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Apple shares hit record high after AI introduction

Apple stock took flight after the company unveiled its ambitious “Apple Intelligence” initiative at the WWDC 2024 event. The announcement, which included significant upgrades to Siri and new AI-powered features across its devices, sent shares skyrocketing over 7% in a single day, a new record high.

This surge comes as a welcome relief for Apple, whose stock has lagged behind the S&P 500 this year. The news also bolsters Apple’s position in the tech giants’ race, potentially adding a staggering $207 billion to its market cap if the current price of $200 holds steady.

This move could bring Apple closer to Microsoft, the current leader with a market cap of $3.18 trillion, and potentially challenge Nvidia, the AI powerhouse currently sitting at $2.97 trillion.

Apple shares hit record high after AI introduction

The excitement centers around Apple’s commitment to artificial intelligence. The improved Siri promises a wider range of capabilities, and new AI-powered apps for iPhones, iPads, and Macs hint at a more intelligent future for Apple’s ecosystem.

Notably, at least 13 analysts have already raised their price targets for Apple shares, anticipating a surge in demand with the upcoming fall iPhone release and the potential for these new AI features to drive sales.

“Apple’s investment in its platform and devices shows a clear vision for the future of computing,” stated Gartner analyst Tuong Nguyen. “This focus on interface and user experience powered by AI could be a game-changer.”

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