Why Apple Hit an All-Time High

By Douglas A. McIntyre Published Jun 12, 6:40AM EDT

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Investors were impressed enough with the new suite of Apple Inc. (NASDAQ: AAPL | AAPL Price Prediction) 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?

New AI features.

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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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.