The U.S. Ninth Circuit Court of Appeals on Wednesday approved Apple Inc’s (NASDAQ: AAPL) request to delay the verdict that ordered the iPhone maker not to restrict developers to its proprietary payment ecosystem.
The news sent shares up roughly 2.0%. At $175, the American multinational is closing in on a $3.0 trillion market capitalization.
Why McNamee prefers Apple over other tech stocks
On CNBC’s “Squawk on the Street”, Elevation Partners’ Roger McNamee agreed that the mega-cap technology names, in general, were very well positioned but had reasons to believe that Apple was still better than the rest of the bunch.
What they’ve done better is control their supply chain and hardware. The new chips they’ve designed are groundbreaking. Challenges for Apple are also the same as other big tech companies, i.e., potential antitrust action. But in Apple’s case, the potential impact of those is much smaller.
Apple had initially warned that supply constraints were likely to hit it hard in the fiscal first quarter, but recent reports suggest iPhone supply will improve in the holiday season.
Privacy updates could pose some challenges
The new changes around privacy don’t prevent app vendors from circumventing Apple’s rules, and so, Apple’s next challenge is what does it do about that. I don’t think that’s going to get in the way of the business in the near term, though, because the alternative is Android which has no protection at all.
Also on Thursday, Apple signed a $275 billion deal with Chinese authorities.
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