Ives also predicts that Apple's AI work could be extremely lucrative, benefiting from the 2.2 billion iOS install base and improving the Services unit. He mentions the Apple Vision Pro as the "tip of the iceberg" of the AI revolution, with potential high conversion rates. He also reiterates his belief that Apple will hit a $4 trillion market cap in a year, with Wedbush setting a $250 price target for Apple stock and rating it as "Outperform".
Key takeaways:
- Apple's supply chain checks show fewer cuts to orders than expected, leading to predictions of a successful year for the company.
- Wedbush Securities' Dan Ives suggests a possible "product renaissance" for Apple, with stable and possibly increasing iPhone demand in China.
- Ives also highlights Apple's move towards AI, including the creation of an AI App Store and increased memory on devices for on-device AI processing.
- Despite initial predictions of 300,000 units sold, the forecast for Apple Vision Pro sales is now at 600,000 units. Ives also reiterates his belief that Apple will hit a $4 trillion market cap within a year.