Wall Street expects Apple's AI updates to power a strong upgrade cycle

Wall Street lauded Apple after the iPhone maker debuted its long-anticipated artificial intelligence vision during its Worldwide Developers Conference Monday . Shares of the Tim Cook-led technology company briefly rose as much as 6.4% Tuesday to a record high , one day after announcing Apple Intelligence. The AI capabilities include integrating OpenAI's ChatGPT and a slew of cutting-edge improvements to Apple's Siri digital assistant.

mountain Shares this year "We believe yesterday's presentation rhymes with one of Apple's previous milestone moments — the transition of digital music from a standalone app with questionable regulatory standing to an experience integrated into existing consumer applications ," Luria wrote, noting that Apple's access to consumer data and trust can drive "deeply integrated functionality in a way" other tools can't.

mountain Apple shares pop as much as 6.4% to record high Bernstein's Toni Sacconaghi expects Apple's new features to not only power a stronger device upgrade cycle, but also push the company to $8 in earnings per share and potentially convince investors to pay close to the stock's peak valuation.

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