According to a Reuters report, Apple’s stock surge to a record high comes a day after the company unveiled a number of AI-enabled features and software improvements for its devices at its annual developer conference.
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Apple CEO Tim Cook and other executives highlighted how the Siri voice assistant will be able to interact with third-party messaging, email, calendar and apps. Several analysts believe these advances will boost iPhone sales.
Apple lags behind competitors such as Microsoft and Alphabet, the owner of Google, in the rapidly growing field of artificial intelligence, which has contributed to its penniless stock market performance this year.
While Apple shares are up about 10% so far in 2024, Microsoft is up about 16% and Alphabet is up almost 28%.
However, some concerns about Apple’s feeble stock performance were allayed when the company beat market expectations for quarterly results and guidance in May and announced a record $110 billion share repurchase plan.
Nvidia, the AI chip leader that briefly surpassed Apple’s market value last week, is up a remarkable 144% this year, with a market value of $3.06 trillion.
Among the “Magnificent Seven” companies, only Tesla has performed worse than Apple this year, recording a decline of over 30%.
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