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Apple Stock Hits New All Time High Post AI Announcement

by Sham
June 11, 2024
in Business, Technology
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Apple Stock Hits New All Time High Post AI Announcement
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  • Apple stock surged more than 5% on Tuesday to reach an intraday record high as investors reacted positively to the company’s announcement of its AI platform, Apple Intelligence.
  • Apple Intelligence will integrate AI into various Apple products like iPhone, Mac, Mail, Messages, and Photos, and will be available for iPhone 15 Pro, iPads, and Macs with M1 chips and newer models later this fall.
  • Analysts upgraded Apple’s stock and raised price targets, anticipating that the new AI features will drive an iPhone upgrade cycle as the capabilities are limited to iPhone 15 Pro and later models.

Apple stock saw a surge on Tuesday, reaching record intraday highs as investors reacted positively to the company’s AI announcements from their Worldwide Developers Conference. The new AI capabilities and integration across Apple‘s products have analysts bullish on the company’s future.

JUST IN: Apple $AAPL breaks above $200 a share for the first time in history🚀

— BlockNews.com (@blocknewsdotcom) June 11, 2024

Apple Intelligence Launch

On Monday, Apple unveiled their new AI platform “Apple Intelligence”, representing the company’s first major move into generative AI. Apple Intelligence will be deeply integrated across Apple’s hardware and software, including iPhone, Mac, Messages, Mail, and Photos. The new AI features will debut on the iPhone 15 Pro models and M-series chip Macs and iPads later this year.

Key AI Features

Apple Intelligence includes several key new capabilities. Siri has been updated to handle more advanced voice commands, like finding addresses in messages or photos based on prompts. Apple also announced major software updates for iPhone, Apple Watch, and Mac that incorporate AI.

Analysts Bullish on Apple’s Prospects

Multiple analysts expressed optimism about Apple’s future following the AI announcements. D.A. Davidson’s Gil Luria upgraded Apple to a Buy rating and raised his price target, noting the “unprecedented capabilities” Apple is adding. JPMorgan‘s Samik Chatterjee believes the new features will drive upgrade cycles across all of Apple’s devices.

Surging Stock Price

Apple’s stock price surged over 5% on Tuesday to new intraday highs following the AI news. After a slow start to 2022, Apple’s stock is now up over 15% in the past two months. With the new AI features limited to newer devices, analysts think iPhone upgrade cycles could accelerate. Apple has retaken the #2 spot for world’s most valuable company, now worth over $3.1 trillion.

Conclusion

Apple’s big push into AI with Apple Intelligence garnered an enthusiastic response from investors, driving the stock to record highs. With new capabilities across Apple’s ecosystem of devices, analysts see multiple years of upgrades ahead as customers adopt the latest AI-powered hardware and software.

Tags: AIall time highappleApple StockWorldwide Developers Conference
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