Apple stock fell on Monday after news that PC shipments fell 40% in the first quarter. but micron technology (mo) And Western Digital (WDC) from competitor Samsung’s disclosure that it is cutting back on memory chip production. MU and WDC shares both rose.
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apple‘s (AAPL) PC shipments fell 40.5% to 4.1 million in the first quarter, according to Market research firm IDC. Overall, global shipments fell 29 percent, to 56.9 million, IDC said.
Lenovo and Dell also reported declines of more than 30%.
Drop for Apple stock
Apple’s stock fell by 1.6%, closing at 162.03 on the stock exchange today.
Meanwhile, MU stock rose 8% to 63.27 on Monday. WDC stock jumped 8.2% to end at 38.04 as Samsung revealed late last week that it would cut memory chip production.
“Samsung’s actions support our view that the company is not aggressively chasing market share,” Raymond James analyst Srini Baguri said in a note to clients. He pointed out that Samsung accounts for about 45% of the memory chip market.
“We expect Samsung’s cuts to accelerate memory price recovery, and we are optimistic that the severity of the current downturn will lead to an improvement in the structural discipline of supply in the industry going forward,” Baguri added.
Micron stock has gained 17% in 2023. Western Digital stock is up 11% this year.
Meanwhile, Apple stock is up 27% in 2023 as of the market close Thursday.
Follow Reinhardt Krause on Twitter @tweet For updates on 5G wireless networks, artificial intelligence, cybersecurity, and cloud computing.
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