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11/06/24
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Apple Stock Lifts to Record High on OpenAI Deal
On Monday, Apple announced a partnership with OpenAI that will see it incorporate ChatGPT into its products.
The OpenAI agreement was announced at Apple’s annual developers conference and comes as the tech giant plans to enhance its AI capabilities after a surge in enthusiasm around the technology.
Apple stock rose by 6.2%, reaching a new record high.
Before the event, investors were speculating if Apple would reveal new generative AI features, especially as it attempts to address an increasing feeling that it is lagging its Big Tech rivals such as Alphabet and Amazon.
Chief Executive Tim Cook announced the new “Apple Intelligence” system, which is aimed at delivering more personalized offerings and using AI to improve its Siri voice assistant.
The partnership with Microsoft-backed OpenAI will provide Apple users with the ability to ask ChatGPT questions using Siri, although the voice service will ask permission before connecting to the chatbot.
As Apple Intelligence will need to run on more advanced chips, Oppenheimer analysts predict that consumers who don’t use the iPhone 15 Pro model will have to upgrade to access the AI features. They feel that AI may therefore drive a huge upgrade cycle of the iPhone.
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