'AI Revolution Now Coming To Cupertino:' Tech Bull Says Betting Against Apple's Tim Cook Has Been 'Proven Wrong Again And Again'
Portfolio Pulse from Rounak Jain
Wedbush's Dan Ives anticipates Apple Inc.'s AI strategy reveal at the WWDC in June will initiate an AI-driven super cycle, particularly with the iPhone 16, expected to boost upgrades especially in China where 70% of 230 million iPhones haven't been upgraded in three years. Apple's recent performance in China exceeded expectations, with iPhone sales declining only 8.1% against forecasts of up to 19.1%. Talks with Google and Microsoft-backed OpenAI for AI model licensing, alongside its own 'Project Graymatter', are underway. Tim Cook's China visit signifies Apple's commitment to the market.
May 04, 2024 | 6:23 am
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Apple's anticipated AI strategy and iPhone 16 are expected to drive significant upgrades, especially in China. Licensing talks with Google and OpenAI, along with 'Project Graymatter', highlight Apple's AI ambitions. Tim Cook's China visit underscores the strategic importance of the Chinese market.
The anticipation of Apple's AI strategy, including the potential impact of the iPhone 16 and partnerships for AI technology, is likely to generate positive investor sentiment. The strategic importance of the Chinese market, underscored by Tim Cook's visit, along with better-than-expected sales performance in China, supports a positive outlook for Apple's stock in the short term.
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