*By Conor White*
Apple, the world's most valuable publicly traded company, may be seriously undervalued, said longtime tech investor Eric Jackson, founder and president at EMJ Capital. He told Cheddar that the iPhone maker should've crossed the $1 trillion threshold long ago.
"This is a company that should be valued as a services business instead of a discreet product business, which is, as long as I can remember, how this company has been valued," he said in an interview Friday.
Jackson estimated Apple's value closer to $1.5 trillion, and he views it as a service-oriented company, much like Salesforce and Google, which get traded at roughly six times price-to-sales multiple.
Though many investors consider Apple a hardware company, Jackson said most consumers have a different relationship with Apple's products.
"Your relationship with your iPhone itself is a long-term service commitment," he said. "Even though you don't have a contract that says your next iPhone you're going to upgrade in one year or two years, who among us who owns an iPhone is not going to, in three to four years, upgrade to the latest and greatest iPhone?"
As bullish as Jackson is on Apple, he admitted China ー and consumers in other countries ー may stunt the company's growth because the iPhone faces competition from cheaper smartphones.
"China is a challenge, for sure, probably the biggest challenge that Apple faces in that regard because you have other services like WeChat that can potentially get in between your personal relationship with the phone," Jackson said.
For more on this story, [click here](https://cheddar.com/videos/why-one-investor-believes-apple-is-worth-more-than-1-trillion).
Dann Ryan, Chief Investment Officer at Sincerus Advisory, discusses what drove markets lower on Wednesday, as well as what investors are anticipating when it comes to the upcoming CPI report and Fed decision.
U.S. stocks close Tuesday at session highs after a subpar start to the trading day. Tim Chubb, Chief Investment Officer at the wealth advisory firm, Girard, joins Cheddar News' Closing Bell to discuss. 'We're starting to see the moderation of three core things -- we've seen the moderation of prices, we've seen the moderation of wage growth we've seen in the labor market, and we've also seen a moderation of job openings,' he says.
The victims from the USA gymnastics sexual abuse scandal continue to seek justice. Survivors of Larry Nassar are seeking more than one-billion dollars from the FBI for failing to stop the convicted sports doctor when the agency first received allegations. According to a report released by the Justice Department's Inspector General, FBI agents knew
in July of 2015 that Nassar was accused of abusing gymnasts; however, Nassar wasn't arrested until December of 2016. The group that filed the claim includes Olympic medalist Simone Biles and around 90 other women. Louise Radnofsky, sports reporter at The Wall Street Journal, joins Cheddar News' Closing Bell to discuss.
A controversial professional golf tour backed by Saudi Arabia tees off on Thursday. Today, two-time Major winner Dustin Johnson announced he's resigned from the PGA Tour ahead of headlining the Saudi-backed tour, called the LIV Golf Invitation Series. The announcement comes as the PGA tour has threatened disciplinary action for its golfers who take part in the Saudi golf league event, which will also feature notable golf stars like Phil Mickelson and Sergio Garcia; however, LIV Golf's CEO, Greg Norman, told The Washington Post that Tiger Woods rejected a contract worth 'high nine digits' to play in the tour. Chris Bumbaca, reporter for USA Today Sports, joins Cheddar News' Closing Bell to discuss.
CreditCards.com senior industry analyst Ted Rossman compares the Apple Pay Later offering to similar four-step processes at Affirm and Klarna, and says this is a way for the tech giant to dive deeper into the financial industry.
Tech analyst Rene Ritchie discusses new EU legislation that will force iPhones to use a USB-C charger in fall 2024 and what that means for Apple's strategy in Europe.
Catching you up on the stories you need to know this morning, mass shooting victims testify on Capitol Hill, the White House outlines its plan to vaccinate kids younger than five years old, and we break down how to protect yourself from monkeypox.
There are now over 1,000 plant-based restaurants in the U.S. It's clear that people are hungry for vegan alternatives at restaurants nationwide. However, when it comes to pizza, vegan options don't have the best reputation. NUMU Food Group is looking to change that with its brand new vegan mozzarella. Mike Pytlinski, CEO of NUMU Food Group, joins Cheddar News to discuss.
