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Apple’s (NASDAQ:AAPL) AI Advancements Could Lead to iPhone Supercycle – TipRanks Financial Blog

Apple’s (NASDAQ:AAPL) AI Advancements Could Lead to iPhone Supercycle – TipRanks Financial Blog

According to Evercore ISI analysts, Apple (NASDAQ:AAPL) is set to become a major player in the artificial intelligence industry with advancements that might spark an iPhone “supercycle.” The tech titan’s recent research paper unveiled its latest language model, ReALM, hinting at performance levels on par with OpenAI’s GPT-4, but with a more compact design suitable for mobile devices and PCs.

This development suggests a significant leap towards bringing sophisticated AI functionalities directly to user devices, potentially revolutionizing how we interact with technology on a daily basis.

Evercore ISI’s Amit Daryanani maintains a positive outlook on Apple’s stock, emphasizing the company’s potential to further solidify its ecosystem’s dominance and initiate an accelerated product upgrade cycle through substantial hardware updates. In fact, he reiterated his Buy rating and has a $220 per share price target on AAPL stock.

Is Apple a Buy, Sell, or Hold?

Overall, Wall Street analysts have a Moderate Buy consensus rating on AAPL stock based on 16 Buys, 11 Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 12% year-to-date decline, the average AAPL price target of $202.84 per share implies 20% upside potential.

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