Apple's stock soared to new heights following the company's announcements of its groundbreaking AI platform, Apple Intelligence. After experiencing a decline during and after the WWDC conference, Apple's stock surged by over 5% on Tuesday, June 11, according to Yahoo Finance, reaching an intraday record.

Wall Street analysts expressed optimism about Apple's future prospects, attributing the surge to Apple Intelligence's transformative potential. Following the announcement, Luria upgraded Apple to a buy rating and raised the price target to $230 from $200.

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Apple Intelligence

Apple Intelligence marks the tech giant's long-anticipated entry into the generative AI space, promising integration across its range of hardware and software products. Per VCPost, notable features include enhancements to Siri, allowing for advanced functionalities like parsing addresses from messages and retrieving photos based on voice commands.

The announcement comes amidst a month of speculation and anticipation, fueled by rumors of potential partnerships, including one with ChatGPT operator OpenAI. 

Luria believes that Apple's AI integrations could drive the next upgrade cycle for iPhone users, projecting accelerated revenue growth for the company in the coming years. This optimistic outlook suggests a potential shift in Apple's stock trajectory from stagnant growth to a more robust performance in the mid-to-high single digits.

With Apple reclaiming its position as the second most valuable company in the world, investors are eagerly awaiting the rollout of Apple Intelligence and its potential impact on the company's future earnings.

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