Apple becomes Citigroup's top AI pick, new iPhone expected to trigger a wave of upgrades
Citigroup has listed Apple as its top pick for AI-related stocks before 2025, ahead of Nvidia and Arista Networks. Analysts at the company stated that early feedback from developers on the AI features of the iOS 18 beta version has been positive, including the recently launched feature that uses AI to remove unwanted objects, which should provide a "compelling" reason for consumers to upgrade their iPhones. In addition, analysts added that the recent appointment of Kevan Parekh as the company's new CFO and the Justice Department's case against Google should not cause investors too much concern. Apple is planning to hold its annual fall product launch event on September 9th, where it is widely expected to unveil new iPhones, as well as new versions of Apple Watch, AirPods, and other products
According to the information from Zhitong Finance APP, Citigroup has listed Apple (AAPL.US) as its top pick for artificial intelligence-related stocks before 2025, ahead of Nvidia (NVDA.US) and Arista Networks (ANET.US).
Analysts at the company stated that early feedback from developers on the iOS 18 beta AI features has been positive, including the recently launched feature that uses AI to remove unwanted objects, which should provide a "compelling" reason for consumers to upgrade their iPhones. In addition, analysts added that the recent appointment of Kevan Parekh as the company's new CFO and the Department of Justice's case against Google (GOOGL.US) should not cause excessive concern for investors.
Apple is planning to hold its annual fall product launch event on September 9th, where it is widely expected to unveil new iPhones, as well as new versions of Apple Watch, AirPods, and other products