Apple Hits Record After Unveiling the Iphone AI
Apple Inc. shares rose to a record after it took the wraps off long-awaited new artificial intelligence features, betting that a personalized and understated approach to the technology will win over customers.
Tweet on Apple’s recent share surge
@Apple shares hit their first intraday record as investor sentiment around the iPhone maker continues to improve on the AI hype, via Bloomberg#apple #openai #ai pic.twitter.com/VqinQZ8kO3
— The_Journalbiz (@the_journalbiz) June 11, 2024
Bloomberg chart:Apple
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A new AI platform called Apple Intelligence was the highlight of the company’s Worldwide Developers Conference presentation on Monday, which also included updates to the iPhone maker’s operating systems. The technology will help summarize text, create original images and retrieve the most relevant data when users need it. The push also includes a revamped version of Siri, the company’s once-pioneering digital assistant.
Shares gained as much as 3.7% to a record $200.33. Investors initially had a tepid reaction to the event, with the stock price virtually unchanged in premarket trading — a not-uncommon reaction when Apple debuts long-anticipated new features. Shares of some key Apple suppliers had sank overnight, following the event.
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