Dan Ives on Apple: AI chapter is finally underway

요약 보기

Apple의 AI 전환 국면 시작으로 목표가를 400달러로 상향. Gemini 등 파트너십과 AI 구독·앱 수익으로 서비스 매출이 연 100~150억 달러 증가 가능하다고 주장. Meta는 CapEx 대비 수익화 증명이 아직 부족하나 장기적으로 회복 가능하다고 봄, 사용자 증가 둔화는 일시적이라고 평가.

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01. How about Apple today hitting a new high in its own right? Wedbush's Dan Ives, he's here at Post 9 because he just raised his price target on the stock to a street high $400. That's why you've come by up from 350. What's got you even more bullish about a name you're pretty bullish always on? Sure. But I think it's really it's the setup here.

02. I mean, if you look from an iPhone perspective, services, now obviously the baton's been handed to Tim Cook, but it's about AI. I mean, I think when we go WWDC A 1 month from today, by the way, we're going to be live there. You'll be with us on site as for our annual trip for the for that event. Yeah, and I think to some extent now the the golden age begins in Cupertino because it's my view from a Gemini perspective in terms of what they're going to announce from partnership.

03. But it really starts what's going to be the foundation for consumers. They're going to be using AI when it comes from an iPhone perspective. This is going to be the consumer AI revolution. What all of them will be subscription services, apps, and as they get a piece of the pie, that's going to be an incremental 10, 12, 15 billion dollars annually on the services side.

04. I think this finally starts now the AI chapter to Apple. You don't feel like you you need to actually see some results before you you do something like bump your price target up by by 50 bucks. I mean, the stock's already had a nice run as well. Why not sit back and wait to see if they deliver on all of these things with all the superlatives that you deliver.

05. It's a great question, but if I look at this next iOS and everything from a developer perspective that looks like it's going to be in there, this is finally it in terms of Apple intelligence, Siri AI. They're now going to have the ability, whether it's Gemini, whether it's ChatGPT, whether it's Claude, this will now be the foundational piece.

06. It's very important because I think what investors are underestimating is this will now start will be an AI-enabled device, probably in 2027, but they're going to Apple will be They're essentially going to be Think about them like on this highway, they're going to be the toll collector for consumers on AI.

07. Okay, so I want to talk about Meta before I before I let you go because we've been doing segments on the fact and there was a a heard on the street article this week that I thought set the argument up pretty pretty well. You've got a stock, I think it's like 18 times. Is that an opportunity or is it a warning sign?

08. And I think you could fill both of those answers out almost equally. The market doesn't seem to be convinced that that stock is an opportunity so much as there's now risk that you need to keep your eye on. How would you address why Meta from the March lows certainly has underperformed these other names?

09. I think it just comes down to like the CapEx that they're spending. You haven't seen it yet. And you know, if you look at this last call, it was the the most underwhelming in terms of Mag 7, but it speaks to my view like they're making the right investments because the reality is for them to monetize on the advertising side, the billions of users, it's what they need to do.

10. But look, the next few quarters they need to show it because when you look at Google, when you look at Amazon, when you look at a lot of the other big tech players where everything in semis as a portfolio right now as a manager, you want to invest in the names that are showing it. Meta is not showing it.

11. We're still strong believers, you know, in terms of where I believe they'll be able to turn this around. Well, I mean, they they obviously Look, Jensen Huang told me straight up before the Super Bowl, nobody does AI better than Meta. I think people would I actually agree with that as related to the advertising business, right?

12. But they Not to call them a one-trick pony because they obviously have other businesses, but they don't have cloud. That was one of the focuses of the of this story, right? Amazon's got cloud, Google's got cloud, Microsoft's got cloud, Meta doesn't have cloud. But look, it didn't you could say like look at Oracle, they're transforming themselves into a hyper scalar, but it takes a lot of money to actually do that.

13. I think when it comes down to Meta call me a one-trick pony, but you have billions of users they're going to monetize. When it comes to User growth is User growth is slowing, right? Sequentially. Sequentially. Haven't Haven't seen that in in forever. But But I That's not a problem? It It was a problem this quarter, but I believe the next few quarters I think it's a one-off.

14. I don't I do not think subscriber growth stops here. I think they're going to be able to actually accelerate that, start to monetize AI spending, and then when it comes from a CapEx perspective, actually maybe soften that a bit as we go in the second half of the year. As you execute, but then it goes back to a year ago, the narrative on Alphabet, no one would own that, it would count negative it was. They proved it and look where they are today.