Apple’s stock price soared by more than 7% to hit a new peak on June 11, 2024, following the revelation of innovative artificial intelligence features at WWDC. The introduction of ‘Apple Intelligence’ with advanced Siri capabilities and AI enhancements across Apple’s products has sparked optimism among analysts and investors.
Apple’s stock surged more than 7% to reach a record high on June 11, 2024, following the announcement of new artificial intelligence (AI) features at the Worldwide Developers Conference (WWDC) in Cupertino, California. The stock closed at $207, potentially adding nearly $200 billion to Apple’s market value, now estimated at $3.18 trillion. This increase comes after a period of underperformance compared to the S&P 500, attributed to weak sales of Apple’s premium consumer devices.
During WWDC, Apple CEO Tim Cook unveiled “Apple Intelligence,” featuring an advanced Siri virtual assistant capable of handling more complex tasks and a suite of AI enhancements across Apple’s ecosystem. These updates are part of the latest operating systems for iPhones, iPads, and Mac computers. The announcement resulted in at least 13 analysts raising their price targets for Apple shares, suggesting these innovations could drive a new wave of purchases, especially with an upcoming iPhone release in the fall.
