Apple: This Beaten-Down "Magnificent Seven" Stock Could Start Soaring Thanks to Artificial Intelligence (AI) [Yahoo! Finance]
Apple Inc. (AAPL)
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Source: Yahoo! Finance
But Apple (NASDAQ: AAPL) , a powerhouse in the sector, has failed to sustain its impressive momentum from last year. A member of the group of mega-cap tech stocks known as the "Magnificent Seven," it's down over 10% so far this year. For comparison, Apple was in fine form last year, gaining about 48%. Its reversal of fortune can be attributed to its slowing sales growth and lack of notable artificial intelligence (AI) developments. Its Magnificent Seven peers such as Meta Platforms Nvidia , and Microsoft have been outperforming the broader tech sector this year, as their AI-focused efforts are delivering results The thing is, Apple's slide could offer a buying opportunity for savvy investors, as the company is in a position to capitalize on two key AI-related growth opportunities. AI could drive solid growth in two of Apple's major businesses In its fiscal 2024 first quarter, which ended Dec. 30, 2023, Apple's revenue increased only 2% year over year to $119.6 billion. It sold
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