Apple Inc.'s stock surged more than 7% on Tuesday, closing at a record high, following the company's introduction of new artificial intelligence features aimed at enhancing the appeal of its devices, including the iPhone, under the "Apple Intelligence" umbrella.
This rebound offers a glimmer of hope for the stock's performance this year as Apple grapples with softening sales of its premium consumer products. If the current stock price of $207 holds, Apple could add most of the $200 billion to its market capitalization, bringing it to $3.18 trillion, just a few hundred billion dollars short of Microsoft, the world's most valuable company.
At the annual developer event that began on Monday, Apple unveiled an improved Siri virtual assistant capable of answering a broader range of queries and performing more complex tasks than before, along with several AI features in its applications, which will be available with the latest operating systems for iPhone, iPad, and Mac computers. At least 13 analysts have raised their target prices for Apple's stock following the developer event and stated that the latest features could encourage a surge in new purchases as the company prepares to launch a new iPhone series in the fall.
Gartner analyst Tuong Nguyen said, "Apple is demonstrating its investment in developing its platform and devices for the next era of computing, interfaces, and experiences." This move highlights Apple's commitment to advancing the next generation of computing, interfaces, and experiences.