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FX.co ★ Apple Gains Over Announcement Of AI Integration In Devices

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typeContent_19130:::2024-06-11T22:48:00

Apple Gains Over Announcement Of AI Integration In Devices

Apple’s (AAPL) shares surged by up to 6 percent, reaching $205 on Tuesday, following the announcement of anticipated AI features slated to be integrated into iPhones and other devices later this year.

This spike in share price contributed an additional $125 billion to Apple’s market capitalization, elevating its overall market value above the $3 trillion mark.

During the Worldwide Developers Conference, Apple detailed its initiative, branded as Apple Intelligence, aiming to revamp the digital assistant Siri and integrate OpenAI’s ChatGPT into its devices.

The company announced, "We are integrating ChatGPT access into experiences within iOS 18, iPadOS 18, and macOS Sequoia, allowing users to leverage its expertise—as well as its image and document-understanding capabilities—seamlessly within our platforms."

In conjunction with these AI enhancements, Apple also unveiled several updates, including a Communications Service feature for its iMessage app, AI-powered emoji creation dubbed Genmojis, a redesigned control center, and the capability to draft text messages in advance.

Analysts responded positively to the stock movement, stating, "Following a WWDC that delivered on the key details we were focused on, we are even more convinced that Apple is on the cusp of a multi-year product refresh. This underpins our Outperform (OW) rating, $216 price target, and $270 bull case valuation," as reported by CNBC.

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