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After a 1.96% drop in the previous session, Apple stock price opened higher on Tuesday. At press time, the shares of the iPhone manufacturer were up 3.46% for the day. The recovery can be attributed to the recent Apple AI event, in which the company announced significant AI upgrades for the iPhone.
In the World Developers Conference held on Monday, Apple unveiled brand new AI features for iPhone powered by ‘Apple Intelligence’. The newly introduced features which will be backward compatible with iPhone 15 Pro, include personalized Genmoji and an upgraded Siri.
In one of the most recent significant developments in the tech space, Apple has announced a partnership with OpenAI which is the developer and parent organization of ChatGPT. The partnership would allow Apple to power its upcoming batch of AI tools. This is a very interesting development as a 49% stake in OpenAI is held by the Apple competitor Microsoft.
Shortly after Apple CEO Tim Cook announced the OpenAI partnership, tech billionaire and Tesla CEO Elon Musk expressed his concern about X. Musk threatened to ban Apple devices from his companies if Apple integrates OpenAI at the OS level. He further added that the visitors would have to check their Apple devices at the door. However, Apple stock remained unfazed by the news.
In light of recent developments, NASDAQ: AAPL has soared to its highest level in history. The daily chart shows a massive bullish engulfing candle on its way to retesting the $200 level. The previous retests of the key level have resulted in rejections but a clear break of this resistance would make Apple stock price prediction extremely bullish.
In this scenario, the first bullish target could be the $218 level which aligns with the 1.618 Fib retracement level. This level comes into play when the December 2023 highs are connected to the April 2024 lows.
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