Apple's Share Price Soars to All-Time High after WWDC2024 and New AI Feature
TapTechNews June 12th news, a day after the debut of the WWDC2024 keynote and the brand new artificial intelligence feature Apple Intelligence, Apple's share price soared to an all-time high. By the close of trading on Tuesday, the share price of Apple reached 207.15 US dollars, increasing by 7.26%, hitting a new historical high for the share price, with a market capitalization increase of 214.2 billion US dollars overnight, and the total market capitalization reaching 3.176 trillion US dollars (TapTechNews note: currently about 23.05 trillion yuan). And it captured the first historical high of this year among consumer electronics giants.
Similar to the usual Monday opening decline on Wall Street, Apple's share price also experienced a slight decline after the first day of WWDC. However, the situation reversed on Tuesday, and the share price of Apple eventually rose significantly by 7.26% to close at 207.15 US dollars, with an opening price of 193.65 US dollars.
Apple's soaring share price is attributed to the fact that investors and the public have digested the important announcements made by Apple at WWDC over a period of time. Without a doubt, the most influential one is Apple Intelligence, which is a significant step for Apple to further integrate machine learning and generative AI technology into its products and services. For more than a year, Wall Street analysts have been expressing concerns about Apple's keep low-profile and make fortune strategy in the field of artificial intelligence, but it is obvious that Apple has been preparing for a long time.
Another possible positive factor is that analysts believe that the Apple Intelligence feature requires the Apple Silicon chip (such as the A17 Pro) to operate. This limits the usage scope of this feature to Mac computers launched since the end of 2020, iPhone 15 Pro series, and future iPhone models equipped with powerful enough chips.
In January 2022, Apple became the first company with a market capitalization reaching 3 trillion US dollars, but in the subsequent year, the market capitalization steadily decreased. In June 2023, Apple's market capitalization once rose back to 3 trillion US dollars, but then rapidly dropped again.
At the beginning of this year, Apple's share price was 184.93 US dollars. However, due to the negative expectations such as the sluggish sales of the iPhone 15 series on April 19 and Apple's lack of an artificial intelligence strategy, the share price once dropped to 165.00 US dollars. But just two weeks later, Apple not only exceeded the quarterly expectations of Wall Street, but also raised the dividend and initiated another large-scale buyback plan.
Nowadays, with the release of Apple Intelligence, Apple has fulfilled its commitment to fully integrate artificial intelligence features into its product line.