Apple stock has 17% upside because the AI revolution will have to run through its hardware, Wedbush says [Yahoo! Finance]
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Source: Yahoo! Finance
Meanwhile, the iPhone 16 upgrade will prompt an upgrade cycle this fall. Apple will soon hold the keys to the AI consumer, as its upcoming software bridges developers with billions of Apple customers, Wedbush Securities wrote on Monday. September's iOS 18 will be the first to support generative AI capabilities, triggering a number of revenue streams, analyst Dan Ives said: not only should that prompt a massive buying spree among Apple clients, but it will offer AI developers access to 1.5 billion iPhone users. Together, these tailwinds could result in $30 to $40 upside per share, he estimated. On the high end, that's a 17% gain from current levels. Apple's foray into AI was on full display during its Worldwide Developers Conference last month, when the firm revealed Apple Intelligence — a generative AI system that will run on all its devices. In response, developers as big as Google and Meta will likely redesign their AI software to work with Apple's program, Ives forecast.
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