Apple is expected to reveal updates across its operating systems next week, a development that could help the company close the gap with rivals in artificial intelligence, according to Citi analysts.
The investment bank maintained its Buy rating and $315 price target on Apple stock in a new research note. The endorsement arrives just ahead of the company’s week-long Worldwide Developers Conference, which kicks off on June 8th.
The headline next week will—analysts believe—be Apple’s long-overdue revamp of its digital assistant, Siri. Citi expects a new Siri app to resemble something like OpenAI’s ChatGPT chatbot while also serving as an AI assistant across applications on Apple’s operating systems.
“Siri will handle multi-step requests, understand personal data, analyze on-screen content, generate emails or messages using both web and device context, and surface rich card-based results for everything from news to calendar data, while also completing actions across apps and shortcuts,” predicted Citi analyst Atif Malik.
Apple will pair that overhaul with deeper AI integration across its Mac, iPad, and iPhone operating systems, Citi said…
“Edge AI has not yet taken off, but its long-term potential is substantial as consumers and enterprises increasingly prioritize low-latency, privacy-preserving, and cost-efficient AI experiences over cloud dependence,” Malik wrote. “We believe a meaningfully upgraded Siri will be a key to unlock the potential.”
MacDailyNews Take: Evercore ISI analyst Amit Daryanani in May predicted that Apple would merely preview its AI updates at WWDC before releasing the revamped Siri in the fall. Daryanani reiterated an “Outperform” (Buy) rating and increased Evercore’s price target on Apple to $365 from $330.
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Can’t wait for next week, AAPL $365 here we come!.