Apple’s Developer Event Delivers, But a Bad Market Overshadows It

Impressions from a WWDC held with Apple’s share price down 19% on the year.

I love developer events because they preview where companies intend to focus for the next six to twelve months. Apple Worldwide Developers Conference — or WWDC — stands above the rest. It’s an event that tells you where the world’s largest technology company is heading, and where it may take you along the way.

This year’s WWDC took place Monday as the market trash fire continued to burn. Apple’s share price is down about 20% on the year, and some analysts believe there’s plenty of room to fall. The Satori Fund’s Dan Niles pointed out on CNBC that Apple is still about one third more expensive than the rest of the S&P 500, and it’s fairly vulnerable as Covid-related work-from-home upgrade cycles tail off.

I watched along as Apple presented — shiny and smooth as always — looking for clues as to where it was heading. But absent an industry-changing, new device, I was left thinking about the market most of all. Here’s a quick recap of the event’s implications, starting with that pesky share price decline:

1) Broader market conditions overshadow WWDC: Apple rode a wave of irrational enthusiasm to a $3 trillion valuation last year, and its…