Tim Cook in Hanoi, Vietnam / Photo credit: Tim Cook’s X profile
Apple’s stock hit US$207.15 per share on Tuesday, closing 7.26% up on June 11 and marking a new all-time high for the company. This jump followed the firm’s yearly developer conference, announcing its dive into AI.
The Worldwide Developer Conference (WWDC) saw Apple unveiling a slew of new features, including equipping Siri with AI-powered tools and a partnership with OpenAI’s ChatGPT.
Some of these AI-based features, including the Siri refresh, are only available for iPhone 15 Pro and 15 Pro Max models as well as on iPads and Macs with M1 chips or later, which may push users to purchase new models.
Following the conference, JPMorgan maintained an overweight rating on Apple with a US$225 price target. The financial services major expects the new Siri and integration of ChatGPT to boost consumer interest in Apple’s new products.
Erik Woodring, an analyst for Morgan Stanley, also said that Apple’s WWDC delivered more than that financial firm’s targets.
Not everyone was satisfied with Apple’s announcement, however. One of the most critical voices was Elon Musk, the person behind OpenAI competitor xAI. He threatened to ban Apple devices at his companies, calling OpenAI’s integration at an operating system level “an unacceptable security violation.”
See also: Exclusive insights from Tony Fadell on ChatGPT and the AI gold rush
Editing by Putra Muskita and Lorenzo Kyle Subido
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