Shares of technology companies experienced a noticeable upswing in the market as Apple made a strong comeback. This surge came after Wedbush analysts reported initial indications pointing towards robust demand for the new premium iPhone 15 models, a sentiment echoed by other brokerages.
Despite enduring the most negative investor sentiment they have faced in a decade, analysts at Morgan Stanley noted that the iPhone 15 cycle seemed to be starting off better than anticipated. This news contributed to the significant rise in Apple shares.
Tech giants such as Apple, Google-parent Alphabet, and Microsoft went all-in on their own stock, making substantial purchases according to a recent survey conducted by S&P Global. The President of Houston financial advisory Joyce Wealth Management, J.D. Joyce, confirmed this information.
In another noteworthy development, Nikola, the electric truck manufacturer, witnessed a surge in its shares after appointing Mary Chan as its chief operating officer. Chan, formerly the president of General Motors' global connected consumer group, brings extensive industry experience to the company.
The Wall Street Journal reported that Saudi Arabia is currently engaged in discussions with Tesla regarding the establishment of a manufacturing facility within the kingdom. This move aligns with Saudi Arabia's ambitious goals of securing metals required for electric vehicles and diversifying its economy away from oil.
Additionally, Naspers announced that Bob van Dijk has officially stepped down as its chief executive. Van Dijk's departure marks the end of his almost decadelong tenure, during which the company tackled various challenges arising from its multibillion-dollar stake in Chinese internet giant Tencent Holdings.