Apple shares rushed over 7% to a record high on Tuesday after the announcement of new AI features under Apple Intelligence
This sudden increase offered relief for the stocks as it lagged behind the S&P 500 this year due to weak sales of premium gadgets
If Apple maintains its $207 stock price, its market value could shoot by nearly $200 billion.
Apple now boasts a market cap of $3.18 trillion, which is close to Microsoft- world’s most valuable company, and surpassed Nvidia's $2.97 trillion.
During its annual developer conference, Apple introduced an upgraded Siri with the ability to manage more intricate tasks and integrated new AI functionalities across its applications.
Apple plans to roll out these updates across its iPhone, iPad, and Mac operating systems.
Due to anticipated upticks in device purchases, at least 13 analysts raised their price targets for Apple.
Gartner analyst Tuong Nguyen emphasized Apple's commitment to evolving its platform and devices, aiming to redefine computing and enhance user experiences.