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☆ Jim Cramer points to new, 'very bullish' signs that Apple's China business is on the mend
▼ + stars: | 2024-05-21 | by ( Paulina Likos | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer sees Apple 's China business coming back — pointing to stronger monthly App Store numbers, due to activity in the world's second-largest economy. "This is very bullish," Cramer said Tuesday, reacting to Morgan Stanley data showing a mild acceleration of overall App Store growth in May to 11.7% year over year. As China drives more Apple services growth, Cramer said the "bull case of China being back" gains merit. Earlier this month, Apple delivered record quarterly revenue in high-margin services and guided a double-digit rate of growth for the June quarter. A potential catalyst for Apple stock could be next month's Worldwide Developers Conference.

Persons: CNBC's Jim Cramer, Apple, Cramer, Morgan Stanley Organizations: Apple, Club, That's Locations: China

☆ They were gonna text back. It's just that iMessage went down for almost an hour.
▼ + stars: | 2024-05-17 | by ( Alistair Barr | ) www.businessinsider.com time to read: +1 min

iMessage, FaceTime, and HomeKit experienced outages for nearly an hour Thursday afternoon. The outages, rare for Apple services, affected many users from 2:49 pm to 3:35 pm PT. Android users mocked the iMessage outage, highlighting the ongoing Apple-Google rivalry. iMessage went down for almost an hour, so it's not you. On Thursday afternoon, the tech giant posted on its System Status dashboard that "Users were unable to use" iMessage, along with FaceTime and HomeKit.

Persons: —, iMessage Organizations: Apple, Service

☆ Apple’s iPad will be subject to tough EU competition rules
▼ + stars: | 2024-04-29 | by ( Brian Fung | ) edition.cnn.com time to read: +2 min

CNN —Apple’s iPad will face heightened regulation in the European Union after officials labeled its operating system Monday as a key gatekeeper technology under EU competition law. The stricter regulations require, for example, that the iPad not restrict third-party companies from accessing Apple services. And they prohibit Apple from giving its own services preferential treatment on the iPad compared to those offered by competitors. Apple is already subject to European gatekeeper obligations on iOS and in its app store and browser. “We will continue to constructively engage with the European Commission to comply with the DMA, across all designated services,” Apple said in a statement.

Persons: Margrethe Vestager, iPadOS didn’t, “, Vestager, ” Apple, ” Organizations: CNN, European Union, Google, Microsoft, Apple, European Commission Locations: European

☆ A big fine in Europe adds to Apple's 2024 woes. What it will take to get back on track
▼ + stars: | 2024-03-04 | by ( Morgan Chittum | ) www.cnbc.com time to read: +7 min

Apple shares tumbled on Monday after European regulators hit the tech giant with a big antitrust fine over music streaming. The European Commission dished out a $1.95 billion fine — claiming Apple violated competition laws in the music streaming market. Apple and Spotify have rival audio streaming services. "New AI services should compel users to upgrade iPhones, driving a Supercycle in 2025," the analysts said in a note to clients Monday. Melius also sees upside to Apple Services due to AI-infused software features.

Persons: —, Jim Cramer, Jim, Tim Cook, Apple, we're, Melius, Jim Cramer's, Scott Eells Organizations: Apple, European, European Union, Spotify, European Commission, Big Tech, Microsoft, Nvidia, Nvidia's, Huawei, India . Club, Apple Music, Research, Apple Services, CNBC, Nasdaq, Bloomberg, Getty Locations: Europe, American, China, India, New York

☆ Apple releases free new sports app for iPhone
▼ + stars: | 2024-02-21 | by ( Kif Leswing | ) www.cnbc.com time to read: +5 min

The app, called Apple Sports, does one thing well: show sports scores from all the major teams and leagues. Apple services chief Eddy Cue said the company designed the app to be fast and simple for multiple quick checks per day. This new app, which won't come pre-installed on iPhones, is tightly integrated with Apple's other Services apps, such as the TV app and News app. It works for sports Apple carries, as well as games on streaming services that are connected to the Apple TV app, many of which still require a cable subscription but will increasingly be available from over-the-top streamers. Apple will also have features that will allow users to follow college basketball's March Madness tournament in the app, Cue said.

Persons: Aaron Judge, Roger Maris, Eddy Cue, incentivized, there's, it's Organizations: York Yankees, Texas Rangers, New York Yankees, Globe Life, Getty, Apple Sports, Major League Soccer, Apple, Super, Major League Baseball, Golden State Warriors, New England Patriots, Apple Apple, National Football League, YouTube, CNBC, National Basketball Association . Apple, Google, Apple News, Duke, Hollywood, Sports, MLB NFL NCAA, WNBA MLS, NCAA, NHL Bundesliga, Liga, Ligue, League Serie Locations: York, Arlington , Texas, U.S, Canada

☆ Here are Tuesday's biggest analyst calls: Nvidia, Disney, Walmart, Apple, Arista, Ford, Rivian, Block & more
▼ + stars: | 2024-02-13 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Morgan Stanley initiates Ford as a top pick Morgan Stanley said it's standing by its top pick status on Ford. Morgan Stanley initiates Dynatrace as equal weight Morgan Stanley initiated the software stock with an equal weight and said patience is needed. Morgan Stanley reiterates Disney as overweight Morgan Stanley said Disney's participation in a sports streaming bundle is 'low-risk." Morgan Stanley adds Huntington Bancshares to the financials finest list Morgan Stanley added the regional bank to its financials finest list. Morgan Stanley reiterates Rivian as overweight Morgan Stanley said it's standing by its overweight rating on the stock, but that the company will need "substantial funding" to complete its Georgia plant.

Persons: Goldman Sachs, Goldman, ANET, hyperscaler, Morgan Stanley, Ford, it's, Dynatrace, Redburn, Evercore, Susquehanna, Piper Sandler, Trimble, Piper, Riley, Bernstein, Disney, Huntington Bancshares, Huntington, Banks, Stephens, Cantor Fitzgerald, Stratasys, Cantor, Rivian Organizations: Arista Networks, Ford, downgrades, Airlines, UBS, Nvidia, NextEra Energy Partners, Taiwan Semiconductor, Apple, Apple Services, DIS, FOX, Deutsche Bank, Walmart, Citi, GSK, " Bank of America, of America Locations: NVDA's, North America, NAPA, Georgia

☆ Goldman Sachs is pounding the table for these top tech stocks ahead of earnings
▼ + stars: | 2024-01-27 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Goldman Sachs is getting bullish on tech ahead of key earnings. CNBC Pro combed through Goldman Sachs research to find the firm's favorite tech names as earnings season heats up. Microsoft Analyst Kash Rangan expects big results from Microsoft when the company issues its fiscal second-quarter report on Tuesday . Broadcom Goldman recently reinstated coverage of the semiconductor company with a buy rating ahead of its earnings report in February. In addition, the VMware deal should "drive operating margin expansion and earnings growth well in excess of the industry average," he said.

Persons: Goldman Sachs, Kash Rangan, Rangan, Broadcom Goldman, Toshiya Hari, Hari, Apple Goldman, Michael Ng, Ng, … AAPL Organizations: CNBC, Apple, Microsoft, Broadcom, VMware, Apple Services, Apple Music, Apple Vision, Semiconductor, TAM Locations: CY23

REUTERS/Cheriss May/File Photo Acquire Licensing RightsWASHINGTON, Nov 15 (Reuters) - U.S. lawmakers asked Apple Inc to explain the abrupt end of political comedian Jon Stewart's television show on its streaming service, according to a letter made public on Wednesday, citing concerns that content related to China was behind the cancellation. The New York Times reported last month that Stewart's show on Apple's streaming service was ending, the result of creative differences. The newspaper said Stewart told members of his staff that potential show topics related to China and artificial intelligence were causing concern to Apple executives. The letter asked representatives of Apple for a briefing on its concerns by Dec. 15, 2023. U.S. lawmakers have long expressed concerns about potential Chinese government censorship given the ruling Communist Party’s strict media controls.

Persons: Jon Stewart, Mark Twain, Cheriss, Jon Stewart's, Stewart, Tim Cook, Apple, Michael Gallagher, Raja Krishnamoorthi, Xi Jinping, Joe Biden, Patricia Zengerle, Stephen Coates Organizations: The Kennedy Center, REUTERS, Rights, Apple Inc, New York Times, Apple, Times, Republican, Democratic, Chinese Communist Party, CCP, Economic Cooperation, Thomson Locations: Washington , U.S, China, San Francisco, Asia, U.S

☆ Apple hints at an AI-focused future and ‘scary fast’ upgrades
▼ + stars: | 2023-11-01 | by ( Samantha Kelly | ) edition.cnn.com time to read: +4 min

The focus of the event, which featured the tagline “scary fast,” was Apple’s new custom-made M3 chips, the M3, M3 Pro and M3 Pro Max. The chips will ship with Apple’s latest MacBook Pro and iMac lineup. “This deep integration is something only Apple can deliver, and we never stop innovating.”At a time companies such as Microsoft, Google and Meta have openly discussed their plans for an AI future, Apple has been less forthcoming. Apple said it shipped about 26 million Macs in 2022, making up 9.1% of the overall market (up from 7.8% the year prior). At the same time, the overall PC market shipped about 292 million computers the same year, down 15% from the year before.

Persons: Tim Cook –, –, they’re, ” Cook, Apple, ”, Dipanjan Chatterjee, Forrester, “, Tim Cook, Chatterjee, David McQueen, ” McQueen, Kieren Jessop Organizations: CNN, Apple, Max, Microsoft, Google, Meta, Lenovo, Dell, HP, IDC Research, Apple Music, ABI Research, Intel, Qualcomm, AMD, NVIDIA, MacBook Locations: Cupertino , California, China

☆ Google CEO Sundar Pichai testifies in Google antitrust trial
▼ + stars: | 2023-10-30 | by ( Brian Fung | ) edition.cnn.com time to read: +5 min

Pichai, whom Google called as a star witness, opened his testimony by recounting his journey from Chennai, India to Google and his path to becoming the tech company’s CEO in 2015. “The correlation was pretty clear to see,” Pichai said, before Google attorney John Schmidtlein presented an internal email from 2010 showing research that users who switched from Microsoft’s Internet Explorer performed 48% more Google searches. Users of Mozilla’s Firefox browser that switched to Chrome performed 27% more searches on Google, the email said. Google has paid Apple more than an estimated $10 billion a year to be the default on Apple devices and software. In 2021, Google paid $26.3 billion to secure default agreements with its partners worldwide, according to a slide introduced in the trial last week.

Persons: Sundar Pichai, Pichai, ” Pichai, John Schmidtlein, Chrome, Satya Nadella, Apple “, Eddy, Bing, ” Google Organizations: Washington CNN, Court, District of Columbia, Microsoft, Google, Apple, Justice Department Locations: Chennai, India

☆ Chinese augmented reality firm Xreal launches next-gen glasses in challenge to Meta and Apple
▼ + stars: | 2023-10-24 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +4 min

Xreal glasses allow users to have large-screen experiences of apps, such as streaming services or gaming. The Xreal Air 2 starts at $399 while the Pro versions starts at $449. The company said it has managed to use smaller displays inside the device, resulting in AR glasses that are 10% lighter than the previous generation. Jin said that Meta is meanwhile trying to bring its social network to virtual reality, which "has proven to be extremely challenging." The Xreal Air 2 glasses start at $399 and will be launched in the U.S., U.K. and selected European markets.

Persons: Xreal, Peng Jin, Mark Zuckerberg, Jin, Meta, Meta's, it's Organizations: Xreal, Tuesday, Apple, CNBC, Tech, International Data Corporation, IDC, Apple Vision, Facebook, Meta Locations: U.S, Europe

☆ Here are Tuesday's biggest analyst calls: Apple, Tesla, Microsoft, Rivian, Amazon, Skechers, Block and more
▼ + stars: | 2023-10-10 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Bank of America reiterates Apple as neutral Bank of America said Apple Services is the "next leg of growth." UBS reiterates Skechers as buy UBS said it's standing by its buy rating on shares of the shoe company. JPMorgan reiterates Disney as overweight JPMorgan lowered its price target on the stock to $120 per share from $125 but said it's standing by its overweight rating. Bank of America reiterates Block as buy Bank of America said investors should buy the dip in shares of the company formerly known as Square. Morgan Stanley reiterates Microsoft as overweight Morgan Stanley said it's standing by its overweight rating on Microsoft shares.

Persons: Wells, Wells Fargo, Jefferies, Tesla, it's, Skechers, Daiwa, JPMorgan downgrades Corning, JPMorgan, TD Cowen, O'Reilly, Cowen, Morgan Stanley Organizations: UBS, Bank of America, Apple, of America, Apple Services, Google, DOJ, Citi, Huawei, JPMorgan, Disney, ESPN, Arts, EA, " Bank of America, Trust, Northern Trust, Holdings, Juniper Networks, Enterprise, Microsoft Locations: North America, China, Hulu, Juniper, Corning

☆ DuckDuckGo CEO testified that Apple was 'really serious' about replacing Google as default for private browsing
▼ + stars: | 2023-10-05 | by ( Lauren Feiner | ) www.cnbc.com time to read: +5 min

Apple once considered replacing Google as its default search engine in private browsing mode on its products in favor of DuckDuckGo, according to recently unsealed testimony by the rival search CEO. DuckDuckGo first got a response from Apple about its idea to become the default search engine in private browsing in 2016, Weinberg said. DuckDuckGo claims its search engine greatly reduces the amount of tracking that is still possible in other search engines, even while on private browsing mode. DuckDuckGo presented Apple executives with data about what Apple users expect from private browsing mode, which Weinberg said he'd thought "was pretty compelling." DuckDuckGO estimated its market share "would increase multiple times over" just by becoming the default in private browsing mode.

Persons: Gabriel Weinberg, Apple, Weinberg, Apple's, DuckDuckGo, Craig Federighi, he'd, Adler, John Giannandrea, Giannandrea, Apple didn't Organizations: DuckDuckGo Inc, Washington , D.C, Google, CNBC, Department, Apple, Microsoft, Bing, Worldwide Developers Conference, Samsung, Mozilla, Opera, YouTube Locations: Washington ,, Cupertino , California, Cupertino

☆ Apple sees sales slump continuing, shares drop 2% despite beating sales expectations
▼ + stars: | 2023-08-03 | by ( Stephen Nellis | ) www.reuters.com time to read: +5 min

Executives said iPhone sales would improve in the fourth quarter, but did not say how much. Weaker iPhone sales were balanced by strong sales in the services segment that contains Apple TV+ and by sales in China that grew 8% year over year. That sales forecast is below analyst expectations of roughly flat fiscal fourth-quarter sales of $90.19 billion, according to Refinitiv data. Apple said iPhone sales were $39.67 billion, below analyst expectations of $39.91 billion, according to Refinitiv data. Mac and iPad sales were $6.84 billion and $5.79 billion, respectively, compared with analyst estimates of $6.62 billion and $6.41 billion, according to Refinitiv data.

Persons: Joshua Roberts, Luca Maestri, Daniel Newman, Maestri, Tim Cook, We've, We're, Cook, Apple, Jeremy Goldman, Stephen Nellis, Yuvraj Malik, Peter Henderson, Matthew Lewis Organizations: Apple Inc, REUTERS, Wall, Apple, Android, Futurum, Reuters, Research, Major League Soccer, Apple Watch, Thomson Locations: Washington , U.S, China, CHINA, San Francisco, Bengaluru

☆ Apple profit tops Wall Street targets, strong services counter weaker iPhone
▼ + stars: | 2023-08-03 | by ( Stephen Nellis | ) www.reuters.com time to read: +4 min

Logo of an Apple store is seen as Apple Inc. reports fourth quarter earnings in Washington, U.S., January 27, 2022. IPhone sales slightly missed analyst estimates, but were made up for by strong sales in the services segment that contains Apple TV+ and by sales in China that grew 8% year over year. That helped Apple push sales in its greater China region to$15.76 billion, from $14.60 billion in last year's same quarter. Apple said iPhone sales were $39.67 billion, below analyst expectations of $39.91 billion, according to Refinitiv data. Mac and iPad sales were $6.84 billion and $5.79 billion, respectively, compared with analyst estimates of $6.62 billion and $6.41 billion, according to Refinitiv data.

Persons: Joshua Roberts, Tim Cook, We've, We're, Cook, Apple, Stephen Nellis, Yuvraj Malik, Peter Henderson, Matthew Lewis Organizations: Apple Inc, REUTERS, Apple, Reuters, Android, Big Tech, Microsoft, Google, Research, Major League Soccer, Apple Watch, Thomson Locations: Washington , U.S, China, San Francisco, Bengaluru

☆ Top Wall Street analysts are bullish on these five stocks
▼ + stars: | 2023-07-16 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +6 min

Benoit Tessier | ReutersCava GroupFirst on this week's list is the Mediterranean restaurant chain Cava (CAVA), which made a blockbuster public debut last month. The rally in CAVA shares since its initial public offering reflects investors' optimism about the fast-casual restaurant chain's growth prospects. Stifel analyst Chris O'Cull initiated a buy rating on Cava with a price target of $48. The analyst estimates annual revenue growth of 20% during the next four years, driven by at least 15% growth in Cava's footprint. The survey revealed that Services' average revenue per user (ARPU) in the U.S. is $110, which is much higher than Daryanani's global estimate of $81.

Persons: Benoit Tessier, Chris O'Cull, O'Cull, TipRanks, Amit Daryanani, Daryanani, Ivan Feinseth, Feinseth, Goldman Sachs, Toshiya Hari, Hari Organizations: Meta, Inc, Viva Technology, Porte de, Reuters, Cava, Apple, Apple Services, Services, Tigress Financial, TipRanks, Nvidia Semiconductor, Nvidia, US Locations: Porte, Paris, France, Cava, CAVA, U.S, Midwest

☆ Apple launches online store on China's giant WeChat messaging app
▼ + stars: | 2023-07-11 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Apple launched an official WeChat Mini Program in China to sell its products. WeChat is China's biggest messaging app and is operated by Tencent. Apple on Tuesday launched an online store on Tencent's WeChat messaging app in China, as the iPhone giant steps up the expansion of its retail channels in one of its most important markets. WeChat is China's biggest messaging platform with over 1.2 billion users. Apple has an official store on Tmall, the e-commerce site operated by Alibaba .

Persons: Apple's, Tencent, JD.com, China's Organizations: Apple, Tencent, Mini, CNBC, Alibaba, Research Locations: China, WeChat

☆ Tesla may just be starting to unlock its true potential
▼ + stars: | 2023-06-10 | by ( Cadie Thompson | ) www.businessinsider.com time to read: +5 min

Tesla will let Ford and GM access its Supercharger network starting in 2024. Tesla is beginning to show just how much potential its technology and infrastructure really have. Starting in 2024, both automakers will be able to give their customers access to Tesla's expansive charging network with adapters. But this may just be the beginning of Tesla starting to cash in on its proprietary technologies. Even with the addition of Ford, GM, and other car makers," Munster said.

Persons: Tesla, Elon Musk, Dan Ives, Musk, What's, Cathie Wood, Wood, Gene Munster, They've, Munster, It's, Ives Organizations: Ford, GM, EV, Wedbush Securities, CNBC, Ives, Apple, Ark, Deepwater Asset Management, Supercharging Locations: North America

☆ Tesla's having an AWS or Apple Services moment, says Wedbush Securities' Dan Ives
▼ + stars: | 2023-06-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTesla's having an AWS or Apple Services moment, says Wedbush Securities' Dan IvesDan Ives, Wedbush Securities analyst, joins 'Squawk on the Street' to discuss why Tesla is giving Ives so much 'bullishness', the revenue opportunities from charging stations, and more.

Persons: Dan Ives Dan Ives, Tesla, Ives Organizations: Apple Services, Wedbush Securities

☆ Apple may soon show off its biggest and riskiest new hardware product in years
▼ + stars: | 2023-06-02 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +7 min

CNN —Next week, Apple may unveil its most ambitious new hardware product in years, but it’s in a product category that is anything but a proven winner. The highly-anticipated release of an AR/VR headset would be Apple’s biggest hardware product launch since the debut of the Apple Watch in 2015. “So it is great timing for that market.”An uncertain marketFor now, the overall headset market remains small. There were 8.8 million AR/VR headsets shipped globally last year, according to data from market research firm IDC. Unlike almost any other company, however, Apple can create demand for an experimental new product or category.

Persons: ”, Ramon, –, Tim Cook, Cook, “, Siri, Eric Abbruzzese, Meta, Mark Zuckerberg, Abbruzzese, don’t, ” Abbruzzese Organizations: CNN, Apple, Apple Watch, VR, IDC, Washington Post, GQ, Ikea, Bloomberg, ABI Research, Facebook, Street, Meta, Google

☆ Buffett says people would rather give up a second car than an iPhone. Here's why Apple's business is so stellar
▼ + stars: | 2023-05-08 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +9 min

"If they had to give up a second car or give up their iPhone, they'd give up their second car. AAPL .SPX mountain 2016-05-16 Apple's stock performance versus the S & P 500 since May 16, 2016, the day Berkshire's stake in the iPhone maker was first disclosed. Buffett's comments Saturday were "very bullish on Apple," Jim said Monday during the Club's "Morning Meeting." Free cash flow is generally defined as operating cash flow minus capital expenditures or cash spent on purchases of plant, property and equipment (PP & E). Berkshire currently owns about 5.66% of the 15.82 billion Apple shares outstanding, according to FactSet.

☆ Apple beats revenue, profit estimate on iPhone sales growth
▼ + stars: | 2023-05-04 | by ( Stephen Nellis | ) www.reuters.com time to read: +4 min

Profit was flat at $1.52 per share, compared with estimates of a 5.7% fall to $1.43 per share, according to Refinitiv data. IPhone sales rose 1.5% to $51.33 billion, compared with analyst expectations of a 3.3% decline to $48.9 billion, according to Refinitiv. Mac sales fell more than 30% to $7.17 billion compared with analyst estimates of a 25% decline to $7.8 billion, according to Refinitiv. Apple's sales fared only slightly better than PC unit shipments in the market, which fell 33% in the calendar first quarter, according to Canalys data. Both were roughly the same as the 23 cents-per-share dividend and previous $90 billion share repurchase increase the company announced a year ago.

☆ Why Apple TV+ could be hit harder than Netflix, Disney+, and other streamers by a looming Hollywood writers' strike
▼ + stars: | 2023-05-01 | by ( Reed Alexander | ) www.businessinsider.com time to read: +8 min

But ahead of a potential Hollywood writers' strike, the streamer faces two key vulnerabilities. Hollywood is bracing for a possible writers' strike that could begin at midnight PT, following an overwhelming strike authorization by members of the Writers' Guild of America West and East last month. But, by comparison, Prime Video, Netflix, and Discovery+ offer viewers thousands of TV series, according to ReelGood data from the end of 2022. "They're building a long-term brand of Apple TV+, which is something apart from all their devices and their cool software. It would not damage the perception that people have of Apple TV+."

☆ Apple TV+ has 2 big disadvantages compared to Netflix, Disney+, and other streamers as a Hollywood writers' strike looms
▼ + stars: | 2023-04-26 | by ( Reed Alexander | ) www.businessinsider.com time to read: +8 min

But ahead of a potential Hollywood writers' strike, the streamer faces two key vulnerabilities. Hollywood is bracing for a possible writers' strike that could begin on May 1, following an overwhelming strike authorization by members of the Writers' Guild of America West and East earlier this month. But, by comparison, Prime Video, Netflix, and Discovery+ offer viewers thousands of TV series, according to ReelGood data from the end of 2022. "They're building a long-term brand of Apple TV+, which is something apart from all their devices and their cool software. It would not damage the perception that people have of Apple TV+."

☆ Apple's new financial product reinforces its ecosystem
▼ + stars: | 2023-04-17 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +4 min

Apple 's (AAPL) latest banking offering — a savings account with a 4.15% annual percentage yield — bolsters the Club's own-it, don't-trade-it mantra. Apple's high-yield savings account is available Monday for users of its Goldman Sachs (GS)-backed credit card. The savings account is unlikely to have a material impact on Apple's profit-and-loss statement — but that's not its fundamental purpose. Like Apple's other financial services — including Apple Pay — the savings account is largely about boosting the long-term attractiveness of owning an iPhone, the crown jewel of its hardware lineup. As a result, investors are willing to pay up for services revenue, which in practice translates into a higher price-to-earnings multiple (P/E) on Apple's stock.

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