Apple (AAPL) has unveiled a partnership with OpenAI at its Worldwide Developers Conference. Harvest Portfolio Management co-chief investment officer and Wall Street Beats partner Paul Meeks joins Asking for a Trend to break down Apple’s latest AI initiatives and investor reactions.
"They made AI announcements that were essentially table stakes," Meeks explains. "It’ll sell some iPhones, but I don’t know if it’s going to be significant enough to get the bulls even more excited if you get the stock close to what is already an all-time high." He is skeptical that these advancements will jumpstart an iPhone upgrade cycle, adding that part of the lift of the cycle will be due to simply upgrading old models.
"There’s a lot of money going into AI infrastructure builds, and that will continue for a while. But the AI apps, the follow-on, I don’t know if there are going to be that distinctive," Meeks tells Yahoo Finance.
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