Apple shares hit an all-time high after unveiling AI features for the iPhone

Apple shares rose 6% to a record high on Tuesday, a day after it unveiled new artificial intelligence features that were expected to make Apple devices, including the iPhone, more attractive.

The gain provides some respite for the company’s shares, which have underperformed this year compared to the benchmark S&P 500 index as Apple grapples with weak sales of its premium consumer gadgets.

Apple aims to increase its market value by $180 billion if the current share price of $205 continues.

Its market capitalization is USD 3.15 trillion and is only USD 40 billion lower than the capitalization of Microsoft, the most valuable company in the world.

Nvidia, the biggest benefactor of the AI ​​applications boom and number three by market value, is valued at $2.93 trillion.

At its annual developer event that kicked off on Monday, Apple showed off an improved virtual assistant, Siri, that can answer a wider range of queries and perform more complex tasks than before, as well as several artificial intelligence features in its apps that will ship with the latest systems operating systems for iPhones, iPads and Macs.

At least 13 analysts raised their price targets on Apple shares after the developer event and said the latest features could encourage a cascade of new purchases as the company prepares for a fall announcement of a new iPhone line.

“Apple is demonstrating that it is investing in developing its platform and devices to enable the next era of computing, interfaces and experiences,” said Gartner analyst Tuong Nguyen.

Apple shares fell 1.9% on Monday but are up 6% year to date, while the S&P 500 index is up 12% over the same period.