Schwab Network commentators Oliver Renick and Jenny Horne expressed bearishness on Apple (AAPL) stock today. Renick suggested that AAPL could get hit worse than its peers by the market’s retreat because it has tended to be the last refuge for investors, while Horne asserted that the tech giant’s forays into AI have been disappointing so far.
An Apple store displaying the latest in consumer electronics, from smartphones to wearables.
Commentators Discuss Reasons To Be Bearish on AAPL
Noting that AAPL had performed very poorly on one day last month near the market’s previous bottom, Renick said that the shares have “held on a lot longer, so maybe it has more to give (now).” He added that the stock had performed badly near the market’s bottom in March because investors tend to avoid selling it for longer than its peers.
The tech giant’s strong momentum over the last six months has been based on the idea that AI innovations would produce “a supercycle” for the iPhone 16, Horne said. But since that scenario has not materialized, “maybe AAPL is the most due for a downturn” among large tech names, Horne theorized.
“I have a very hard time with Apple’s fundamentals,” the commentator stated. Since the shares have been trading at their highest valuations ever, AAPL is “a weird place to” seek shelter from market downturns, she added.
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Disclosure: None. This article is originally published at Insider Monkey.