Apple stock surged to a new all-time high on Tuesday, climbing as much as 7% to over $200 per share. This significant increase in price came on the heels of the company's WWDC event, where Apple unveiled new generative AI software offerings that garnered positive feedback from analysts and investors alike.
Following the event, Apple's stock initially dipped by 2% on Monday, but quickly rebounded due to a wave of optimistic analyst reports. Citi analysts praised the event as the "best WWDC ever," while Goldman Sachs highlighted the potential for increased demand for iPhone and Mac devices with the integration of ChatGPT and a more conversational Siri assistant.
JPMorgan also weighed in, noting that the new AI features will drive an upgrade cycle in emerging markets, particularly with the launch of the iPhone 15 Pro and iPhone 16 later this year.
As a result of these developments, Apple's market value surged by approximately $198 billion on Tuesday, bringing the company within $22 billion of surpassing Microsoft as the world's most valuable company. This growth has solidified Apple's position as the second largest company globally, overtaking Nvidia.
Overall, Apple's strong performance at the WWDC event and the positive reception from analysts have propelled the company's stock to new heights. With the promise of innovative AI features and upcoming product launches, investors are optimistic about Apple's future prospects and market dominance.