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Apple shares have best day since last May

In Business
April 12, 2024

Apple CEO Tim Cook (2nd R) greets customers as he arrives for the release of the Vision Pro headset at the Apple Store in New York City on February 2, 2024.

Angela Weiss | AFP | Getty Images

Apple shares climbed 4.3% on Thursday to a share price of $175.04. It’s Apple’s best day since May 5 last year.

Apple’s rise came during a strong day for technology stocks, especially those in artificial intelligence, as the Nasdaq Composite rose 1.77%.

Apple shares are down over 5% so far this year. On Thursday, JPMorgan analysts wrote that sentiment over Apple shares is improving with hedge fund investors, partially due to its recent stock slide.

Despite some negative trends around iPhone sales in China, and recent reports of canceled projects such as its effort to build a car, JPMorgan analyst Samik Chatterjee said investors may be more comfortable with its current valuation after recent losses and the potential to benefit from AI.

The JPMorgan analysts predicted a strong iPhone sales cycle in 2026 due to forthcoming AI features. Apple CEO Tim Cook recently told investors to expect an AI announcement later this year. That’s expected to occur during Apple’s WWDC event in June.

“Hedge fund investors are increasingly warming up to the opportunity of the AI upgrade cycle, but the uncertainty still pertains to whether the upgrade cycle starts with iPhone 16 in September 2024 or iPhone 17 in September 2025,” JPMorgan analyst Samik Chatterjee wrote.

Separately, Apple is also preparing new Mac laptops and desktops with next-generation “M4 chips” that emphasize AI, according to a report Thursday from Bloomberg. Apple declined to comment on the report. The current generation of Apple’s chips is called M3.

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