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.
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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