Apple (NASDAQ:AAPL), one of the biggest names in personal and mobile computing around, just brought out a fresh series of events that left the market reeling. Okay, more like a little nonplussed. Apple’s latest moves very slightly unnerved investors, who pulled out in small numbers, leaving Apple down fractionally in Tuesday afternoon’s trading.
First, Apple took a proactive stance and pulled several apps from the Chinese App Store variant ahead of China’s upcoming crackdown on generative AI systems. That means apps like ChatGPT—as well as ChatGPT itself—were pulled from the store in advance. The potential bans won’t kick in until August 15, but Apple clearly got out in front of it. The action the Chinese government looks to take isn’t even really a ban, but requires so many caveats—AI apps must not seek to overthrow the government, and must “respect social morality and ethics”, as well as promote “core values of socialism”, among other things—that it’s likely not worth trying to jump through all those hoops for the sake of a handful of apps.
This news comes on the heels of much more pleasant news, as Apple also recently showed off its iPhone 15. Several “major changes” are in the offing this time around, as Apple shows off titanium edges—which might be useful in the face of, say, a dropped phone—as well as a whole new charging port. Thanks to EU regulations, the iPhone 15 and the iPhone 15 Plus will work with USB-C chargers.
Analysts, meanwhile, are largely undeterred. Apple stock currently merits a Strong Buy rating, supported by 24 Buy ratings and seven Hold. Meanwhile, Apple stock also offers an upside potential of 3.34% thanks to its average price target of $202.19.
