Apple Inc. (NASDAQ:APPL) stock has risen 7% since releasing its third quarter results on August 1. The earnings surpassed expectations yet again and the company provided a promising fourth quarter forecast which is set to include the sales of the much-hyped iPhone 8. Apple has also sparked enthusiasm for its self-driving car project, but reports now suggest that the company has tempered ambition in this regard.
A report in the New York Times suggested that Apple will be focusing on self-driving technology rather than production on an automobile from scratch. Apple employees close to the process described problems that emerged early in the “Titan” project that was launched in 2014. The company lacked a defined vision for the vehicle, with conflicts over whether it would be semiautonomous or a fully driverless experience. These changing and competing priorities led to trouble and eventually a shift in commitment after the departure of an executive and a number of hardware personnel.
The focus on the technology alone has refocused the project. Still, the competition for self-driving technology is intense in Silicon Valley. Apple stock has surged 38% in 2017 and it offers a dividend of $0.38 per share at a yield of 1.57%. With the upcoming release of the iPhone 8 Apple may be well on its well to a $1 trillion market cap that it could possibly reach at some point next year.
