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S&P 500 and Nasdaq reach new records with Apple as CPI and Fed decision approach
from Apple (AAPL) shares rose as much as 6% on Tuesday to hit an intraday record as investors digested the announcement of its AI platform, Apple Intelligence. This marked the first time Apple has reached an all-time high in 2024.
After the stock fell on monday During and after the company’s WWDC conference, shares rose as some Wall Street analysts applauded the company’s announcements.
“If you look at the signal away from the noise, you will realize that this is an unprecedented capability that Apple will introduce and will integrate AI into everyday life,” Gil Luria, managing director at DA Davidson, told Yahoo Finance.
Following Monday’s event, Luria upgraded Apple to Buy from Neutral and raised his price target from $200 to $230.
On Monday, Apple announced “Apple Intelligence,” its long-awaited foray into the generative AI space. The company said the platform would be integrated into all of the company’s hardware and software products, from iPhone and Mac to email, messaging and photos. Apple Intelligence will be available for iPhone 15 Pro and iPads and Macs running Apple’s M1 series chips and newer later this fall.
Key features of the release include updates to Siri, which will now be able to, for example, scan phones for addresses sent in messages or find photos in a phone’s photo library based on voice commands. Apple too released new software updates for your iPhone, watches and computer products.
“Our experience with consumer research with previous generations of iPhone releases tells us that the hardware upgrade cycle is most driven by a collection of feature updates across multiple apps, which together will provide… reasons to upgrade in the coming years .” JPMorgan senior analyst Samik Chatterjee wrote in a note to clients on Monday.
He added: “The rollout of AI capabilities on Mac, iPads and iPhones will support an update cycle across all devices.”