A new batch of Wall Street commentary on Monday highlights exactly why we’re bullish on mega cap tech stocks Apple (AAPL) and Microsoft (MSFT). In a new research note, UBS reiterated its conviction in Microsoft stock, nodding at the software giant’s leading role in the race to develop artificial intelligence and integrate the technology into its business. In a separate analysis, the firm also shared new data around Apple’s iPhone sales, which signaled promising growth in India. Both notes highlighted the companies’ ability to capitalize amid an uncertain macroeconomic environment. Apple has been expanding its business into the world’s most-populous country in an effort to widen its customer base and diversify its supply chain. Microsoft, meanwhile, remains a top contender in the heated AI arms race, despite a shakeup in leadership and chaotic saga with key AI partner OpenAI. AAPL YTD mountain Apple (AAPL) year-to-date performance New data from UBS indicated that Apple continues to grab market share in India. Analysts at the firm wrote that the iPhone’s market share in India expanded 750 basis points in October year-over-year, to 13.5%, as sales surged by 138% compared with last year. Apple has already taken significant steps to expand into India, opening up its first retail stores in the country earlier this year. CEO Tim Cook also previously told CNBC that India presents a “huge opportunity” for the company. We’re bullish on Apple’s India expansion because it gives the company significant growth prospects in an untapped market. Additionally, Apple’s product quality and closed ecosystem have attracted a loyal customer base. In the U.S., the iPhone has garnered 53% of the smartphone market, according to data from Counterpoint Research , and the Club’s hopeful that the company can do the same in India and other emerging economies. To be sure, although the data from UBS indicates iPhone “sell-through” – a gauge similar to sales – in October was up 12%…
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