He calms down
- Bank of America reaffirmed its outperform rating for Apple (Nasdaq: Apple) on Wednesday as the tech giant gets closer to unveiling its generative AI strategy at its developer conference next month.
- Shares were little changed in pre-market trading.
- The latest iPhone devices Analyst Wamsi Mohan wrote that AI should lead a “multi-year” upgrade cycle, similar to what was seen at the beginning of the smartphone revolution. Mohan, who also has a $230 price target for Apple, said he expects the adoption curve for AI phones to be faster than the adoption of 5G smartphones, noting that the number of upgrades could lead to a once-in-a-decade-type event.
- Mohan added that while many features of the next iPhone may be released after Apple's developer conference, the event will likely start AI-enabled phones on the path to becoming mainstream, especially as conversational AI becomes more integrated into consumers' daily use.
- Apple's annual developers conference, known as WWDC, is scheduled to start on June 10. It will begin with a keynote at 1pm EST.