Apple surges 6% on AI offering as shares hit new all-time record
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Apple stock popped to a new all-time high above $205. Former all-time high for AAPL came in December 2023. CEO Tim Cook showed off Apple Intelligence at developer conference. AI offering is a partnership between Apple and OpenAI. DA Davidson raised its AAPL price target to $230. Apple (AAPL) unveiled its artificial intelligence (AI) strategy on Monday, and by the looks of it, the market is warming to the product suite. Apple stock advanced more than 6% on Tuesday morning to an all-time high above $205. This surpassed the December 14, 2023 high of $199.62. This has pushed the tech-heavy NASDAQ up 0.17% at the time of writing, while the S&P 500 retracts a similar percentage and the Dow Jones gives up 0.5%. Apple stock news CEO Tim Cook unveiled the Apple Intelligence platform at Monday’s Worldwide Developers Conference. Cook said Apple’s veneer on the technology that has become the focus of many tech companies over the past two years would be a user-specific and simplified approach. Apple had received some criticism that it was late to the game in regard to AI, but management took the view that it was more important to build a user-friendly interface that allows owners of iPads and iPhones to generate original artwork and summarize text more personally. Additionally, the company is updating its Siri digital assistant and integrating it with Apple Intelligence. Craig Federighi, Apple’s Senior Vice President in charge of software development, referred to Apple Intelligence as “AI for the rest of us,” and the catch phrase appears to be sticking. Apple formally announced its partnership with OpenAI, which will power its AI platform. User will have access to Chat GPT for free, but paying users will have access to more features in the future. OpenAI is backed by Microsoft (MSFT). DA Davidson…
Filed under: News - @ June 11, 2024 10:18 pm