![](https://media.quentinvest.com/20240611182435/Screenshot-2024-06-11-at-18.23.27-512x288.png)
![](https://media.quentinvest.com/20240611175351/Screenshot-2024-06-11-at-17.53.20-2048x1414.png)
Apple appears to be making a decisive break through $200 which bodes well for the future of the share price and is good news for the whole US stock market.
The breakout has been triggered by some good news, especially Apple’s partnership with OpenAI.
Apple has announced a partnership with OpenAI that will see the iPhone-maker fold ChatGPT into its products.
The OpenAI agreement, which was revealed at Apple (NASDAQ:AAPL)’s annual developers conference on Monday, comes as the tech giant looks to enhance its artificial intelligence capabilities following an intensifying surge in enthusiasm around the nascent technology.
Apple stock rose 6.2pc on Wednesday, hitting a new record high.
Prior to the event investors were speculating if Apple would roll out new generative AI features, particularly as it looks to address a growing feeling that it was lagging behind its Big Tech rivals like e-commerce group Amazon (NASDAQ:AMZN) and Google-owner Alphabet (NASDAQ:GOOGL). Chief Executive Tim Cook lauded the new “Apple Intelligence” system, which aims to use AI to improve its Siri voice assistant and deliver more personalized offerings, as the company’s “next big step.”
The partnership with Microsoft-backed OpenAI will grant Apple users the ability to use Siri to ask ChatGPT questions, although the voice service will ask for permission before connecting with the chatbot.
Because Apple Intelligence will run on more advanced chips, analysts at Oppenheimer are predicting that consumers who do not have the most recent iPhone 15 Pro model of the device will need to upgrade in order to access the AI features. As a result, they argued that AI may fuel a massive upgrade cycle of the iPhone.
“We believe the comprehensive and deep integration will accelerate iPhone replacement in the U.S. and EU in fall 2024,” the Oppenheimer analysts said.
Investing.com, 11 June 2024
![](https://media.quentinvest.com/20240611180758/Screenshot-2024-06-11-at-18.07.25-2048x1403.png)
The Apple chart has been looking promising for a while and now looks strong with a breakout from three years of consolidation. It was always obvious that Apple was going to become involved with AI and being able to communicate with one’s Apple phone with spoken commands will make life easier for people like me who find it hard to use many of the phone’s features.
More technologically adept people will say you can do that already (my electric car has Siri but I never use it). Still, I think being able to ask all sorts of questions will encourage people like me to use the capability.
This will give me a big reason to upgrade my phone. Apple has a staggeringly powerful brand, a huge ecosystem of devices in the field, deep expertise in software and aspirational appeal. They look like a marriage made in heaven for the new superpowers of GenerativeAI.
Strategy – Buy Apple
It is exciting to see a chart breakout for shares in a company already valued at over $3T. Seeing these big stocks marching higher is good news for the US stock market and the ETFs, leveraged and unleveraged, which track it.
Share Recommendations
Apple. AAPL. Buy @ $206
.