Apple Stock Experiences Strongest Performance in Nearly a Year

On Thursday shares of Apple surged 4.3%, reaching $175.04 per share, marking its most impressive performance since May 5, 2023.

This uptick in Apple’s stock value coincided with a robust day for technology shares, particularly those involved in artificial intelligence, as evidenced by the Nasdaq Composite’s 1.77% increase.

Nasdaq Composite rises 1.77% driven by strong performance in technology stocks, particularly AI. (Credits: The street)

Despite experiencing a year-to-date decline of over 5% in share value, sentiment towards Apple among hedge fund investors appears to be improving, partly due to recent declines in its stock price, as noted by JPMorgan analysts.

Although there have been concerns regarding iPhone sales in China and reports of project cancellations like the autonomous car initiative, JPMorgan analyst Samik Chatterjee suggests that investors may find comfort in Apple’s current valuation, especially considering the potential benefits from its ventures into AI.

JPMorgan analysts anticipate a robust iPhone sales cycle in 2026, driven by forthcoming AI features.

Apple’s CEO, Tim Cook, has hinted at an upcoming AI-related announcement later this year, expected to coincide with the Worldwide Developers Conference event in June.

Expectations rise for a robust iPhone sales cycle in 2026, driven by forthcoming AI features. (Credits: Apple)

“Hedge fund investors are increasingly recognizing the potential of the AI upgrade cycle, but uncertainty remains regarding whether this cycle will commence with the iPhone 16 in September 2024 or the iPhone 17 in September 2025,” wrote Chatterjee.

In a separate development, Bloomberg reported on Thursday that Apple is gearing up to introduce new Mac laptops and desktops equipped with next-generation “M4 chips” that emphasize AI capabilities.

Apple declined to comment on the report, keeping details about its chip lineup, which currently features the M3, under wraps.

Sajda Parveen
Sajda Parveen
Sajda Praveen is a market expert. She has over 6 years of experience in the field and she shares her expertise with readers. You can reach out to her at [email protected]
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