Why Apple Could Soon Soar to Higher Highs

The artificial intelligence story just got even hotter.

All after Apple introduced a range of new AI feature, including an upgrade to its voice assistant Siri, integration with Open AI’s Chat GPT, and new writing assistance tools. Loving the news, investors sent AAPL up more than $12 a share yesterday, and another $6 today.

As noted by CNBC, “Analysts from Morgan Stanley said Apple’s AI features strongly position the company with ‘the most differentiated consumer digital agent.’ Additionally, the analysts believe that the features will drive consumers to upgrade their iPhones, which should accelerate device replacement cycles.’”

Evercore said they came away from the conference with “increased confidence” in Apple’s AI strategy, particularly because they believe it will push users to upgrade their devices. Even Bank of America was optimistic, believing the news could lead to an early iPhone upgrade cycle.

While the news is exciting, we’d wait to buy Apple, which has become a bit overbought. We’d wait to buy on its next healthy pullback.