Here’s Our New Apple Price Target Amid OpenAI Controversy
“One of the most bone-headed moments of corporate espionage in history.”
During a Monday afternoon interview on CNBC’s Closing Bell, independent journalist Alex Kantrowitz used that phrase to describe OpenAI’s alleged theft of trade secrets from business partner Apple ($AAPL).
Kantrowitz indicated that some OpenAI employees were using Apple-owned computers, thus alerting the Cupertino-based tech giant that something was amiss. Apple filed a 41-page complaint against OpenAI on Friday, accusing the ChatGPT creator of corporate espionage.
An Unbothered Apple
While we don’t know how that legal drama will be resolved, we do know that Apple shares seem unbothered. On Monday, Apple reached its highest intraday point ever at $323, on a red day for the indexes.
Just three weeks ago, Apple shares were plunging to $275 due to soaring component costs. At that time, I explained why the selling was overdone. Earlier in June, I gave readers three reasons why they shouldn’t worry about Apple.
On Monday, a day that saw the Nasdaq Composite lose 1.5%, Apple closed at an all-time high.
Charting Apple
Technically, Apple has been consolidating for the past six weeks. That consolidation took the form of a cup or saucer formation (shaded yellow). Based on this pattern and the stock’s relative strength vs. the major indexes, our new price target for Apple is $360.
According to TipRanks, 18 analysts rate Apple as a buy, while 10 have a hold rating, and two have a sell rating. Tim Long of Barclays gives Apple a sell rating and a target of $253.
How It Started
How did this mess begin? Apple fell behind in the AI race, and enlisted OpenAI to help in 2024. OpenAI’s ChatGPT feature was integrated into Apple’s operating systems.
In 2025, OpenAI merged with io Products, a company founded by former Apple executives and designers.
Apple’s July 2026 lawsuit is directed at both OpenAI and io Products. In its suit, Apple claims that over 400 of its former employees now work at OpenAI.
Adversaries All
Apple isn’t the only company to have an adversarial relationship with OpenAI.
Microsoft ($MSFT) CEO Satya Nadella once referred to OpenAI’s board of directors as “amateur city” and has moved to reduce reliance on the company. Palantir ($PLTR) CEO Alex Karp recently slammed both OpenAI and Anthropic.
Then there’s SpaceX ($SPCX) and Tesla ($TSLA) CEO Elon Musk. Referring to orbiting data centers, Musk posted the following to OpenAI CEO Sam Altman on social media website X:
“Maybe you can come see them if your parole officer approves.”
Musk has long accused Altman of wrongdoing involving OpenAI. Musk and Altman are both credited as co-founders of the company, along with Greg Brockman, Ilya Sutskever, and a handful of other tech entrepreneurs.
At the time of publication, Ponsi was long AAPL.
