Good Morning, Unsurprisingly, Apple NASDAQ: AAPL scrapped its plans to build an electric vehicle. After ten years of effort, the goal to launch a 100% autonomous vehicle in 2024 failed to produce even a timeline of when a car might come, and now it's 2024. Add in the fact the EV market bubble has burst, and there are other fruits to gather, and it makes sense for the shift. Ultimately, Apple’s appeal in the EV world will be software and operating systems rather than vehicles, which plays into what the company is shifting to. AI. Analysts were unfazed by the news. After a brief goodbye to the project, they focused on AI and Apple’s need to catch up. The company appears behind in deploying AI across its ecosystem, a significant opportunity missed. Analysts at Rosenblatt view the company as losing its position as the innovative, market-disrupting consumer tech leader, which may impact the valuation. The stock trades at premium valuations to the S&P 500 and may be unable to maintain it without a new catalyst.
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