Despite the buzz over its new watch and strong smartphone sales, Apple has under-performed the Nasdaq Composite Index since February 23, with shares only up 1 percent in comparison to the Nasdaq's 3 percent move.
With competitors like Google's new payment system and Xiaomi's Mi Band hitting the market in the near future, BGC senior analyst Colin Gillis says that Apple's dominance—and even his rating on the stock—could be in jeopardy. Recently, Gillis wrote that the tech titan's reliance on the iPhone could be "a liability as technology trends remain fickle."
In an interview on CNBC's "Fast Money" this week, Gillis explained that he's concerned about two trends he considers alarming: a lengthening upgrade cycle and a slowing smartphone market.
Gillis hinted that he may reconsider his hold rating on the stock if he's not wowed by Apple's Worldwide Developers Conference, which is set for June 8–12 in San Francisco.