Reported 7 months ago
Apple's stock had a remarkable week, gaining $230 billion in market value due to optimism surrounding its AI strategy for iPhones. Investors responded to Apple's plans to integrate ChatGPT and other AI features, anticipating a significant upgrade cycle among users with older devices. This push saw Apple's shares rise nearly 8%, surpassing Microsoft as the largest company by market capitalization and reaching a record high. The positive outlook on AI innovation potentially driving a new iPhone sales cycle boosted not only Apple's stock but also its suppliers like Skyworks Solutions and Cirrus Logic. The incorporation of AI features is seen as a catalyst for iPhone revenue growth and broader adoption of AI technology, making Apple a key player in this space.
Source: YAHOO