From TipRanks: 2024-05-19 20:59:54

Apple is looking to solidify its position as a leader in AI by partnering with OpenAI, the creators of ChatGPT. This collaboration could lead to advanced AI features for Apple’s upcoming iOS and iPhone products, potentially opening up new revenue streams through subscription services.

Analyst Daniel Ives predicts that the partnership will result in enhanced Siri technology and advanced AI features, potentially leading to a separate monthly subscription service. Ives maintains an Overweight rating on Apple shares, with a 12-month price target of $250, representing a potential gain of ~32%.

The partnership with OpenAI is expected to be formally announced at the Worldwide Developers Conference next month. Other analysts have a mixed consensus on Apple stock, with 20 Buys, 11 Holds, and 1 Sell, and an average price target of $204.28 indicating ~8% upside potential.



Read more at TipRanks: Daniel Ives Weighs in on Apple Stock as New Partnership With OpenAI Is Imminent