Apple's Vision Pro spatial computer

Apple and the Metaverse: The Weekly Scoop

This week, Apple announces its Pro Vision ‘spatial computer’, GameStop fires its CEO and Callaway Golf benefits thanks to the PGA Tour’s recent merger. It’s all happening in the stock market this week folks, let’s dig into The Weekly Scoop.

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Apple shares hit an all-time high as stock jumps 2% 🍏

Sweet and sour stock moves: In the build up to Apple’s product event on Monday, shares reached new heights of $184.95. Investors were excited about the company’s first major product release in over 8 years - the Vision Pro. But the stock’s gains were short-lived as the stock fell once the hefty price tag of $3,499 was announced. 

  • Making the metaverse cool: Apple has a job on its hands as much of the world has moved on from the excitement of the metaverse. But, if it’s one company who sets trends, it’s Apple.

  • AR over AI: AI is the buzz right now and it’s largely why FAANG stocks (the 5 biggest tech stocks) are up 71% this year. Some are wondering why CEO Tim Cook is pushing ahead with AR. Is it genius, madness or both? Time will tell.

GameStop fires CEO and shares plummet 20% 📉

A rough week: This week, GameStop’s CEO was fired and it reported some less than impressive earnings. Investors didn’t take the news kindly and shares have plummeted as a result. 

  • Fired ‘without reason’: CEO, Matthew Furlong, was fired effective immediately without reason. But, it came on the same day it reported a revenue drop and narrowing losses in its quarterly results. It’s difficult to believe the two aren’t connected!

  • Looking ahead: GameStop’s board chairman, Ryan Cohen, has been hired as his replacement effective immediately. The video entertainment company believes it can now “stabilise and optimise” its core business and achieve sustained profitability while under Cohen’s leadership. Will this happen? Time will tell.

Callaway Golf swings 12% as golf leagues merge ⛳️

On the green and in the green: On Tuesday, investors in Callaway Golf, a global sporting equipment company, digested the news that the PGA Tour is merging with Saudi-backed LIV Golf. 

  • Golf’s looking above par: It’s been reported that the Saudi Public Investment Fund (PIF) has invested billions to make this merger happen. Many investors believe this will cause major growth within golf to take place, benefiting companies such as Callaway Golf.

  • A fanbase set to grow: Jefferies, an investment banking firm, said this merger will take golf to a whole new global level and rates Callaway Golf stock as a “buy”, as the fan base seems poised to grow. Keep in mind, this is just one firm’s opinion and doesn’t guarantee a return on an investment. 

What have we learned this week? 🤓

  • Marketing the metaverse ain't easy: Apple purposely avoided the term ‘metaverse’. Why? It’s probably because Zuckerbeg’s metaverse demonstration received endless criticism. In fact, Apple is calling their device a ‘spatial computer’. 

  • New management can spook investors: When a company announces a new CEO, the share price often jumps or falls depending on how much confidence investors have in the new manager. It seems GameStop investors aren’t yet filled with confidence.

  • PIF has its sights set on sport: PIF has shown continued interest in purchasing Manchester United, in which the share price rose 13% after the announcement (this has levelled out since). Savvy investors will be keeping their eyes peeled for PIF’s next move.

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*Figures correct as of June 8th 2023.

Past performance does not guarantee future results. Capital at risk when investing.

This content is for educational purposes only. Shares does not provide investment advice. If you are unsure about anything, please seek advice from an authorised financial advisor.

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James Ashoo

Senior Content Writer

James has been investing for over five years. His aim is to explain the hard stuff, easily! When he's not chewing your ear off about stocks and crypto, he'll most likely be telling bad jokes.

Harjas Singh

Harjas Singh

Chief Product Officer & Co-Founder

With a wealth of experience in fintech, Harjas is the man in the know when it comes to all things product. Investing features, chatting capabilities and thriving communities – he oversees all development on the Shares app!

Harry Harrison

Harry Harrison

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Harry is an experienced business writer, with a love for all things tech. In his free time, he enjoys reading, playing sport and winning at chess. He also loves posting inside the Shares app!