Apple introduces AI platform, Apple Intelligence, driving stock surge and record high

From Yahoo Finance: 2024-06-11 16:10:53

Apple’s stock surged by 6% to reach an intraday record after announcing its AI platform, Apple Intelligence. Analysts praised the move, with D.A. Davidson managing director Gil Luria upgrading Apple to Buy with a price target of $230. The platform will integrate AI into everyday life across Apple’s hardware and software products, available this fall.

The launch of “Apple Intelligence” marks Apple’s entry into the generative AI space, with features like updated Siri capabilities and software updates for iPhones, watches, and computers. JPMorgan senior analyst Samik Chatterjee believes the AI features will drive an upgrade cycle across all devices over the next few years, boosting hardware sales.

Investors cheered Apple’s announcements at WWDC, leading to a stock surge and record high. The company’s foray into AI with Apple Intelligence, set to be integrated across its products this fall, has analysts optimistic about a potential boost in hardware upgrades.



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