Renowned Tesla Inc. investor Ross Gerber recently expressed his optimism about the Apple company‘S AAPL Vision Pro despite the recent decline in the company’s shares.
What happened: Wednesday, Gerber, who is the CEO of Gerber Kawasaki Wealth and Investment Management, took to the social media platform X formerly known as Twitter to share his thoughts. “Vision Pro is fantastic and is first generation. I assure you. Just wait… #apple $aapl,” he wrote.
Gerber, a longtime Apple investor, previously predicted that the Vision Pro will replace the iPhone within the next five years. He also believes Apple’s focus on Vision Pro and Gen AI, after abandoning its EV project, will lead to significant stock growth, BNN Bloomberg reported.
See also: Gene Munster predicts $33 billion annual opportunity for Apple’s AI and draws comparisons to this stock starting in 2022
Because matter: Gerber’s recent support for Vision Pro comes at a time when Apple is facing challenges. The company’s shares are expected to fall another 5% due to the downturn in China and a recent fine from the European Commission, as predicted by CNBC Jim Cramer.
Apple’s Vision Pro, a virtual reality and video headset, has received mixed reviews and has a starting price of $3,499. Analysts have suggested that Apple needs to improve Vision Pro’s price/performance ratio for it to become a credible and disruptive upside opportunity.
Despite these challenges, analysts have warned that selling Apple shares ahead of the company’s artificial intelligence developments could be a significant mistake. Wedbush Dan Ives he suggested that divesting Apple shares at this juncture would be a historically bad move.
Price action: Apple shares closed 0.59% lower on Wednesday, according to data from Benzinga Pro. The stock has fallen 10.71% over the past month.
Read next: ‘I sense serious panic from Apple’: Jim Cramer says ‘nothing good will come from China’ for Cupertino after 24% iPhone plunge
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