Friday, June 16, 2023 9:08 amNo Comments

• Opinion

Apple has a history of outperforming the market thanks to its dominance in consumer tech. AAPL is a growth stock that could be a huge winner in the next decade and beyond.

Dani Cook for The Motley Fool:

Apple has proven time and time again its stock is one of the most reliable stocks available, often outperforming the market… Apple was one of the few tech companies to outperform the Nasdaq Composite index amid last year’s sell-off.

The company has continued to follow this trend into 2023, with its stock up 40% year to date compared to the Nasdaq Composite’s rise of 28%.

Apple’s consistent growth is largely thanks to the popularity of its products and services. The company boasts leading market shares in smartphones, tablets, and smartwatches, attracting consumers with its user-friendly design language and focus on quality. The iPhone maker has climbed to the top of each of these markets despite being the most expensive option in most of these product categories.

As a result, Apple’s recent debut of its virtual/augmented reality headset, the Vision Pro, has only strengthened its long-term outlook. The new device has alienated many consumers with its price of $3,500. However, the innovative leaps the device has taken could see Apple dominate the market once it can make the technology more affordable. A leading position could be a huge win in an industry projected to develop at a compound annual growth rate of 45% through 2029.

Alongside a history of reliable growth, Apple has massive potential over the next 10 years and beyond.

MacDailyNews Take: The massive growth engine that Steve Jobs fired up and Tim Cook continues to fuel isn’t stopping anytime soon!

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