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Attention Turns to Apple After Recent Rally and Musk Action

Investors are turning their attention to Apple after Elon Musk threatened legal action against the iPhone maker.

AAPL – Daily Chart

AAPL – Daily Chart

The price of AAPL has jumped recently after the stock struggled with tariff effects from the April lows.

Investors are turning their attention to Apple after Elon Musk threatened legal action against the iPhone maker. In a recent social media post, Musk said the company is in breach of antitrust laws since it’s “behaving in a manner that makes it impossible for any AI company besides OpenAI to reach #1 in App Store”.

Musk’s latest target would be a major headwind for Apple shares as it could intensify regulatory scrutiny against the company’s App Store practices. A prolonged court battle could also add reputational damage, especially given AAPL’s current EU fines and U.S. investigations could dampen investor sentiment moving forward.

Musk’s claims could also hurt Apple’s credibility in the AI space. The latest news comes at an important time as Wall Street analysts are not overly bullish on Apple stock. The consensus view on Apple stock remains at “Moderate Buy,” but the average target of $236 indicates less than 3% upside from current prices. The market consensus on Tesla shares indicates downside of around 13% from here.

A lawsuit against Apple could also be a negative for Tesla stock as well, because it signals yet another distraction from the company’s core business interests.

In a recent CNBC appearance, Wedbush senior analyst Dan Ives also called it a “massive headache,” saying Musk’s fixation on xAI and AAPL risks sidelining Tesla’s strategic priorities.

Apple shares have been upbeat after Q2 earnings were released during the last two weeks.

The company delivered $94 billion in revenue and $1.57 in earnings per share, which was ahead of consensus projections of $89.4 billion and $1.43. The company’s 46.5% gross margin came in at the high end of previous management guidance.

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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