CUPERTINO, Calif. – Apple stock saw a boost in heavy trading volume as reports surfaced about the company’s plans for a significant artificial intelligence (AI) refresh of its Mac computer lineup. The news sent Apple’s stock climbing for the second consecutive day, reaching as high as 1.9% before settling above its 50-day moving average line near 177.
Although the gains eventually tapered off, Apple stock closed the regular session up 0.9% at 176.55. This surge followed a 4.3% increase the previous day when Bloomberg reported Apple’s intentions to revamp its Mac lineup with M4 chips designed in-house, boasting AI capabilities. The company plans to launch the updated Mac computers later this year and into early next year.
In addition to the Mac lineup refresh, Apple is exploring the incorporation of AI features in its upcoming iPhone 16 series this fall. Analysts anticipate that Apple will showcase its AI innovations during the Worldwide Developers Conference set to take place from June 10 to 14. Angelo Zino from CFRA Research reiterated his buy rating on Apple stock post the Bloomberg report, noting the potential revenue and pricing benefits the AI enhancements could bring to Macs.
Zino emphasized the allure of the recent pullback in Apple stock as “an enticing opportunity” for investors. He highlighted Apple’s strategy to drive higher revenue by introducing new on-device AI capabilities across various devices to entice consumers to upgrade. With the tech giant’s continued focus on AI and innovation, Apple’s stock remains in the spotlight among investors.
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