Apple shares surge as AI innovations promise iPhone sales boost

  • Apple shares soar over 7% following AI feature unveil.
  • Apple nearly reclaims title as world’s most valuable from Microsoft.
  • Analysts optimistic about AI-driven demand for new iPhones.

OUR TAKE
Apple’s bold move into AI is a significant step in reinvigorating its brand and products. The company’s commitment to enhancing user experiences through cutting-edge technology is evident. As we await the next iPhone release, it’s clear that Apple’s strategy could redefine market dynamics and consumer expectations.
–Dudu, BTW reporter

Apple’s shares surged to a record high on Tuesday, driven by the unveiling of new AI features aimed at revitalising iPhone sales and nearly reclaiming the title of the world’s most valuable company from Microsoft.

Apple’s stock skyrockets amidst AI buzz

Apple’s shares surged by 7.3% to $207.15 on Tuesday, nearing a record high. This rise comes on the heels of the company’s announcement of new AI features aimed at revitalising iPhone sales. With a market capitalisation of $3.18 trillion, Apple is now in close competition with Microsoft, valued at $3.22 trillion, and AI chip leader Nvidia, at $2.97 trillion.

Also read: Apple WWDC 2024 day 2 highlights

Unveiling AI innovations

During its annual developer event on Monday, Apple introduced several new AI capabilities, including an enhanced Siri that can handle more complex queries and tasks. These updates are part of the latest operating systems for iPhones, iPads, and Mac computers. The move is seen as Apple’s effort to catch up with other tech giants in the AI race, according to Reuters.

Market reaction and analyst optimism

Following the event, at least 13 analysts raised their price targets for Apple’s shares. Some experts believe the new features could drive a surge in iPhone purchases as Apple gears up for its autumn product launch. “Apple is demonstrating that it is invested in evolving its platform and devices to enable the next era of computing, interfaces, and experiences,” remarked Tuong Nguyen, an analyst at Gartner.

Also read: Elon Musk threatens Apple device ban over OpenAI partnership

Race for market dominance

Apple, Microsoft, and Nvidia are in a tight race to be the world’s most valuable company. Microsoft recently overtook Apple in market value in January, while Nvidia briefly surpassed Apple last week. The competition underscores the importance of innovation and market perception in maintaining and reclaiming the top spot, Reuters reports.

A bold step forward

Apple’s latest AI enhancements are not just technical upgrades but a bold statement of intent. This move signals Apple’s commitment to pushing the boundaries of technology and user experience. As someone who has closely followed Apple’s journey, it’s thrilling to see the company embrace AI with such vigour. These innovations could indeed redefine how we interact with our devices, making everyday tasks more intuitive and seamless. Apple’s dedication to staying at the forefront of technological advancement is a testament to its resilience and vision.

Doris-Du

Doris Du

Doris Du is an intern reporter at BTW Media. She graduated with a degree in Translating and Interpreting from The Hong Kong Polytechnic University. Send tips to d.du@btw.media.

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