Apple shares pop to record high after company unveils AI software

Apple shares popped 5% to a new record high of around $203 per share on Tuesday, besting its previous record from December.Analysts believe the new AI features will help drive consumers to upgrade their devices since the tools are only available on newer models.

They said Apple will still have to deliver when the AI features are first available in the fall, but they think the"building blocks are in place for a return to growth and more sustained outperformance." Bank of America analysts were also optimistic about Apple's announcements, and said the features will lead to"an upgrade cycle for AI enabled IntelliPhones." The analysts maintained their buy rating on the stock due to the promise of a multi-year upgrade cycle, potential for gross margin upside and services growth.

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