Apple Analyst Says Rumors Of In-House AI Chip 'Another Breadcrumb' Ahead Of WWDC: 'Cupertino Ready To Play Chess...While Others Playing Checkers'
Portfolio Pulse from Shanthi Rexaline
Apple, Inc. is reportedly developing in-house artificial intelligence (AI) chips, aiming for a significant presence in the AI field. Wedbush analyst Daniel Ives highlighted the company's strategic positioning ahead of its World Wide Developers Conference (WWDC), where Apple is expected to unveil its AI strategy. Ives anticipates an AI-driven super-cycle beginning with the iPad lineup and continuing with the AI-powered iPhone 16, alongside the launch of an AI App Store. He maintains an Outperform rating on Apple with a $250 price target.
May 10, 2024 | 7:28 am
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Apple's development of in-house AI chips and the anticipated unveiling of its AI strategy at WWDC could position the company as a leader in the AI space. The expected AI-driven super-cycle, starting with the iPad and iPhone 16, alongside an AI App Store, underscores the company's commitment to integrating AI across its product lineup. Analyst Daniel Ives's bullish stance and $250 price target reflect optimism about Apple's AI initiatives.
The development of in-house AI chips and a comprehensive AI strategy, including an AI App Store and AI-powered devices, positions Apple for significant growth in the AI sector. The bullish outlook from analysts, particularly the $250 price target from Daniel Ives, suggests a strong belief in Apple's AI capabilities and its potential to drive the company's stock price upwards in the short term.
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