5 Tech Stocks to Buy According to Billionaire Jim Simons’ Renaissance Technologies

3. Apple, Inc. (NASDAQ:AAPL)

Renaissance Technologies Stake Value: $844,883,000

Apple, Inc. (NASDAQ:AAPL) develops a number of consumer electronic products, such as smartphones (iPhone), tablets (iPad), personal computers (Mac), smartwatches (Apple Watch), AirPods, and television set-top boxes (Apple T.V.), among others. The iPhone remains the primary source of income for Apple.

Apple reported another record June quarter with revenue of $82.9 billion, up 1.8% YoY, which was better than the company expected as the it faced supply chain constraints and a deteriorating macro environment during the quarter.

Wedgewood Partners mentioned Apple Inc. (NASDAQ:AAPL) in its second-quarter 2022 investor letter, Here is what the firm said:

“Apple Inc. (NASDAQ:AAPL) grew revenues +9%, driven by +17% growth in the Services segment. While iPhone revenues grew a modest +5%, it was on an exceptional year ago comparison of +66%. iPhone continues to capture most industry smartphone profits by focusing on high-end price tiers. Apple Inc. (NASDAQ:AAPL) is taking nearly two-thirds of the revenue share in the premium ($400 and above) smartphone segment. Further, most of the growth was driven by expansion in the “ultra-premium” price tier of $1000 or more per unit.[1] As we have highlighted in the past, Apple’s relentless focus on the development and integration between hardware (especially integrated circuits) and software continues to add significant value for customers of its products and services. We expect this favorable competitive dynamic to continue for the foreseeable future.”

Renaissance Technologies Stake Value in Apple, Inc. (NASDAQ:AAPL) at the end of Q2 2022 stood at $844,883,000, making the company rank 3^rd on our list of 10 Tech Stocks to Buy According to Billionaire Jim Simons’ Renaissance Technologies.