Apple's new AI announcement, copper demand: Asking for a Trend

Josh Lipton takes a look at the top stories investors need to know about on Asking for a Trend. Apple (AAPL) hit a record intraday high on Wednesday. Intelligent Alpha founder and CEO Doug Clinton breaks down the AI-related drivers sending the iPhone maker’s stock higher. Yahoo Finance Markets Reporter Josh Schafer examines the key trends of the trading day including the “Magnificent Seven,” and the impact of the inflation data released Wednesday morning. Copper (HG=F) demand has surged as Big Tech companies invest in AI infrastructure. BHP Group (BHP) CFO Vandita Pant takes a closer look at demand for the precious metal. To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend here. This post was written by Naomi Buchanan.

Apple sets fresh intraday high on AI updates, reported chip colalb

Apple (AAPL) hit a record intraday high on Wednesday after announcing new artificial intelligence (AI) features amid a reported chip partnership with Broadcom (AVGO), according to reports from The Information. Intelligent Alpha founder and CEO Doug Clinton joins Asking for a Trend Host Josh Lipton to take a closer look at what sent Apple stock higher and where the iPhone maker stands in the AI era. Clinton says there are two things driving Apple stock higher. He explains, “First of all, I think the Magnificent Seven in general, we’ve had a pretty good period really since the election. We got past sort of the uncertainty about direction right at the top level for the country.” “The second piece is specific to Apple. If you look at their business, I think that the iPhone numbers, and investors seem to realize this, for next year, are kind of de-risked. I mean, expectations are low… There’s really no expectation for AI adding much of anything to Apple over the next year.” On the reports of Apple working on a chip, Clinton says “Any company that is playing in the AI space that has over $1 billion market cap, we think, they have to develop their own silicon. It’s just a matter of time for any of those companies who aren’t doing it. Apple was obviously always involved in making their own silicon for their devices. Now, they’re bringing that into the server and doing it for their particular use case in AI. I think it’s a smart move by them, somewhat predictable, but it also shows, I think, that they are serious about AI.” To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend here. This post was written by Naomi Buchanan.

Alphabet stock hits record high on Google's new AI model, Gemini 2.0

Alphabet (GOOG, GOOGL) shares climb to a record high after Google announced its latest AI model, Gemini 2.0. The update comes after Google unveiled a new quantum computing chip, Willow, which sent the stock higher. Seaport Research Partners senior analyst Aaron Kessler joins Julie Hyman and Josh Lipton on Market Domination to break down the news and the stock move. “I think it shows that Google continues to be the leader in AI services. Obviously, Google’s been investing in AI for several years now, and it was one of the early leaders. Obviously, I think there was concern with OpenAI maybe jumping Google in terms of ChatGPT, but I think Google’s had a nice rebound here with tools like Gemini.” The analyst says “it’s probably a few things” driving the stock to record highs, including Gemini 2.0. and the quantum computing chip announcment, as well as General Motors (GM) shutting down its robotaxi unit, eliminating a possible competitor to Alphabet-owned Waymo. He adds, “Maybe investors are saying with the new administration coming in less likely, maybe, we see some DOJ action in terms of really splitting up Google and Chrome, which we think is pretty unlikely.” To watch more expert insights and analysis on the latest market action, check out more Market Domination here. This post was written by Naomi Buchanan.