Apple shares surged over 7% to reach a record high at the close of trading on Tuesday following the announcement of new artificial intelligence features known as “Apple Intelligence”. These features are designed to enhance the appeal of Apple products, particularly the iPhone.
These gains provide a welcomed respite for Apple shares, which have been grappling with slow sales of high-end consumer devices and have lagged behind the S&P 500 index this year. If the shares maintain their current price of $207, Apple’s market value would rise by nearly $200 billion.
Apple’s market value of $3.18 trillion falls just short of Microsoft, the world’s most valuable company. Nvidia, a major player in AI technology, holds the third position in terms of market value at $2.97 trillion.
During its annual developer conference that kicked off on Monday, Apple introduced an improved version of its Siri virtual assistant capable of handling a wider range of queries and performing more complex tasks. Additionally, the company unveiled various AI features across its latest operating systems for iPhones, iPads, and Mac computers.
Following the developer event, at least 13 analysts raised their price targets for Apple’s stock, anticipating a surge in sales as the company gears up to launch new iPhones in the coming months.
“Apple is showcasing its commitment to advancing its platforms and devices to enable the next era of computing, interfaces, and user experiences,” remarked Gartner analyst Tuong Nguyen.
Source: www.theguardian.com
