Apple adds more than $700 billion in market value since April

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Apple investors finally have a roadmap for how it will use artificial intelligence — and they’ve responded by pushing the stock toward its best week in more than two years. Apple added more than $700 billion in market value sine April.

Wall Street is betting that new iPhone AI features — including Apple’s agreement with OpenAI to integrate ChatGPT — will spur a massive upgrade cycle among users who have been holding on to older devices.

Investors have “more confidence that Apple is back in the game, that it has caught up competitively, and that it will see a re-acceleration of growth, given the installed base of phones that will need to upgrade to take advantage of this new tech,” said Jim Awad, senior managing director at Clearstead Advisors. “Apple will be a major beneficiary of AI, and the stock is catching up.”

Wall Street’s top stocks have quickly re-shuffled on AI optimism. Apple on Thursday overtook Microsoft Corp. as the biggest company by market capitalization.

Via: Bloomberg News