Apple’s stock price experienced a rise of up to 1.9% in morning trades, surpassing its 50-day moving average near 177 following news that the company plans to focus on artificial intelligence in updating its Mac computer lineup. The stock then fell slightly to settle at 175.35, but the increase in trading volume continued for the second consecutive day.
According to Bloomberg, Apple is set to introduce new Mac computers with M4 chips, which are the latest processors created in-house by the company. The rollout of the updated desktop and notebook computers is scheduled to begin in the late part of this year and continue into early next year. Analysts anticipate that AI features will be introduced to the iPhone 16 lineup this fall and that Apple will showcase its artificial intelligence innovations at the Worldwide Developers Conference from June 10-14.
CFRA Research analyst Angelo Zino reiterated his buy rating on Apple stock after the Bloomberg report, stating that it’s a positive development that could boost pricing and revenue from Macs. He also mentioned that Apple aims to enhance revenue by incorporating AI capabilities into iPhones and other high-end devices to entice consumers to upgrade during the upcoming fall season. Zino described the recent pullback in Apple stock as an attractive opportunity for investors.
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