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Apple Stock Up Catalysts: Tim Cook Visit China, New Gaming Hub

Stock SpotlightWednesday, Oct 23, 2024 10:19 am ET

1min read

As the world's most valuable company, Apple has been enjoying a wave of positive news recently. According to data from Canalys and IDC, Apple's third-quarter smartphone shipments hit a record high, with iPhone 16 sales in China up 20% YoY.

In addition to strong sales, Apple has made several strategic moves that could drive future stock gains. Apple CEO Tim Cook recently made a low-profile visit to mainland China, a key market for the company. During his visit, Cook met with China's Minister for Industry and Information Technology, Jin Zhuanglong, who expressed hopes that Apple would deepen its presence in China, invest more in innovation, collaborate with local companies, and share in the benefits of high-quality growth.

The meeting's official statement didn't mention whether they discussed Apple's AI offerings in China, but analysts believe that the lack of access to Apple's AI services could negatively impact iPhone sales. Local competitors like Xiaomi and Oppo have been promoting how AI features enhance their devices, offering capabilities from content creation to photo editing. Cook's visit may indicate Apple's intention to speed up the rollout of AI features in China to boost sales.

Beyond its AI ambitions, Apple has also set its sights on the gaming industry. The company is reportedly working on a new app dedicated to gaming, similar to the App Store.

According to 9to5Mac, this new app will combine features from the App Store and Game Center. It won't replace Game Center but will integrate with users' Game Center profiles. The app is expected to have multiple tabs, including a Play Now section for editorial content and game recommendations, as well as tabs for users' games, friends, and other features. It will display challenges, leaderboards, and achievements, featuring games from both the App Store and Apple Arcade.

In essence, the app would function much like the Xbox app for iPhone, allowing players to track their status, view friends' activities, discover new games, and manage their game library. It seems Apple aims to make its devices more attractive to gamers with this new offering.

As for the release, it's unclear whether Apple will introduce the gaming app with a future iOS 18 update next year or wait for iOS 19.

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