It’s the new “hot” Artificial Intelligence stock…
Apple FINALLY shared it’s AI plans at the 2024 Worldwide Developers Conference.
Investors applauded – sending AAPL shares to a 52-week high of $220.
Apple’s new strategy is called Apple Intelligence.
It’s a plan to integrate new AI features into applications on Apple devices.
Here are a few of the highlights…
- New features will summarize text, provide automated email replies, and transcribe calls or videos.
- Siri will get a long overdue upgrade and be enhanced with AI.
- Partnership with OpenAI to provide ChatGPT on devices.
Apple Intelligence will only be available on the iPhone 15 Pro and Pro Max.
Apple has been widely criticized for its slow approach Artificial Intelligence.
That’s because it’s been 18 months since OpenAI started the AI boom with the launch of ChatGPT.
As a long-time Apple shareholder, I know that the company is never a “first mover.”
Apple prefers to enter established markets with innovative products that make big improvements over existing products.
Just consider the company’s moves into MP3 players (iPod) smartphones (iPhone), tablets (iPad), and smartwatch (Watch).
There were already products in all of these categories. Yet Apple was able to launch a superior product and came to dominate each market.
Here’s why this is important…
Apple has taken the same approach with AI.
Tim Cook & Co. knew that AI was complicated. They understood the security issues. And they wanted to take a cautious approach.
This week that showed that they aren’t asleep at the wheel.
They’ve simply been diligent about launching AI in a safe and responsible manner.
Today Apple shareholders are being rewarded for their patience.
Shares are up 14.8% YTD – in line with the S&P 500.
The AI boom is very, very real. It’s happening right now. And Apple is the latest proof that this isn’t some fad.
Ian