Thursday, October 2, 2025

Morgan Stanley bull case sees Apple stock hitting $376

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Morgan Stanley bull case sees Apple stock hitting $376

MacDailyNews

Oct 2

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Apple announces Apple Retail Store expansion in Saudi Arabia

Morgan Stanley analysts, led by Erik Woodring, are growing more optimistic about Apple’s iPhone 17 sales potential, raising their fiscal 2026 iPhone revenue forecast by 4% to $230.3 billion, surpassing the consensus estimate of $220 billion. The increase is driven primarily by stronger expected unit sales, with higher average selling prices also contributing.

Britney Nguyen for MarketWatch:
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In the analysts’ view, the base iPhone 17 model is “a compelling upgrade option for older iPhone users that seek a capable yet relatively affordable device,” and lead times — the amount of time between an order being placed and being delivered — are getting longer for that model. They have a sense that initial demand for Apple’s new model is up relative to a year ago.
But Apple’s stock is up about 20% over the past three months, and the Morgan Stanley team thinks the stock price already factors in the strong early iPhone 17 demand. The path to further gains depends on clearing a higher bar, and the analysts think that’s possible, lifting their price target to $298.
Right now, what’s driving the iPhone 17 cycle are users looking for an upgrade. But next year could feature Apple’s first foldable iPhone and six new iPhone launches in the iPhone 18 cycle, which could entice consumers further and spur high-single-digit iPhone revenue growth for fiscal 2027 — even without factoring in the potential for artificial-intelligence features to spur upgrades.
Under the analysts’ bull case, which sees the stock going to $376, Apple would have to ship 270 million iPhones and top $10 in earnings per share for fiscal year 2027. In Morgan Stanley’s view, that target is “achievable if foldables and AI catalyze even stronger demand than we are contemplating in our base case.”

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MacDailyNews Take: Come on, Morgan Stanley bull case!

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Elon Musk becomes world’s first half-trillionaire

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Elon Musk becomes world’s first half-trillionaire

MacDailyNews

Oct 2

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Elon Musk, the visionary founder or co-founder of Tesla, SpaceX, Neuralink, The Boring Company, and xAI, has made history as the first individual to surpass a net worth of $500 billion, driven by the soaring valuations of his groundbreaking companies. According to the Forbes billionaires index, Musk’s wealth hit $500.1 billion on Wednesday afternoon in New York before slightly settling just above $499 billion later that day.

Peter Hoskins for The Beeb:
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The milestone further cements Musk’s status as the world’s richest person, well ahead of rivals in the global tech sector.
According to Forbes’ billionaires index, Oracle founder Larry Ellison is the world’s second richest person, with a fortune of about $350.7 billion.
Mr Ellison briefly overtook Musk last month after shares in Oracle soared by more than 40%, boosted by the firm’s surprisingly rosy outlook for its cloud infrastructure business and artificial intelligence (AI) deals.
Musk’s huge wealth is closely tied to his more than 12% stake in Tesla, which has seen its shares rise sharply this year.
Tesla shares were more than 3.3% higher at the end of New York trading on Wednesday and have now risen by over 20% this year.
He faced criticism earlier this year over his work with the Trump administration’s Department of Government Efficiency (DOGE), the body tasked with reducing US government spending and cutting jobs.
Musk, who also owns the X social media platform, has also been vocal about his views on issues such as immigration and diversity, equity, and inclusion (DEI) programmes.

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MacDailyNews Note: Elon Musk’s proposed Tesla compensation package, unveiled in September 2025, could exceed $1 trillion in value if fully earned, granting him up to 423.7 million performance-based shares (about 12% of Tesla’s current shares). This vests in 12 equal tranches over 10 years, but only if Tesla achieves all milestones—requiring shareholder approval at the November 2025 annual meeting. Musk receives no salary; all pay is performance-tied, and unvested shares forfeit if he leaves or goals aren’t met by 2035. The package boosts his stake from ~13% to ~25%, increasing his voting power.

The plan combines escalating market cap thresholds (starting at $2 trillion, then nine $500B increments, ending with two $1T jumps to $8.5T total—~8x current ~$1.1T valuation) with operational milestones, all to be hit progressively for each tranche:

• Deliver 20 million Tesla vehicles cumulatively.
• Secure 10 million active Full Self-Driving (FSD) subscriptions.
• Deliver 1 million Optimus humanoid robots.
• Deploy 1 million robotaxis in commercial operation.
• Achieve a series of adjusted EBITDA* benchmarks, culminating in $400 billion over four consecutive quarters.

The final two tranches also require Musk to establish an approved CEO succession plan.

*Earnings Before Interest, Taxes, Depreciation, and Amortization.

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Apple has plenty of runway to fine-tune its own smart glasses – Oppenheimer

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Apple has plenty of runway to fine-tune its own smart glasses – Oppenheimer

MacDailyNews

Oct 2

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Oppenheimer analysts state that Apple’s hardware ecosystem is not immediately threatened by new AI-enabled smart glasses, as significant design challenges persist. After testing Meta’s Ray-Ban Display glasses in a New York City demo, the brokerage noted that the experience underscored “the key challenges that have prevented smart glasses from mass consumer adoption since Google Glass (2013).”

Sam Boughedda for Investing.com:
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In particular, Oppenheimer said Meta’s single-eye display “fails to tackle well-known issues that cause eye strain and blurry vision.”
The analysts added that while the Ray-Ban Display introduces novel designs, it is “too early to view [it] as an everyday wearable such as Apple Watch, let alone a potential challenger to smartphones.”
Oppenheimer concluded: “We came away from the demo more confident that Apple’s hardware ecosystem is safe from new AI-enabled smart glasses for the next 2-3 years. It also gives Apple more runway to fine-tune its own smart glasses products.”
While the demo showed early consumer interest, with stock selling out on launch day at the store visited, Oppenheimer’s verdict was clear: “We came away convinced that Ray-Ban Display will remain a niche product.”

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MacDailyNews Take: Meta’s glasses are hardly smart, nor are they a threat to Apple. There is no substitute for Apple’s vast ecosystem. As soon as Apple releases its first pair of smart glasses it will quickly become that nascent market’s leader.

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