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- Apple in Hot Water
Good Morning!
Here’s what we’re covering today:
👉 DOJ is suing Apple
👉 Micron earnings are in
👉 Fed holds interest rates
STOCK MARKET MARCH MADNESS starts March 25th! 📈 Join us on March 25th for a full stock bracket… it’s time to bring the heat!
Now let’s dive in:
DOJ: Sues Apple
The Justice Department is planning to sue Apple, accusing it of breaking antitrust laws by not letting competitors use certain iPhone features. This move is part of the Biden administration's larger effort to challenge big tech companies like Google, Meta, and Amazon for similar reasons. This would be the third time in 14 years the Justice Department has sued Apple, but the first time for trying to keep its dominant market position unfairly.
Source: Patently Apple
Apple is also facing trouble in Europe, where it was fined €1.8 billion for limiting competition in music streaming services, a decision Apple is appealing against. The company might also undergo a major investigation under the EU's new tech regulations, the Digital Markets Act, which could lead to hefty fines for non-compliance.
🎯 GRIT TAKE: There are a few different ways to look at this for Apple.…upgrade to VIP to read the full GRIT Take.
EARNINGS: Micron
Micron Technology is expected to see its largest growth in over a decade, driven by a high demand for AI technology. The company forecasts revenue between $6.4 and $6.8 billion for the next quarter, surpassing analyst expectations. This optimism comes after a tough period of low demand for PCs and smartphones. Micron's stock is also up, indicating a strong market rebound.
Source: Tipranks
The company is banking on its advanced high-bandwidth memory (HBM) chips to drive future growth. These are crucial for AI applications and AI growth. These chips are part of a collaboration with Nvidia for AI data centers. With this focus on AI and high-speed memory, Micron is setting itself up for significant sales and a leading role in the tech industry's future.
Earnings:
Earnings per share: 42 cents adjusted vs. 25 cent loss expected
Revenue: $5.82 billion vs. 5.35 billion expected
FED: Holds Interest Rates
On Wednesday, the Federal Reserve decided to keep interest rates the same, which was what people expected. They also mentioned they plan to lower rates three times by the end of next year. This would be the first time rates have been cut since the early days of the Covid pandemic in March 2020. The rates have been at their highest level in over 23 years.
Source: AP News
They believe these cuts are coming as long as the economy's data supports the move. Investors are mostly expecting the first cut to happen in June, based on market predictions.
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