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An image depicting the surge in Apple's stock price after the announcement of its AI platform, Apple Intelligence. The image features a graph showing the upward trend in stock price, with the Apple logo prominently displayed. The background includes elements of AI technology, such as neural networks and digital interfaces, highlighting the integration of AI across Apple's products. The design incorporates vibrant colors and dynamic graphics, symbolizing growth and innovation

Author: Alicia Shapiro

Estimated Read Time: 4 minutes

Apple Stock Hits Record High After Unveiling AI Platform

Apple's stock surged 7% on Tuesday, reaching a record-high close for the first time in 2024. This spike followed the announcement of Apple's AI platform, Apple Intelligence, at the WWDC conference, sparking investor enthusiasm.

Market Reaction

Immediate Impact

  • Record-High Close: Apple's stock achieved its highest close of 2024 after the announcement.

  • Premarket Trading: Despite a slight drop of less than 1% in premarket trading on Wednesday, the overall sentiment remains positive.

Analyst Upgrades

  • D.A. Davidson: Gil Luria upgraded Apple to Buy from Neutral, raising the price target to $230 from $200. Luria highlighted the unprecedented capabilities Apple is introducing.

  • JPMorgan: Samik Chatterjee emphasized that AI features across Apple's devices would drive the next hardware upgrade cycle.

Apple Intelligence: Key Announcements

Integration Across Devices

  • Comprehensive AI Platform: Apple Intelligence will be integrated across the iPhone, Mac, iPads, and other hardware and software products.

  • Availability: Set to launch this fall, Apple Intelligence will be available for the iPhone 15 Pro, iPads, and Macs running Apple's M1 series chips and newer.

Feature Highlights

  • Siri Enhancements: Siri will now be able to parse messages for addresses and locate photos in the library based on voice prompts.

  • Software Updates: New updates were announced for iPhones, watches, and computer products.

Analyst Insights

JPMorgan's Perspective

  • Upgrade Cycle: Chatterjee noted that consumer surveys indicate hardware upgrade cycles are driven by cumulative feature upgrades, supporting an overall upgrade across devices.

  • AI Integration: The new AI features are expected to enhance the appeal of new hardware, particularly for the upcoming holiday season.

Market Context

Competitive Position

  • Market Capitalization: Apple is back as the second-most-valuable company globally, with a market cap exceeding $3.1 trillion.

  • Stock Performance: After a slow start to the year, Apple stock has risen over 15% in the past two months, driven by the anticipation and announcement of new AI features.

Long-Term Outlook

Revenue Growth: Analysts like Luria predict that the introduction of AI features will accelerate Apple's revenue growth, potentially driving stock performance into higher single digits over the next year or two.


The announcement of Apple Intelligence has catalyzed a significant surge in Apple’s stock, reflecting investor confidence in the company’s strategic direction. With enhanced AI capabilities integrated across its product line, Apple is poised for an exciting upgrade cycle, bolstering its market position and driving future growth.