Apple Stock Soars on AI Platform Announcement

Apple (AAPL) stock surged 7% on Tuesday, closing at a record high for 2024. This surge came after a dip on Monday, the day of Apple’s WWDC conference. Investors reacted positively to the announcement of Apple Intelligence, the company’s new AI platform.

Wall Street analysts were enthusiastic. D.A. Davidson analyst Gil Luria upgraded Apple’s stock rating and raised his price target, citing the potential of AI integration across Apple products.

Apple Intelligence will be integrated into iPhones, Macs, and software like Mail and Photos. It will be available later this fall on iPhone 15 Pro models and newer devices with M1 series chips.

Key features include a smarter Siri that can find information within messages and photos based on voice commands.

Analysts believe these features, along with potential future upgrades, will drive a new iPhone upgrade cycle. This, in turn, could accelerate Apple’s overall revenue growth.

The positive news comes after a slow start to the year for Apple stock, fueled by concerns of slowing iPhone demand. However, with the excitement around Apple Intelligence, the stock is now up over 15% in the past two months.

Apple has regained its position as the world’s second-most valuable company, behind only Microsoft. Analysts are optimistic that Apple Intelligence will be a major catalyst for continued stock growth.

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