From Nasdaq: 2024-04-28 08:15:00

The “Magnificent Seven” tech companies are driving the current bull market with a focus on artificial intelligence (AI). Each company has deep connections to advancing AI, with Microsoft, Amazon, and Alphabet leading in cloud services, and Meta Platforms and Tesla investing heavily in AI projects. Apple is expected to make big AI announcements this summer, potentially boosting its stock price.

Analyst Wamsi Mohan of Bank of America sees Apple’s recent share price drop as a buying opportunity ahead of rumored AI-related announcements at its upcoming events. Apple’s CEO has promised breakthroughs in generative AI, opening the door for new products and services. Speculations about AI-powered iPhones and on-device generative AI capabilities are circulating.

Apple’s stock has underperformed this year, presenting an attractive entry point for investors. Despite the recent pullback, Apple’s strong financial position and potential for AI innovation make it a compelling investment. With a focus on iPhones, services, and now AI, Apple could see significant growth ahead. The company’s capital return program and upcoming product announcements are expected to further drive its stock price.



Read more at Nasdaq: Artificial Intelligence Could Propel This “Magnificent Seven” Stock 33% Higher, a Wall Street Analyst Says