Jun 05, 2023

Apple (AAPL) shares are approaching an all-time high before the company’s developer conference.

AAPL – Weekly Chart

AAPL – Weekly Chart

AAPL trades at $180.95 ahead of Monday’s conference, and traders should watch the price action around this level. 

Apple’s Worldwide Developers Conference starts Monday at its Cupertino, California headquarters. The company is expected to introduce a “mixed reality” headset for virtual and augmented reality purposes. The headset was tipped as an ample opportunity with the metaverse, but the virtual crypto worlds have slowly taken off. 

The product is still a highly anticipated release. It would be the company’s most significant hardware launch since the Apple Watch 2015. The release could start a new path for the company and change how computer users interact. Bloomberg said the new headset, named Reality One or Reality Pro, will have an iOS-style interface with cameras and sensors to allow users to control it via their hand and eye movements. The new headset is expected to have apps for gaming and fitness uses. 

The headset is one of many announcements expected at the developer’s conference. The tech giant is also expected to highlight a long list of software updates for its essential products, such as the iPhone and Apple Watch. 

The company is also likely to tap into the artificial intelligence buzz. It may show how it plans to monetize AI with its products and services. 

Apple announced ahead of the conference that its App Store helped generate over a trillion dollars for the first time. The App Store ecosystem made $1.1 trillion in developer billings and sales last year, according to The Analysis Group. 

That highlights the importance of the company and its ability to keep developers and consumers tied to its products. That is one of the critical reasons legendary investor Warren Buffett said it is the best stock that his Berkshire Hathaway conglomerate owns.

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