24/7 Insights
- Investors were impressed enough with the new suite of Apple Inc. (NASDAQ: AAPL) artificial intelligence (AI) products to drive the stock to a new all-time high.
I was wrong. Investors were impressed with Apple’s new suite of artificial intelligence (AI) products. Instead of languishing, Apple Inc. (NASDAQ: AAPL) stock hit an all-time high.
JPMorgan kept an Overweight rating on Apple shares and has a $225 price target. Wedbush analyst Daniel Ives said, “This was a historical day for Apple and Cook & Co., and it did not disappoint in our view.” He meant Tim Cook, Apple’s CEO. Ives has a target of $275 on the stock. The list went on and on.
The stock closed at $207 a share. The market cap rose to $2.2 billion, almost as high as Microsoft’s, which is at the top of the market cap list.
What’s New?
What happened? First, Siri, one of Apple’s oldest software features, got an upgrade. When people talk, it will help them write with summarized reversions of the small snippets they dictate. It can proofread. It can change words based on the attitude with which people speak. In short, it can almost read the writer’s mind.
The new software can make images based on what people say. It can even turn these into small movies. The new AI features also have unprecedented privacy features. “So it’s aware of your personal information without collecting your personal information,” Apple said.
However, these were not Cook’s best tricks. All these features will only be available on new models of Apple’s hardware. It addresses one of the problems that most worried investors: Why would people upgrade to iPhone 16, which will be one of the company’s most important launches in years? Anxiety set in that a better camera or chip would not get people to replace their iPhone 15s. Now, the camera and chip are not at the center of attention
Do these features, taken one by one, seem overwhelmingly impressive? Perhaps not, but as a whole, investors found them very compelling.
Here Is How Much Money Apple Makes Every Minute
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