Apple Stock Soars on AI Wings: Hits Record High

Categories: AI NewsTags: , , , , Published On: June 13, 20241.6 min read
AAPL Price

Apple Stock Takes a Rollercoaster Ride After AI Announcement, Ultimately Reaching New Heights

Apple’s (AAPL) stock price went on a rollercoaster ride this week following the company’s annual Worldwide Developers Conference (WWDC). The excitement surrounding their new AI platform, “Apple Intelligence,” initially caused a slight dip on Monday during and after the event.

However, the mood on Wall Street quickly shifted. By Tuesday, investors began to grasp the long-term potential of Apple Intelligence, leading to a record-breaking 7% surge in the stock price. This impressive gain pushed Apple’s stock to its highest closing point in 2024.

Analysts like Gil Luria of D.A. Davidson played a key role in this shift in sentiment. Luria highlighted the groundbreaking nature of Apple Intelligence, emphasizing its potential to seamlessly integrate AI into everyday life through various Apple products.

Apple Intelligence itself is set to launch later this year. It will be available on iPhone 15 Pro models, iPads, and Macs equipped with M1 series chips or newer processors. The platform promises exciting features, including an enhanced Siri that can leverage voice commands to understand context within messages and locate photos in a user’s library.

Analysts like Samik Chatterjee of JPMorgan believe these AI advancements, combined with the other software updates announced at WWDC, will encourage a significant upgrade cycle for Apple devices. They predict users will be motivated to upgrade not just their iPhones, but also their iPads and Macs, to take advantage of the new AI capabilities.

The stock surge signifies more than just a financial win for Apple. It reflects a broader market belief in Apple’s ability to dominate the future of AI technology. This is further solidified by Apple reclaiming its position as the second-most valuable company globally, surpassing Nvidia (NVDA) and trailing only Microsoft. Apple’s market capitalization currently sits at an impressive $3.1 trillion.

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