AAPL is a long-term buy due to strong Mac hardware demand from AI companies and expected innovation under new CEO John Ternos.

You said you were excited for September, and that name has an event coming our way next week with Apple and their "Sunrise and Shine" event. I love its title . We might get some new phones, maybe a foldable iPhone .

We also have a new CEO at the helm. So, Tim, how do you view Apple now, as they move into this next phase of growth with John Ternos at the forefront?

Yes, as you know, it's clear that the iPhone is what everyone is thinking about. Now, this is the narrative I've been talking about, going back more than six months, or God, actually more than nine months, about Apple being the hidden bet in the field of artificial intelligence.

Now, I'm excited about the iPhone. The iPhone, I buy a new one every year. My wife gets a new one, and the baby, well, I buy four of them every year, which of course helps Apple, but what excites me the most are the new Mac Studio and Mac Mini, etc. It probably won't be talked about much next week; they'll be talking about the iPhone because that's what most people are interested in.

But they have been announced, and they are all available for pre-order now. I'm sure everyone has seen that the prices are extremely high. I'll buy another one, okay.

But what I like about it is that I'm sure some of you have seen that Open AI bought tens of thousands of Mac Mini and Mac Studio devices, which explains the outage. Oh, and Anthropic is renting it like crazy.

I think this clearly helps Apple's profits. It may not be the most essential thing, like the iPhone that everyone sees in TV commercials, but this is their primary source of income , okay?

Furthermore, as I mentioned, I am very impressed with the new CEO. I mean , I've been a huge Apple fan since I was a kid. I got my first Apple II in 1984. I love Steve Jobs, and I love Steve Wozniak.

The only thing I would say against Tim Cook is that if you look at the market value and what he has achieved, he has been a great manager, okay? I kind of call him an "auditor" .

This man extracted every possible penny. Investors should appreciate that. But the one thing I will say is that he was not really an innovation man. I believe John Ternos will bring tremendous innovations back to Apple.

So, if you haven't noticed, I love this stock for months, years, and even decades to come.

Good. Rick, we've talked about Apple at length because of the change of CEO, the end of the Cook era and the beginning of the Ternos era . But, in terms of the technical situation, and as we approach this first major event with John Ternos as CEO, what is our current position?

I have already invented a foldable iPhone. Unfortunately, that was because I slammed my car trunk shut on my phone, but anyway, progress takes time. Therefore, we can see that our recent price movement after the decline in profits was in the form of an upward channel between our two white lines that connect these bottoms and tops.

You could also say that, overall, we are still in a more downward trend. This is not a really good trend line. Good trend lines consist of at least three connected points. I'm just trying to point out that we have a lower peak so far after today's drop .

It looks very much like a bearish engulfing candle pattern where the large red candle engulfs the body of the previous small green candle , i.e., the distance from the opening price to the closing price.

However, we will have to wait and see if there is more downward momentum in the next session. Therefore, the horizontal levels to watch for an upward move are 330 and 337, where some gaps have formed.

We can also see a bottom here at 313 as well as at 300. So, these are the watch points if we start to fall again and start to break out of our channel shape . Our moving averages in this case show that we have crossed the 5-day exponential moving average in dark blue , which represents one week.

It appears that we are currently holding close to the 21-day exponential moving average in blue-green , which represents one month, and is around 316.66 at this stage. Furthermore, if we break the channel barrier downwards, the next support area according to our moving averages will be the 63-day exponential moving average at the 310 level.

The Relative Strength Index (RSI ) shows a sort of triangular shape here. We are moving between our two trend lines here. We are about to break the green trend line downwards, which will also put us within close distance of breaking the 50 midline, which would be a more negative development here.

Therefore, our trading volume profile in this case shows that we have a pivot point here approximately between 308 and 314 or so. There is another very small area of activity around the levels where we peaked near 328.

So, on the downside, this could be a consolidation area that might represent potential support .

Currently, we see Apple's stock declining during the session. Apple's stock has fallen by about 2.8% to 318.96 here.