Apple Inc’s WWDC 2024: Anticipated AI Announcements and Potential Impact on Stock Price

Apple Inc is gearing up for its annual developers conference, and investors are eagerly anticipating the potential impact on the tech giant’s stock. With the stock up nearly 20% from its year-to-date low, all eyes are on the Worldwide Developers Conference (WWDC) scheduled for Monday.

While the WWDC is not typically a major stock-moving event for Apple, this year could be different. Analysts are speculating that the much-anticipated artificial intelligence (AI) announcements at the conference could be a game-changer for the company. Dan Ives, a senior analyst at Wedbush Securities, believes that the WWDC will mark the beginning of a new AI-driven chapter in Apple’s growth story.

Ives has set a price target of $275 for Apple stock, suggesting a potential 40% upside from its current levels. The company’s recent financial results for the second quarter exceeded expectations, setting the stage for a potentially bullish outlook following the conference.

Expected AI announcements at the WWDC include a new version of Siri that will position Apple in the competitive Gen AI race. Additionally, the company’s partnership with OpenAI and the ability for iPhones to handle AI commands off the cloud are expected to be key highlights of the event.

Analysts predict that these AI updates could have a significant financial impact on Apple, potentially adding up to $40 per share in value. Other anticipated announcements at the conference include AI-enabled features in apps like Safari, Mail, Messages, and Photos, as well as the introduction of a new Password app for enhanced convenience.

Overall, investors are optimistic about the potential for Apple stock to continue outperforming following the WWDC. With the company’s shares currently trading at an all-time high, the conference could serve as a catalyst for further growth and innovation in the tech giant’s AI capabilities.