Apple Inc. (NASDAQ:AAPL)’s stock has hit the $100 mark and keeps soaring up. Analysts and Investors hope that Apple’s iPhone 6 and iWatch will be a huge hit on the market and the surge continues. Roger McNamee, Co-founder of Elevation Partners, talked on Bloomberg TV about the Apple stock price and the potential of their cloud.
McNamee said that Apple Inc. (NASDAQ:AAPL) completely deserved the stock price that they have reached. But, he pointed that Apple failed to capitalize on the opportunities available in the cloud products.
“[…] The real question for Apple is, when are they going to wake up and realize that the cloud is the future of their world? And that their cloud product currently is terrible. It doesn’t need to be […],” McNamee said.
He feels that company like Apple Inc. (NASDAQ:AAPL) can get their cloud product right and make inroads into the market. He thinks that the innovation, Apple has made with the iPhone 5s was excellent, but he added that these kinds of things might get saturated eventually. He added that all the new product launches by Apple might boost their stock a little, but might not be a game changer.
Apple Inc. (NASDAQ:AAPL)’s iCloud helps the users to store their contacts, photos, music and many other stuffs in a cloud storage. The iCloud enables the consumers to use these stored information from any device. McNamee thinks that the iCloud’s current utilization by Apple is very limited and it has a lot of potential in many other applications.
“[…] They have two operating systems today, Macintosh Operating System and iOS, which is the mobile one. iCloud is their third operating system, and if they were to treat it as an equal partner, rather than subordinating it to the other two, the market opportunity there would be at least as big as iOS. For me that would make Apple the cheapest stock in the stock market. Because I am certain that if they focused on cloud, they would produce something really wonderful,” he added.
One of Apple Inc. (NASDAQ:AAPL)’s top shareholders is Icahn Capital LP, managed by Carl Icahn. The hedge fund reported owning 52.76 million shares of the company by the end of Q2 this year.