Stocks swing ahead of Fed as Apple rises to record high

Apple (AAPL) stock rose as much as 6% on Tuesday to hit an intraday record as investors digested the announcement of its artificial intelligence platform, Apple Intelligence. This was the first time Apple achieved an all-time high in 2024.

After falling on Monday during and after the company’s WWDC conference, the stock rose as some Wall Street analysts cheered the company’s announcements.

“If you look at the signal apart from the noise, you realize this is an unprecedented capability that Apple will bring and will integrate AI into everyday life,” Gil Loria, managing director of DA Davidson, told Yahoo Finance.

Following Monday’s event, Luria upgraded Apple to Buy from Neutral and raised his price target to $230 from $200.

Apple on Monday announced “Apple Intelligence,” its long-awaited foray into generative artificial intelligence. The platform will be integrated across the company’s hardware and software products, from iPhone and Mac to Mail, Messages and Photos, the company said. Apple Intelligence will be available for iPhone 15 Pro, iPad, and Mac devices powered by Apple’s M1 series chipsets and later later this fall.

Key features of the launch include updates to Siri, which will now be able, for example, to analyze phones for addresses sent in messages or find photos in the phone’s photo library based on voice prompts. Apple also launched new software updates for iPhones, watches, and computer products.

“Our experience with consumer surveys with previous generations of iPhone launches tells us that the hardware upgrade cycle is based more on a combination of feature upgrades across various applications, which in the aggregate will provide…reasons to upgrade over the next few years.” JPMorgan senior analyst Samik Chatterjee wrote in a note to clients on Monday.

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“The release of AI features across Mac, iPad and iPhone will support the upgrade cycle across all devices,” he added.

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