What Moved Apple Stock Higher on Wednesday – Apple (NASDAQ:AAPL), iShares Core S&P 500 ETF (ARCA:IVV)

What Moved Apple Stock Higher on Wednesday – Apple (NASDAQ:AAPL), iShares Core S&P 500 ETF (ARCA:IVV)

Apple Inc. AAPL The company, which aims to ship at least 90 million iPhone 16 devices in the second half of this year, is relying on artificial intelligence services to boost demand for its new product line after a bumpy period in 2023. Its stock gained on Wednesday after the report.

According to this a Bloomberg reportApple has told its suppliers and partners that it is targeting growth in new iPhone shipments of about 10% compared to previous models, after shipping about 81 million iPhone 15s in the second half of 2023.

Also Read: Microsoft Faces Market Pressure from Google as It Launches iPhones in China.

Apple is confident that its addition of some Apple Intelligence features to the iPhone 16 will boost demand when the model goes on sale later this year, a source familiar told Bloomberg.

Apple predicts a stronger 2024 even as it competes with rivals’ AI-powered smartphones Samsung Electronics Company And Xiaomi Company.

The iPhone had a slow start to 2024 in China but demand for Apple’s iconic phones started to recover strongly from April, thanks in part to a series of discounts.

In the second quarter of fiscal 2024, iPhone sales accounted for more than 50% of Apple’s total revenue, making it the company’s best-selling phone product.

Apple analysts expect significant improvements in iPhones and service growth in 2025.

Apple stock has gained 23% in the past 12 months. Investors can gain exposure to the stock through: SPDR S&P 500 SPY And iShares Core S&P 500 ETF IVV.

AAPL Price Movement: At last check on Wednesday, Apple shares were trading up 1.45% at $231.99.

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Photo courtesy Apple

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