Reported 11 months ago
Apple shares reached a new high on hopes that artificial intelligence advancements will lead to increased upgrades. The stock surged 7.3%, marking the biggest one-day jump since November 2022, and added $215.1 billion to its market capitalization. The rally followed the company's annual Worldwide Developers Conference, where it introduced AI features and announced a partnership with OpenAI. Analysts predict the AI integration in the upcoming iPhone lineup will stimulate demand and potentially stabilize the elongated upgrade cycle, contributing to Apple's upward trajectory despite lagging behind other tech peers with stronger AI exposure.
Source: YAHOO