Apple Inc. is drawing interest from hedge fund investors seeing potential for AI-linked upgrades to its iPhones and as a slump in its shares reduces the stock’s valuation premium, JPMorgan Chase & Co. analysts say.
The technology giant’s shares have fallen 13% this year, badly trailing the broader market. The company is grappling with weak sales in China and a Justice Department suit accusing Apple of violating antitrust laws, taking aim at its lucrative services business. Shares edged higher on Thursday.