Wedbush analyst Daniel Ives said Apple's Worldwide Developers Conference "did not disappoint"
During Apple $AAPL’s annual Worldwide Developers Conference (WWDC), the company announced its new AI initiative, Apple Intelligence, which includes a major AI-powered update to Siri and AI tools for a range of Apple apps. And just before the WWDC keynote address wrapped up, Apple finally unveiled that it is partnering with OpenAI to integrate ChatGPT 4-o into its latest iPhone operating system (iOS 18), iPadOS 18, and macOS Sequoia.
Wedbush analyst Daniel Ives said in a research note after the event Monday that Apple Intelligence “changes the game” for the company. ‘
“We believe Apple’s AI strategy will leverage its golden installed base” of customers, Ives said, with its new AI updates driving for its iPhone 16.
Ives believes the WWDC updates “did not disappoint,” saying that Apple’s new personal intelligence system “makes personal products even more useful by infusing its software with this technology and upgrading existing apps to make them more useful and creating a more intuitive experience with the power of generative AI models.” Ives also noted Apple’s emphasis on privacy and its OpenAI partnership, and he reiterated his buy rating of the stock.
Still, WWDC failed to give Apple’s stock the boost some expected, with Apple its shares ending the day down about 2%. Apple recently lost its place as the world’s second-most valuable company to Nvidia $NVDA, and its stock market performance has trailed behind its Big Tech peers. However, Apple’s stock has rallied to the tune of $471 billion in recent weeks and could rally further if Ives’ fellow analysts at other investment firms signal similar faith in the company.
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