Apple (AAPL) stock rose as much as 6% on Tuesday, hitting an intraday high as investors digested the announcement of the company’s AI platform, Apple Intelligence. This will be the first time that Apple will reach its all-time high in 2024.
After falling during the company’s WWDC conference and on Monday afterward, some Wall Street analysts welcomed the company’s announcement and the stock rose.
“If you step back from the noise and look at the signal, you can see that this is an unprecedented feature that Apple is introducing to integrate AI into our daily lives,” said Gil Luria, Managing Director, DA Davidson. he told Yahoo Finance.
After Monday’s event, Luria upgraded Apple to “buy from neutral” and raised his price target from $200 to $230.
On Monday, Apple announced Apple Intelligence, its long-awaited foray into generative AI. The company says the platform will be integrated across its hardware and software products, from iPhones and Macs to email, messages and photos. Apple Intelligence will be available later this fall on iPhone 15 Pro, iPad, and Mac with Apple’s M1 series chips or later.
Key features this time include updates to Siri, which allows your phone to, for example, parse addresses sent in messages and search for photos in your phone’s photo library based on voice prompts. You will be able to Apple also launched new software updates for iPhone, watches, and computer products.
“From our experience with consumer research around the launch of the previous generation iPhone, the hardware upgrade cycle has been driven more by a series of feature upgrades across a variety of applications, which collectively … Reasons to upgrade over the next few years ”JPMorgan senior analyst Samik Chatterjee wrote in a note to clients on Monday.
He added, “The release of AI capabilities across Mac, iPad, and iPhone will support upgrade cycles across all devices.”
Click here for details.
