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Apple Shares Shed More Than 4% After Report of iPhone 14 Slow Demand

Apple shares shed more than 4 percent on Wednesday after the demand for the company’s latest device, iPhone 14, plummeted on weaker demand following reports of issues.



iPhone SE 2

Apple shares shed more than 4 percent on Wednesday after the demand for the company’s latest device, iPhone 14, plummeted on weaker demand following reports of issues.

Investors King learnt that the slow demand for iPhone 14 which was reported late Tuesday reflected on Apple shares on Wednesday as it traded in the red, declining by 4 percent. 

Bloomberg earlier reported that Apple is slowing down the production of its latest device, a reflection of poor market demand for the iPhone 14.

Bloomberg further noted that Apple had produced about 90 million units of iPhone 14 during the second half of 2021 with the plan to produce additional 6 million units during the second half of 2022.

However, consumers are rather disposed to iPhone 14 pro which they claim has a more significant upgrade from iPhone 13. iPhone 14 retains most of the features of iPhone 13.

According to Abhilash Kumar Strategy Analytics “Prospective iPhone 14 buyers may opt for iPhone 13, given the hefty discount on the older model”. 

Checks by Investors King on Wednesday revealed that the shares of the world’s most valuable public traded company dropped to as low as $145.22 immediately after the U.S. market opened on Wednesday, losing 4 percent of its value in a matter of minutes. It, however, retraced back up and traded at $147.88 at the time of this report.

Similarly, Apple suppliers were not spared in the downturn as shares of Qualcomm (QCOM.O) dropped to a low of $117.97 before moving back up to $119.32 at the time of this report. 

Other Apple suppliers which were not spared from the negative news include Infineon (IFXGn.DE) and ASML (ASML.AS).

Meanwhile, Apple has begun to shift its production from China to India. A recent report published by JP Morgan and reported by BBC suggested that Apple is looking to shift 25% of its iPhone production to India by 2025.

The report added that Indian factories will start with the production of iPhone 14 and iPhone 14 plus model. The factories in India will only cover 5 percent of the entire production supply which will equate to 1 million units a month.


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Google’s Shares Surge Over 5% as AI Model Gemini Challenges Industry Norms

Project Gemini Set to Propel Google into Intense AI Competition



A logo is pictured at Google's European Engineering Center in Zurich

Google shares experienced a 5% boost on Thursday following the announcement of the company’s latest artificial intelligence model, Gemini.

The surge marks the most favorable day for Google’s stock since August 29, positioning the tech giant to compete fiercely with AI models from industry heavyweights OpenAI, Microsoft, and Meta.

Project Gemini, unveiled on Wednesday, represents Google’s leap into the realm of advanced artificial intelligence.

The model, designed to emulate human-like behavior, is expected to fuel discussions about the potential benefits and risks associated with this cutting-edge technology.

While Google chose not to disclose Gemini’s parameter count, a key measure of model complexity, a white paper published on December 6 highlighted the superior performance of Gemini’s most capable version over GPT-4 in assessments like multiple-choice exams and grade-school math.

Despite this success, Google acknowledged the ongoing challenges in enabling AI models to attain higher-level reasoning skills.

Analysts from Wells Fargo’s trading desk noted that Gemini’s announcement should dispel concerns about Google’s position in AI, causing a positive response in the market.

However, questions lingered about Google’s monetization strategy for Gemini, emphasizing the need for the tech giant to prove its sustained relevance.

JPMorgan analysts expressed encouragement for Google’s strides in this significant technological shift but anticipate potential pushback due to uncertainties around Gemini’s monetization path in Search.

As Gemini enters the arena, the AI competition, marked by escalating rivalries with OpenAI and Microsoft, is set to intensify.

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Nigerian Exchange Limited

Nigerian Exchange Sustains Bullish Momentum, Adds N305bn to Investors’ Wealth



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The Nigerian Exchange Limited (NGX) continued its bullish run on Wednesday as investors gained N305 billion.

The Exchange has now gained N471 billion in the last two trading sessions following a N259 billion decline recorded on Monday due to the plunge in the value of some medium-cap stocks.

At the close of trading on Wednesday, the All-Share Index and market capitalization rose by 0.78% to 71,808.64 and N39.294 trillion, respectively.

The year-to-date gains of the index rose to 40.11%.

A total of 34 stocks closed in the green against 22 that closed in the red as a total of 121 stocks exchanged hands during the day.

This positive momentum was primarily driven by share price appreciation from top gainers, including Thomas Wyatt (9.93%), FBN Holdings (9.91%), Multiverse (9.90%), Ecobank Transnational Incorporated (9.88%), and Infinity Trust Mortgage Bank (9.70%).

However, some stocks experienced losses, including Axa Mansard Insurance, Guinea Insurance, and Oando Plc, with share dips of 9.69%, 9.68%, and 9.13%, respectively.

Sectorial performances varied with NGX Insurance, NGX Consumer Goods, and NGX Industrial Goods indices recording losses, while the Oil/Gas sector reported a lull performance.

Notably, tier I banking stocks fueled the Banking sector to a substantial 5.01% gain, with GTCO, United Bank for Africa, AccessCorp, and Zenith Bank leading in volume and value, contributing to the overall market bullishness.

Positive trading activity continued, with a 19.90% increase in total deals, 59.15% rise in volume, and an 8.88% uptick in value, totaling 8,412 deals, 690.01 million units, valued at N12.10 billion.

GTCO emerged as the most actively traded security in terms of volume and value, with 76.70 million units worth N3.04 billion exchanged in 260 deals.

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Nigerian Exchange Limited

Global Markets Face Headwinds as European Equities Drop Amid Economic Concerns



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European equity experienced a decline following losses in Asian shares, the pressure created by weak oil prices and growing apprehensions about China’s economic outlook.

The Euro Stoxx 50 contract fell by 0.5%, mirroring a broader trend of cautiousness in the markets.

The drop in Asian stocks from Hong Kong to mainland China and Australia followed a third consecutive daily decline for the S&P 500 and contributed to a general atmosphere of market uncertainty.

Treasury yields rose after a previous drop, with the 10-year note experiencing its lowest levels since August.

The shift in sentiment was evident in a seven-basis-point jump, in tandem with a selloff in Japanese sovereign debt.

Energy producers faced declines due to oil reaching its lowest point since June amid oversupply concerns.

Also, Moody’s Investors Service’s downgrade of its outlook on several Chinese companies, coupled with worries about the nation’s debt burden, contributed to equity weakness.

A surprise contraction in China’s imports in November further fueled concerns about the economic slowdown.

Investors are now eyeing Friday’s US jobs report following private payrolls data that fell short of estimates, indicating potential softening in the employment market.

Meanwhile, oil stabilized after a five-day losing streak, and focus is on the upcoming OPEC+ production plans.

The dollar remained relatively steady against major currencies, and as markets await the Federal Reserve’s meeting next week, there is anticipation regarding potential shifts in market expectations based on quarterly forecasts.

In corporate news, Apple Inc. is preparing for new models and upgrades, aiming to reverse declining sales, while Advanced Micro Devices Inc. targets the artificial intelligence market dominated by Nvidia Corp.

Gold extended gains and bitcoin traded below $44,000, a level not seen since June last year.

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