AAPL broke out of its 10-month-long trading range overnight to hit all-time highs, up 7.26% on the session after the tech giant held a developer event introducing its long-awaited new artificial intelligence features. The critical piece of new news was that the functionality would only be backwards compatible with iPhone 15 Pro, implying that this will prompt consumers to upgrade existing iPhones to take advantage of generative AI.
- Having lagged the AI-driven rally across the market for much of the year, this update should help the market’s confidence in Apple’s AI strategy and its ability to deliver GenAI to users without $10s of billions in GPU capex.
MM is now bullish and remains long AAPL
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