- Apple stock climbed 4.3% on Thursday to a share price of $175.04, marking its best day since May 5, 2023.
- Apple’s rise came during a strong day for technology stocks in general, especially those with an artificial intelligence angle, as the Nasdaq Composite rose 1.77%.
- JPMorgan analysts wrote that sentiment over Apple shares is improving with hedge fund investors, partially due to its recent stock slide and the potential to benefit from AI.
Investors are betting on Apple’s AI future, sending shares higher.
Apple’s Best Day in Months
Apple shares climbed 4.3% on Thursday to a share price of $175.04. This is Apple’s largest single-day gain since May 5, 2023.
Tech Stocks Rally on AI Potential
Apple’s rise came during a broader rally in tech stocks, especially those related to artificial intelligence. The Nasdaq Composite rose 1.76% as investors bet on future AI applications.
Sentiment Improving After Stock Slide
According to JPMorgan analysts, hedge fund sentiment toward Apple is warming after the stock’s slide so far this year. Apple shares are down more than 5% year-to-date. Investors seem more comfortable with Apple’s valuation after the pullback.
Potential AI Announcement Coming
Apple CEO Tim Cook told investors to expect an AI announcement later this year, likely at the Worldwide Developers Conference in June. This potential product launch is improving investor optimism.
New iPhone Cycles May Bring AI Features
Hedge funds are betting that future iPhone releases will include more AI capabilities. It’s unclear whether this will begin with the iPhone 16 in 2024 or iPhone 17 in 2025.
Apple Preparing New Macs with AI Chips
Apple is readying new Macs with its next-generation M4 chips, according to Bloomberg. The M4 will emphasize artificial intelligence capabilities. This would follow the current M3 chip generation.
