US stock markets: Apple stock hits record high on AI announcements

Apple Inc. stock climbed more than 6 per cent to hit a record high on Tuesday, following its long-awaited AI strategy, presented at its annual developer conference WWDC. 

At 1:25 pm EDT, the Apple stock was at $205.17, higher by $12.05 or 6.24 per cent.

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Following the Tuesday’s rise, Apple’s market capitalization is again above $3 trillion.

At the annual Worldwide Developers Conference on Monday, the iPhone maker showcased a number of artificial intelligence- related features for iOS 18.

It also announced a partnership with ChatGPT maker OpenAI.

Apple’s AI announcements eased concerns about the company’s growth as investors hope that customers will pay up for the next generation of iPhones. 

Last month, Apple had announced the largest stock buyback program in US history at $110 billion. 

The AI-packed updates are aimed at enabling the users of Apple devices to perform more tasks in less time.

However, the full suite of AI features will work only on the recent iPhone 15 line because the functions require advanced processors. But, the company will offer plenty of upgrades for other iPhones as well.

The company will deploy AI to allow users to create emojis, dubbed as “Genmojis”.

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A look at some of the new features for iOS 18 and Apple Intelligence --

Rich communications service

Apple will launch a Rich Communications Service (RCS) feature for its iMessage app. It will improve the quality and security of texting between iPhones and Android devices.

Schedule texts

iPhone users will be able to write a text in advance or they can use an AI tool to compose it and schedule a specific time to send it. 

Tap backs

Users will now be able to instantly reply to messages through animated tap backs.

AI tools

“Apple Intelligence” – the new AI platform of Apple will use Siri to perform actions between apps. AI will also help in managing and prioritizing notifications, and summarise text in searches, email and other apps.

Screen customization

iPhone users will get more options to arrange apps, resize icons and widgets on the home screen under iOS 18.

Control center

Apple has redesigned the control center to give users access to more one tap functions. The users will be able to add third party app options such as remote starting a car to the control center.