On June 6, Apple Inc (NASDAQ:AAPL) held its second major event of the year. The keynote to its WWDC22 developer conference has a software focus, but it traditionally provides big hints of what Apple is up to in terms of the next “big thing.” The company also occasionally uses this event to take the wraps off of new hardware. WWDC can be a big deal for AAPL stock.

This year, the rumor mill has been running in high gear for an Apple augmented reality (AR) headset. The company is widely expected to release one soon, taking advantage of the metaverse hype. However, the Apple AR headset was completely absent from WWDC22. No images, no prototypes, no mention. However, Apple did show off two products of note: the new M2 processor, and an all-new, M2-powered MacBook Air.

These two alone won’t be enough to move the AAPL stock needle in a big way, but each is very important to the company. With Apple shares still trading down 17% since the start of 2022, now is a good time for growth investors to buy AAPL stock for their portfolio. With the biggest products of the year for Apple to still be announced, and that potentially game-changing AR headset lurking in the wings, long-term growth is a solid bet.

Big Product Announcements

Back in 2020, I wrote about the importance of the M1 processor to Apple. This was the company’s first custom processor for its Mac computers. The M1 seriously outperformed competition, while allowing Apple an even greater degree of integration between software and hardware — an advantage that helped to make the iPhone such an unstoppable force.

The move proved to be a smart one. In the first quarter, while global PC shipments shrank by over 7%, Apple’s Mac sales increased by 8.6%.

On Monday, Apple unveiled the second generation of its custom processor: the M2. Made with a 5nm process, it is even more power efficient, supports more shared memory, and increases the transistor count over the M1 by 25%. The M2 shows that Apple was just getting started with the M1. And it shows the company can move quickly on new processors, a big advantage given the delays that competition has faced.

The company also showed off an all-new version of its MacBook Air, equipped with an M2. The MacBook Air is Apple’s most popular computer, and now it is even more compelling. A complete re-design (the first in over a decade) got rid of the familiar wedge shape for a flat and super-thin laptop that weighs just 2.7 pounds, can drive a 6K monitor and goes for 18 hours on a battery charge. Starting at $1,199, these things will sell like hotcakes. The company also updated the existing 13-inch MacBook Pro with an M2 processor.

Look for both laptops to be in high demand for back-to-school.

Apple Has a Whole Lot More Up Its Sleeve for 2022

The M2 and M2 MacBook Air may not be enough to meaningfully move the AAPL stock needle on their own. However, they are just part of a massive product release schedule for 2022. It started in March with a new M1 iPad Air, and will continue in September with the iPhone 14 series. Also expected are the latest Apple Watch and AirPod Pro earbuds. Other distinct possibilities include a new Mac Pro, iMac Pro, iPad Pro and possibly even new Apple TV models.

And don’t forget about that Apple AR headset that seems ready to make an appearance at any time.

Bottom Line: Should You Buy AAPL Stock?

Apple stock has been a solid growth pick since the iPhone began to dominate the nascent smartphone market. The company has all the pieces in place to continue that growth, despite the temporary setback of 2022.

This Portfolio Grader “B” rated stock still has some challenges to face in 2022. We got a very real reminder of that — specifically the ongoing supply chain issues in China — when Apple announced the new M2 MacBook Air and M2 MacBook Pro would not even be available to order until July. It seems unlikely (the current lockdowns are winding down), but any supply challenges around this fall’s iPhone 14 release would be bad news for Apple investors.

However, despite challenges like these, the long-term growth picture for AAPL remains solid. If you can ride out any turbulence through 2022, the company’s lineup of constantly improving products like the M2 MacBook Air and iPhone 14 will keep Apple fans buying. Services will continue to monetize that hardware after the initial sale. And new products like the expected Apple AR headset will keep the growth going into the foreseeable future.

— Louis Navellier and the InvestorPlace Research Staff

320 hedge funds just sold this stock [sponsor]
A strange force has seized control of Wall Street. Hedge funds are already moving their money… and preparing for even stranger days ahead. Over 320 hedge funds have quietly sold THIS famous stock - to prepare for a dramatic market shift. Get the strange truth from a 50-year Wall Street insider... including the name and ticker of the stock hedge funds are selling hand-over-first.

Source: Investor Place