BlackRock, a large global asset management company, recently released its latest 13F document, revealing its investment strategy. The most noteworthy among them is BlackRock's reduction in its holdings in Apple.
However, many Wall Street financial institutions are still firmly optimistic about Apple's prospects, and even expect its stock price to rise by 30%.
BlackRock reduces its holdings in Apple
According to the latest 13F document, BlackRock reduced its holdings in some technology stocks in the third quarter of this year, including Apple, Microsoft, Nvidia, and Google.
Specifically, BlackRock reduced its holdings of 8.23 million shares in Apple in the third quarter. It is worth noting that in the second quarter of this year, BlackRock increased its holdings of 4.63 million shares in Apple. At that time, it held 1.039 billion shares of Apple, with a total market value of $2016.59 billion. In the third quarter, BlackRock reduced its holdings of 8.23 million shares in Apple and held 1.03 billion shares.
In addition, BlackRock's holdings in Microsoft and NVIDIA have also decreased by over 2 million shares, while its holdings in Google have decreased by nearly 8 million shares.
However, BlackRock did not completely abandon technology stocks in the third quarter. It has increased its holdings in technology companies such as Amazon, Meta Platforms, and Tesla. In addition, Lilly was BlackRock's top increase in individual stocks in the third quarter, with a total of over 1.2 million shares purchased.
As of the end of the third quarter, BlackRock's total market value of its holdings had dropped to $3.48 trillion. It built a warehouse of 174 stocks and cleared 227 stocks.
In addition to BlackRock, Qiaoshui also released its latest Q3 13F report, increasing its holdings in technology stocks such as Meta Platforms and Cisco, while reducing its holdings in Johnson&Johnson, Google, and others.
Bull: Apple will still rise by 30%
However, there are still many Wall Street institutions firmly optimistic about Apple's prospects.
Dan Ives, a well-known analyst at Wedbush, a US investment bank, said that the "wave" of artificial intelligence applications will drive the stock prices of companies such as Apple up nearly 30% next year.
Ives stated that there are already signs that monetization of artificial intelligence has begun to affect the technology industry. Wedbush's top choices in this field include Apple.
Morgan Stanley stated that it gave Apple a "overweight" rating. Morgan Stanley analyst Erik Woodring believes that 2024 may be the "catalyst year" for edge artificial intelligence, partly due to increased consumption and processing power, especially the A17 Pro chip. The so-called edge artificial intelligence refers to the artificial intelligence work completed on smartphones and personal computers, rather than entirely completed on data centers.
Woodring stated that considering Apple's unique data of over 2 billion devices and over 1.2 billion users, Apple's focus on data privacy, and Apple's leading advantage in vertical integration of hardware, software, chips, and services, it is believed that Apple will become one of the key winners in this competition, or a driver of edge artificial intelligence.
