilience and increasing importance of the tech industry. Investors are optimistic about the future growth potential of these technology giants and their ability to drive innovation in various sectors.
Sources:
– Dow Jones Newswires
