Unaffected by the FOMC meeting! Apple's stock hits a historic high after releasing AI software.

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AI: Apple Intelligence Innovation Shines

During the WWDC conference, Apple introduced a series of new AI features, including a redesigned Siri voice assistant, integration with OpenAI's ChatGPT, various writing assistance tools, and customizable emojis. Apple refers to these features as "AI for the rest of us," but users may need to upgrade their iPhones to access them. WWDC 2024 Keynote: Apple unveils Apple Intelligence and major Siri update, along with privacy payments.

Record-breaking Stock Performance

Apple's stock price has surpassed its previous all-time high set on December 14th last year. The WWDC developer conference is a highly anticipated event, and investors are eager to see how Apple leverages the current AI trend. Judging by the stock performance, it seems investors are quite pleased.

Analyst Views: AAPL Targeting 270

Analysts at Morgan Stanley praised Apple's new AI features, calling it the "most differentiated consumer digital representation." They expect these innovations to encourage users to upgrade their iPhones, potentially accelerating the device replacement cycle. Morgan Stanley maintains an Overweight rating on Apple with a target price of $216 and an optimistic valuation of $270. Analysts from Bank of America also predict that AI-driven "smartphones" will drive upgrades. They reiterated their Buy rating on Apple stock, mentioning the potential for a multi-year upgrade cycle, margin improvement, and service growth. Evercore analysts believe that confidence in Apple's AI strategy has increased. They think Apple's approach will encourage users to upgrade their devices, especially as new AI features are limited to the latest iPhone models.