In this article, we will take a look at the 5 stocks that will make you rich in 2023. To see more such companies, go directly to 10 Stocks That Will Make You Rich in 2023.
5. Apple Inc. (NASDAQ:AAPL)
Number of Hedge Fund Holders: 131
Apple Inc. (NASDAQ:AAPL) is one of the evergreen stock picks that keeps on giving. Analysts believe Apple Inc. (NASDAQ:AAPL)’s soon-to-be-released iPhone 15 could see huge demand as there are over 250 million iPhones in the world that haven’t been replaced over the past four years. Apple Inc. (NASDAQ:AAPL) is also in the news due to its launch of Vision Pro mixed-reality headset. Wedbush’s Dan Ives recently said that the device is the first step in “generative AI-driven app ecosystem” for its installed base of more than 2 billion active devices of Apple Inc. (NASDAQ:AAPL). Ives thinks that Apple Inc. (NASDAQ:AAPL)’s fair valuation could be in the $3.5 trillion to $4 trillion range.
Ives estimates that Apple Inc. (NASDAQ:AAPL) could generate a whopping $100 billion in annual services revenue on double-digit growth this year. As of the end of the first quarter of 2023, 131 hedge funds tracked by Insider Monkey had stakes in Apple Inc. (NASDAQ:AAPL).
Manole Capital Management made the following comment about Apple Inc. (NASDAQ:AAPL) in its second quarter 2023 investor letter:
“Despite this, the S&P 500 is up 7% this year and the Nasdaq is up +11%. Technology rebounded from a challenging 2022 and many large tech companies are performing quite well this year. Through mid-May 2023, year-to-date performance of some of the most popular and largest names tech names is impressive. For tech companies with market capitalizations over $1 trillion, Apple Inc. (NASDAQ:AAPL) is up +35%, Microsoft +33%, Amazon +39%, and Google is +40%. In terms of contribution to the S&P 500’s year-to-date return, Apple and Microsoft represent roughly half of its 2023 performance. Apple, and Microsoft now account for 13.9% of the entire S&P 500 or 80% more concentrated than 2008. For additional perspective, Apple’s market cap is at $2.8 trillion and that is larger than the market cap of the entire Russell 2000. To conclude, it’s distinctly getting more concentrated at the top.
For our purposes, we are just going to focus on software digital wallets, as they are much more common and accessible. If you own an iPhone, then you have an Apple Pay pre-loaded digital wallet. If you have a Samsung phone, you have Samsung Pay available for use. Those two, along with Google Pay and PayPal, are the four most popular digital wallets today. According to the Payments Journal, PayPal has been used (over the last 12 months) by 62% of American consumers, followed by Apple Pay at 41% and Google Pay at 32%.
Digital wallets have tons of advantages, that we are embracing. When we attend Tampa Bay Lightning games, we love having our season tickets easily accessible on our phones (via the Apple Pay wallet), as well as our timed parking pass. When we travel, loading the airline ticket into our Apple Pay wallet is much more convenient than printing out a paper boarding pass. Others are using digital wallets to track their expenses, budget properly, and even help them easily pay their bills. Digital wallets are still in their infancy and have decades of future growth; we believe the smartphone is simply the best interface and platform for digital wallets…” (Click here to read the full text)
