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Prominent Apple, Inc. (NASDAQ:AAL) bull Gene Munster, Managing Partner at Deepwater Asset Management, disclosed in a CNBC interview on Tuesday that his firm had sold all of its shares in the tech giant. This revelation stirred a response on social media platforms.
What Happened: During Munster’s appearance on CNBC Squawk Box, he mentioned Deepwater’s ownership of Meta Platforms and Google-parent Alphabet, omitting any mention of Apple. However, Munster has consistently advocated for Apple in various media appearances, social media posts, and research notes.
When directly questioned about Apple’s absence in the fund, Munster clarified that Deepwater manages various types of funds with different investment strategies. He stated, “But currently we do not own it [Apple]. But we continue to believe in it strongly and look for opportunities to do that, to get back.”
Interestingly, Munster could not recall when Deepwater sold its Apple shares. “At the top of my head, I don’t remember. We have got multiple funds and can move in and out of those funds. I don’t know the exact timing on it,” he said. “But I can say that this is one we continue to believe in. Longer term, we are navigating what’s going on with the March quarter.”
See Also: Everything You Need To Know About Apple Stock
Why It’s Important: Just a week prior to this disclosure, Munster had lauded Apple in a note, expressing confidence in the company’s leadership in personalized AI despite challenges related to user data rights. However, the news of Deepwater Asset Management’s divestment in Apple drew criticism online.
“This is why people hate the financial industry and don’t trust professionals. They have zero accountability or transparency. Be careful out there,” a YouTuber named Joseph Carlson said.
Cupertino’s Troubled Time: Apple faces challenges due to slowing hardware sales, particularly of its flagship product, the iPhone. Economic uncertainties, a slowdown in demand from China, delays in AI initiatives, and the absence of compelling new products have contributed to the company’s recent struggles.
In premarket trading on Wednesday, Apple shares rose 0.29% to $170.20, according to Benzinga Pro data. The stock is down approximately 12% year-to-date, contrasting with the broader market’s record levels.
Read Next: Apple’s iPhone Sales Faces Sharp Decline in China Amid Rising Competition
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