Upates on Apple, Marvell, Portfolio Shopping List
As we brace for economic and political reports on a shortened trading day, let's check out news for our Pro Portfolio stocks.
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Here we'll look at recent news in Marvell MRVL and Apple AAPL, as well as some other stocks on our shopping list at the Pro Portfolio. Remember, U.S. equity markets close at 1 p.m. ET today, and with those markets closed tomorrow for the Independence Day holiday, we could see trading volumes thin out soon after today's ISM report.
Marvell
Marvell shares moved lower yesterday, following a report from The Information that Microsoft MSFT now intends to release its most powerful in-house AI chips in 2028 or beyond as it focuses on chips it can better develop in the interim. The report also suggests Microsoft has pushed back the release of its Maia 200 chipset to 2026 from 2025.
The move lower in MRVL shares reflects that pushout, but while Microsoft is a custom AI silicon partner for Marvell, so too are Amazon AMZN and Meta META, and as we learned at the company’s recent event, multiple up-and-coming hyperscalers as well. Given the timing of this Microsoft news, it’s possible it was factored into Marvell’s comments on June 18 when management shared that of the 18 socket wins it discussed, some of them are in production today, and others that come on stream in 2026 and 2027.
But let’s also remember that at that same event, Marvell upped its total available market to $94 billion by 2028, up 25% higher than the $75 billion by 2028 it outlined this time last year. That’s across all its socket wins, other opportunities in AI and data center, as well as its enterprise networking and carrier infrastructure business.
Following the pronounced run in MRVL shares, the same one that led us to bank some of that big move, we are not surprised that The Information’s report dinged MRVL shares. For us, the larger story is very much intact. While the Portfolio has a full MRVL position, if the shares pulled back a bit further to the $70 level, that would fill a modest gap in the chart, and be a nice pick-up point given our $115 target.
Apple
Shares of Apple have been moving higher of late and closed last night above their 100-day moving average at $212.05. As Bob Lang has discussed many times, we will want to see the shares successfully test that level, and if they do, the next point of resistance would be the 200-day moving average at $222.71.
A likely reason why AAPL shares have made this quick move can be traced back to reports that Apple is contemplating the benefits of using artificial intelligence models from Anthropic or OpenAI to power its long-awaited upgrade to Siri, rather than leaning on in-house solutions. We will want to see how this plays out, but should Apple decide to use one of those, it would likely accelerate the delivery of a more useful and smarter Siri. That would potentially charge up the iPhone upgrade cycle to newer models, a nice revenue driver for Apple.
While Apple is normally tight-lipped on its earnings calls, odds are we will get some questions about this during the Q&A on its June quarter conference call. We will be listening to see what is said.
Pro Portfolio Shopping List
Ahead of the economic reports out later this morning, our newest holding, TJX Companies TJX along with Waste Management WM, Palantir PLTR, and SuRo Capital SSSS, are all on our shopping list. To be clear, we will pick our spots with each of them, but should we see today’s economic reports weigh on the market, odds are we will wait until early next week to make any moves.
Remember, we are also tracking Pres. Trump’s stimulus bill, and July 9 is Trump’s tariff deadline. While we would like to see some of those uncertainties removed, the details for both will matter. Once we know them, we’ll be better able to plot our moves.
At the time of publication, Pro Portfolio was long AAPL, MRVL, AMZN, MSFT, TJX, WM, PLTR and SSSS.
