Apple Gains Over Announcement Of AI Integration In Devices

(RTTNews) - Apple's (AAPL) shares rose as much as 6 percent to $205 on Tuesday after the announcement of long-waited AI features in iPhones and other devices later this year.

Notably, the rise of shares contributed to an additional $125 billion to Apple's market capitalization, pushing the overall market value to above $3 trillion.

During the Worldwide Developers Conference, the tech giant detailed its plan, branded as Apple Intelligence, to revamp digital assistant Siri, and integrate OpenAI's ChatGPT into its device.

The smartphone maker has announced that it is "integrating ChatGPT access into experiences within iOS 18, iPadOS 18, and macOS Sequoia, allowing users to access its expertise—as well as its image- and document-understanding capabilities—without needing to jump between tools."

Additionally, Apple unveiled several updates including Communications Service feature for its iMessage app, AI-powered emoji creation called Genmojis, redesigned control centre, and ability to write a text in advance.

Responding to the stock movement the analysts stated, "Following a WWDC that delivered on the key details we were focused on heading into the event, we have even greater conviction that Apple is on the cusp of a multi-year product refresh that underpins our OW rating, $216 price target, and $270 bull case valuation," CNBC reports.