Apple Is Getting a New Chief Hardware Officer. What Does That Mean for AAPL Stock?

Apple (AAPL) stock has been in a steady uptrend with returns of 36.76% in the last 52 weeks. Amid being a consistent value creator and commanding a market valuation of $4 trillion, Apple seems to be in a phase of management rejig. 

On Monday, the company appointed Johny Srouji as chief hardware officer, effective immediately. Notably, Srouji has been working with a team of silicon and technology engineers, with focus on custom chips and hardware technologies. The appointment, according to analysts from Oppenheimer, is the “most incrementally positive announcement from Apple.” Srouji will be leading the team that makes in-house chips for Apple. The appointment is likely to accelerate the process of Apple making chips for all its devices and reducing the reliance on Intel (INTC), Qualcomm (QCOM), and Broadcom (AVGO).