Apple shares notched a new record high of around $207 per share on Tuesday, besting the previous record from December.Analysts believe the new AI features will drive consumers to upgrade their devices since the tools are only available on newer models.Apple CEO Tim Cook gestures during the annual developer conference event at the company's headquarters in Cupertino, California, U.S., June 10, 2024.shares closed up 7% to a new record high of $207.
With Tuesday's share move, Apple bested its previous record from Dec. 14. The company's developer conference came as a welcome sign for investors who have been watching to see how Apple will capitalize on the ongoing AI boom. 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, saying 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 multiyear upgrade cycle, potential for gross margin upside and services growth.
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