10 Best Stocks to Buy According to Billionaire Ken Fisher

2. Apple Inc. (NASDAQ:AAPL) 

Total Number of Shares Owned: 57,503,020

Total Value of Shares Owned: $12,111,286,431

Number of Hedge Fund Investors: 184

Apple Inc. (NASDAQ:AAPL) is a leader in consumer electronics, software, and services, renowned for products like the iPhone, Mac, and Apple Watch. While iPhone and iPad sales have softened, Apple’s services division saw impressive growth, generating $23.9 billion in revenue and slightly exceeding analyst expectations. Reflecting confidence in its long-term value, Apple also announced a $110 billion share repurchase program and raised its dividend.

Apple Inc. (NASDAQ:AAPL) is making strides in artificial intelligence (AI) and augmented reality (AR), positioning itself well for growth in these emerging markets. The company’s AI initiatives aim to enrich user experience and product capabilities, while its focus on AR could lead to groundbreaking applications.

With a strong financial foundation, Apple Inc. (NASDAQ:AAPL) is able to invest heavily in research and development, securing its position at the forefront of technological innovation. Substantial cash flow supports its ability to pursue strategic acquisitions and expand its product range.

Apple Inc. (NASDAQ:AAPL) reported strong Q3 2024 earnings, achieving a normalized EPS of $1.64, beating estimates by $0.04, and revenue of $94.93 billion, surpassing projections by $514.17 million. As it approaches its next earnings announcement on January 30, 2025, analysts expect Apple to post a normalized EPS of $2.35 and revenue of $124.40 billion. With six upward EPS revisions over the last 90 days, market sentiment remains positive toward Apple Inc. (NASDAQ:AAPL)’s sustained growth trajectory.

Columbia Contrarian Core Fund stated the following regarding Apple Inc. (NASDAQ:AAPL) in its Q2 2024 investor letter:

“Apple Inc. (NASDAQ:AAPL) – Despite the stock falling after announcing earnings in late May, Apple regained ground toward the end of the quarter, fueled by the company’s long-awaited AI announcement at its annual Worldwide Developers Conference (WDC). At the conference, the company showcased some of its new AI features powered by Apple Intelligence that would be coming to Apple products and also announced a partnership with ChatGPT.

Investors greatly welcomed the announcement of Apple’s AI strategy and the stock surged, passing Microsoft as the world’s most valuable company (although this hallmark wouldn’t last). Beta testing of these new features will be coming later this summer, but the initial promise and excitement looks to be a potential catalyst for an upgrade cycle, as the company looks to persuade users who have had the same smartphone for years to consider an upgrade.”