Apple’s AI iPhone Turns Skeptics Into Bulls and Raises Stakes
- Multiple analysts have upgraded stock, betting on demand boost
- Stock’s jump lifts earnings-multiple well above average
The AI opportunity is likely to become clearer next year.
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All big tech companies are trying to convince Wall Street that they’ll be a major player in artificial intelligence. Few have done as good a job as Apple Inc.
There’s growing consensus among analysts that an iPhone with AI features, unveiled in June, will spur consumers to upgrade their phones after holding onto older models for years, giving Apple a long-awaited rebound in growth. At least five firms have raised their ratings since the event, with Loop Capital the latest to turn bullish in the face of a valuation that has risen to elevated levels.