Reports this week suggested that Apple Inc is cutting its production forecasts for Vision Pro, but Jim Cramer doesn’t think it matters.
Apple unveiled the highly anticipated Vision Pro headset last month after years of development. The mixed-reality device won’t be available for purchase until 2024.
The complexity of the device is causing some production delays, which has forced Apple to reduce its production volume expectations, per The Financial Times.
Wednesday on CNBC’s “Squawk On The Street,” Cramer suggested the report is driving the stock lower this week, but he doesn’t believe investors should be worried.
“I got news for them … when they’re ready with Vision Pro, we’re all going to get one,” Cramer said.
He expects the headset to be a game changer for experiences, especially live events. You can feel as if you are in the front row of a Taylor Swift concert, for example, when using the headset.
Many are concerned about the lofty price tag on the mixed-reality headset, but tickets to a concert like that would be $2,000, Cramer noted.
“Not everybody can afford [to go to] Taylor Swift, but they want to see Taylor Swift,” he said, suggesting Apple’s Vision Pro is the answer.
“I think that those who haven’t tried it or haven’t been taught how to use it better start realizing that if you like global football … you’re going to want to see it via this because of the number of angles you can see.”
Cramer stressed that it’s very easy to write a report about the numbers getting cut when you haven’t seen the product. He shrugged off the channel checks and production delay rumors and said to look at the stock price. A lot of these people were telling you to sell it when it was much lower, he added.
Cramer has long held the belief that when it comes to Apple stock, you should “own it, don’t trade it.”
Apple shares were down 0.35% at $190.67 at the time of writing.
© 2023 Zenger News.com. Zenger News does not provide investment advice. All rights reserved.
Produced in association with Benzinga
Edited by Suparba Sil and Virginia Van Zandt
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