Shares Hit New Record with Apple’s AI Boost 

Apple’s shares witnessed a surge, after the company’s announcement of its latest AI features during the Worldwide Developers Conference.

On Tuesday, Apple’s shares witnessed a surge, after the company’s announcement of its latest AI features during the Worldwide Developers Conference (WWDC) held on Monday. 

A day after the giant’s developer conference, the iOS developers’ shares surged by 7%, reaching an all-time high of $207.15 per share on Tuesday.  

Exciting AI Features 

Apple unveiled a range of announcements related to its latest AI features that will be integrated in the upcoming iOS 18 update, including a significant upgrade to its voice assistant, Siri, as well as a variety of writing assistance tools. 

The California-based company introduced customizable emojis, designed for general users who will need to upgrade their phone to access them. 

The surge in stocks on Tuesday enabled Apple to surpass its previous record set in December last year. This shows how the highly anticipated WWDC announcement was a positive hint for investors looking forward to seeing how Apple plans to leverage the AI wave. 

Revealing Its AI Cards 

According to Morgan Stanley analysts, the latest Apple AI features position the company with “the most differentiated consumer digital agent,” adding that this will push users to upgrade their iPhones, which should also “accelerate device replacement cycles.”  

The analysts also emphasized that the iPhone maker must successfully implement these features when they launch in the fall. However, they believe that Apple is expected to return to growth and sustained outperformance. 

“Following a WWDC that delivered on the key details we were focused on heading into the event, we have even greater conviction that Apple is on the cusp of a multi-year product refresh that underpins our OW rating, $216 price target, and $270 bull case valuation,” the analysts wrote in a note Tuesday to CNBC

As for analysts of Bank of America, they expressed optimism about Apple’s announcements predicting that the features will initiate an “upgrade cycle for AI-enabled IntelliPhones.”  

They maintained their buy rating on Apple stock, citing the promise of a multiyear upgrade cycle, potential for gross margin improvements, and services growth. 

Considering the surge in the shares, and the excitement shown by investors and users, will the tech giant be able to regain the leading position in the market amid the growing competition? 

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