Tim Cook's Big Bet on Nike: What's the Deal?

Tim Cook, the boss of Apple, just put a lot of faith in Nike. He boosted his investment in the sportswear giant by almost double. This move came right after Nike's stock took a hit due to some not-so-great predictions for the future. Nike's stock has been on a rollercoaster. It's dropped over 20% since the start of the year. Back in December 2021, it was trading around $166. Now, it's much lower. The company is trying to bounce back after years of losses. They're facing tough competition from brands like Hoka, On Running, and Lululemon. Plus, old tariffs from the Trump era are still causing problems. Nike said they had to pay an extra $1 billion because of these tariffs.But it's not all bad news. Nike's latest earnings report was better than expected. They made a profit and saw a slight increase in revenue. The CEO, Elliott Hill, said they're in the middle of a comeback. To turn things around, Nike is focusing on selling through wholesalers again. They've teamed up with big names like Urban Outfitters, Macy's, and Foot Locker. So, why did Tim Cook invest more in Nike? Maybe he sees potential in their turnaround plan. Or maybe he believes in their strategy to bounce back. Whatever the reason, it's clear that Cook is betting big on Nike's future.