Shares of Apple (AAPL) were among the top trending tickers on Stockwits after HSBC upgraded the stock to 'Buy' and raised its price target on the company by over $100. A Financial Times report also said that the company had sent legal letters to around 40 former employees of the company now working at OpenAI.
That is roughly 10% of the 400 former Apple employees now working at OpenAI. The letters direct them to preserve documents and communications and demand meetings with Apple’s lawyers.
traded flat in pre-market trade on Friday, with retail sentiment trending in the ‘bullish’ zone over the past day, accompanied by ‘high’ levels of chatter. Platform data showed an over 10% rise in message volume in the last 24 hours, and an over 300% jump over the past week.
Some retail traders on Stocktwits were bullish on AAPL’s at market open on Friday, after paring losses seen in overnight trade.
HSBC Sees Apple At An 'Operational Turning Point'
Supporting the bullish retail commentary, HSBC upgraded Apple to ‘Buy’ from ‘Hold’ with a price target of $366, up from $260 – a level that AAPL’s stock has not seen since April. The new price target implies a potential upside of around 10% from Thursday’s closing price of over $333.
The firm said that Apple is now at an "operational turning point," in a note to investors cited by TheFly. It can stay away from the high capital expenditure debate as it invests only 2.5% of its 2026 sales versus 39% for hyperscalers, it added.
HSBC also noted that Apple is well positioned to leverage its 2.5 billion installed device base with its forthcoming revamped Apple Intelligence. The "AI boost comes at the right moment, when we think Apple has one of its most innovative product pipelines in place," the firm wrote.
It views Apple's hardware pipeline as strong, which includes the iPhone 18 Pro and Pro Max this fall, an iPhone Air in April 2027, and "most importantly," a book-style foldable phone.
AAPL’s stock has gained over 20% this year and rallied nearly 60% in the last 12 months.
What Are Apple’s Allegations Against OpenAI?
The report by the Financial Times follows Apple's lawsuit filed last week against OpenAI. The company alleged that there was a coordinated effort to obtain confidential information related to its hardware engineering and product development, calling its initial discoveries “the tip of the iceberg.”
In its lawsuit, Apple stated that OpenAI recruited key engineers, including former executives Tang Tan and Chang Liu, in order to benefit from the company’s proprietary designs, manufacturing processes, and other trade secrets.
Tan is OpenAI's Chief Hardware Officer and a 24-year Apple veteran who led product design, while Liu is on OpenAI's hardware team after working as a senior system electrical engineer at Apple.
OpenAI Rejects Apple's Allegations
Earlier this week, OpenAI told Bloomberg that it’s “not aware of any evidence” that gives Apple’s lawsuit alleging trade-secret theft merit. “While we take these allegations seriously, we’re not aware of any evidence that this complaint has merit,” OpenAI said in the statement.
“We believe in fair competition and allowing people the freedom to work wherever they choose, and we’re focused on building innovative technology that empowers people everywhere.”