It’s TechCrunch’s tradition of watching Apple’s stock price during and after its major events. Why? Because we appreciate it and are always curious about what impact company news has on its real financial value. The answer is usually very, very little.
It may surprise you. After all, Apple details its new hardware and software at its confabs, which means the products it intends to sell over the next few quarters are being shown to investors for the first time. Sure, Apple is leaking more than before, but that doesn’t mean everything is coming out early – its events are still events.
Why don’t investors seem to care about products? It’s a bit fuzzy, but the data indicates that Apple could launch anything other than a car and still be ignored by the capital classes.
Anyway, here’s a chart of Apple’s stock price, plus price data from a very special guest:
It was a crazy day in the markets. Stocks were down! Then they came up! And then they fell! If you’ve been watching the world of stock symbols today, it’s good to reach for your favorite psychoactive at this point and relax. You deserve it.
You can see those same highs and lows in the chart above, which pits Apple against Intel over a one-day period. Why both companies? Because Apple released a parcel of notes on its chip work, the very industry Intel once ruled from a seemingly impenetrable market position. Despite that, Apple made a lot of headlines today thanks to yet more new chips and the fact that it’s building new computers to house them.
So, Apple goes up and Intel goes down? Law? There was some hubbub that Intel shares fell when Apple announced its M1 Ultra chip, so I charted both at the same time and wondered to find the drop afterwards, not checking the schedules of my notes. Good luck, huh?
At the end of the regular exchanges, Intel actually came out on top. After Apple announced a neat new silicon.
Is the stock market a meaningless random number generator? No, not completely. But the data above helps us better understand what the stock market really is, at least for larger companies. Namely, it’s a macro-sentiment engine powered by a million vampire computers, unconcerned with pedestrian things like new phones, but stirred instead by alchemical analyst expectations and recently announced stock buybacks – paid for by debt, of course.
While investors paid no attention to what Apple announced today, I paid attention to investors do not paying attention to what Apple announced today. The following is my note sheet (typos and all) of the event, which as you can see led to a simply brilliant piece of post-beauty poetry:
+1.57% at the start
shares rise, now 1.98% AAPL
new iphone colors LOL
apple silicon – new daily high +2.19
Now for the Iphoen and ipad news – drop back down to 1.77% = naz +2.3%
Chips – naz down, apple now up just 1.1%
Talking tokens with randos, now just up 1% – naz 1.27%
new Mac Studio – now up only 0.66% – naz 1.13
INTEL LOSES GROUND AT 1:20 – around chip timing?
nine max expensive
We’ll be back for Apple’s next event with another episode of “Does Anything Matter?”