Shares of Apple have surged 38% this year.
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stock has been on a tear this year. With a few catalysts in the coming weeks, the stock could hit an all time high.
stock (ticker: AAPL) has jumped 38% so far year on solid earnings, after stronger-than-expected sales in the the iPhone unit.
The stock is up 1% in Thursday trading to $179.05, which would be its highest close since January 2022, and within striking distance of the all-time high of $182.01, also set that month.
Apple’s annual Worldwide Developers Conference, or WWDC, begins on June 5. The tech giant typically announces its upcoming products at the gatherings, and investors will be keen to hear launches and business updates.
Wedbush analyst Dan Ives told Barron’s that he thinks investors mostly want to hear about the company’s future in artificial intelligence, and any update on that could drive Apple stock higher.
“Any mention and blueprint outline of a broader AI strategy for Apple could be a potential game-changer,” Ives said. He rates Apple stock at Outperform, and his price target of $205 already projects shares setting a new record.
Major tech companies such as
(GOOGL) have been racing to come out with AI products, with the popularity of ChatGPT raising the stakes as what AI could do for a company. Apple hasn’t yet been very vocal on its plans with AI.
Apple stock could have an outsize response to new products, such as alternative…