Apple’s Moderating Valuation Draws in Hedge Funds, JPMorgan Says

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 <-bsp-bb-link state=”{“bbDocId”:”S9VOE4DWX2PS”,”_id”:”0000018e-cd68-d32b-a5ff-df7894910000″,”_type”:”0000016b-944a-dc2b-ab6b-d57ba1cc0000″}”>grappling-bsp-bb-link> with weak sales in China and a Justice Department <-bsp-bb-link state=”{“bbDocId”:”SAR46ODWX2PS”,”_id”:”0000018e-cd68-d32b-a5ff-df7894910001″,”_type”:”0000016b-944a-dc2b-ab6b-d57ba1cc0000″}”>suit-bsp-bb-link>accusing Apple of violating antitrust laws, taking aim at its lucrative services business. Shares edged higher on Thursday.

Apple is seen as trailing peers when it comes to artificial-intelligence offerings and the company has been looking …