In 2020, amidst a surge in equities trading driven by platforms like Robinhood, Apple and Goldman Sachs collaborated on an investing feature allowing consumers to buy and sell stocks, as revealed by undisclosed sources. However, this initiative was put on hold last year as market conditions were downturned. Apple’s partnership with Goldman Sachs, which initially began with a credit card venture in 2019, aimed to expand into finance-related services. This expansion included buy now, pay later (BNPL) loans and a high-yield savings account, which had accrued over $10 billion in user deposits by the preceding month. The development of the investing feature coincided with a period of zero interest rates during the COVID-19 pandemic, as consumers, confined to their homes, diverted their attention and savings into stock trading via smartphones. Apple envisioned a feature allowing iPhone users to invest extra funds into Apple shares, amongst other hypothetical use cases. However, concerns about potential user backlash arose amidst market volatility, leading Apple and Goldman to shift their focus towards launching savings accounts, deemed safer in the context of rising rates and inflation.

While the current status of the stock-trading project remains ambiguous, the infrastructure for such a feature is reportedly in an advanced state, awaiting Apple’s decision to proceed. Notably, Goldman Sachs has scaled back its consumer initiatives under CEO David Solomon’s leadership, potentially impacting the future of this endeavor. Apple’s earlier ventures, including the Apple Card and BNPL offerings, were significant steps into the financial realm, with Goldman Sachs as a pivotal collaborator. In recent developments, discussions about offloading the card and savings account to American Express have emerged, showcasing potential shifts in Goldman’s strategic direction. Had the trading app initiative progressed, Apple would have entered a competitive market, challenging established players like Robinhood, SoFi, and Square’s Block alongside traditional brokerage firms such as Charles Schwab and E-Trade. This expansion into stock trading echoes a broader industry trend of financial firms leveraging trading to drive customer engagement and retention, a strategy pursued by Apple as well. Nonetheless, this move could draw regulatory attention, akin to scrutiny Apple has faced for its App Store practices and concerns about “gamifying” markets, an issue also raised with Robinhood. Other tech giants, like Elon Musk’s X (formerly Twitter) and PayPal, have also explored entering this space, indicating a broader trend of technology companies venturing into stock trading.