- Apple’s stock surged over 7% due to new AI features, nearing Microsoft’s market valuation.
- New AI enhancements in Siri and iPhones boosted investor confidence.
- Analysts raised price targets, anticipating a spike in iPhone upgrades and sales.
Apple’s stock soared over 7% on Tuesday, hitting a record high and closing in on Microsoft’s valuation. This boost came after Apple introduced new AI features at its developer event, sparking optimism for increased iPhone demand. Despite lagging behind the S&P 500 earlier in the year, the latest AI enhancements, especially in Siri, have eased investor concerns.
Apple’s stock closed at $207.15 per share, giving it a market capitalization of $3.18 trillion, just behind Microsoft’s $3.22 trillion and ahead of Nvidia’s $2.97 trillion. This tight competition highlights the fierce battle for tech market dominance. Analysts responded positively, with many raising their price targets for Apple. The anticipation of new AI-powered iPhones set to launch in the fall is driving this optimistic outlook.
Gartner analyst Tuong Nguyen noted that Apple is showing strong commitment to evolving its platform for the next era of computing. Jaspreet Bindra, Founder of Tech Whisperer, attributed the stock surge to Apple’s coherent AI strategy and potential for high-priced ‘AI Phones,’ which the market is eagerly recognizing.
