Recent reports are telling us that iPhones have been selling less than it’s smartphone arch-rival, Samsung, so why has stock in Apple suddenly just skyrocketed?
As of yesterday, Tuesday, June 12, Wall Street announced that Apple shares shot up 7% due to the company’s recently announced plans to integrate AI into their upcoming iPhones. Apple CEO, Tim Cook, billed this as a “game changer,” as Apple and OpenAI are planning to join forces, a move which was met with scorn by a certain billionaire. The conflation of technology between the two tech giants will be called “Apple Intelligence”, with new features such as “Genmoji”, a system for creating custom images and various AI-powered writing tools.
With this latest announcement, Wall Street has predicted a “super cycle” of iPhone sales as the trillion dollar company prepares for its newest iPhone model launch later this year. The stock boost has increased Apple’s valuation to AED 11.5 trillion, landing in second place after Microsoft as the world’s most valuable company.
Elon Musk, who has been vocal of his disapproval of Apple and OpenAI joining forces, has been hard at work at his own AI operating system, xAI, and whether or not he manages to rival his competitors remains to be seen. But for now, anyone who’s invested in Apple stock will be thrilled to hear the news.