Hello again, and welcome back to TechCrunch’s running series of posts discussing how the public markets rarely give even half of a spare fuck concerning what Apple announces at its events.
Indeed, Apple’s stock seems to be far more labile to external events than from internally sourced announcements; rare is the case in which Apple’s stock actually picks up ground in contrast to the Nasdaq Composite during its press-friendly announce-a-thons.
Which never ceases to astound us somewhat. Perhaps Apple’s events are so well-leaked these days that new products are baked into its value?
That argument is perhaps necessary but not sufficient in market terms — participatory but not complete? — as Apple did break some news today regarding its line of PC chips. Yes, Apple did detail the new M1 Pro, but it also blew more than a few minds with its M1 Max chip. Sure, the name is a bucket of boomer cringe, but the chip itself appears to be an incredibly impressive feat. And Apple is baking the new chips into a range of computers that have price points above expectations.
Sitting here, I’m thinking: Killer new hardware, and potentially higher per-computer revenue? Sounds good, right? And yet, Apple’s stock pretty much tracked the Nasdaq during its event, which took place between the hours of 1 pm and 2 pm in the following chart:
The only notable element of that chart is that Apple’s initial declines after 1 pm struck were sharper than what the larger Nasdaq tech collection managed. But then Apple recovered more sharply, leaving the entire trading period essentially a wash — Apple gained ground just as tech shares did. Wee.