The US stock market has been one of the big storylines in the first three months of the year. To this point, it has grossly underperformed, with experts hoping for a turnaround soon. For Apple (AAPL), a key AI expansion is set to debut that could help fuel its expected rebound to the $250 level.
The company has been heavily criticized for its sluggish AI rollout to this point. Despite its unprecedented success in retail electronics, the firm has seemingly dropped the ball on AI development. Yet, with a $1 billion Nvidia (NVDA) purchase taking place, it looks like the iPhone developer has its sights set squarely on rectifying that.
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Apple Takes Another Key Step in AI Development as Stock Eyes Massive Rebound
Despite the success of mega-cap stocks in 2024, things have been drastically different this year. Among the biggest surprises has been Apple, whose stock is down more than 8.7% over the last month. Things shifted slightly on Monday, with AAPL shares jumping more than 1.2%, but the overall market outlook is still concerning.
However, there is hope that the market will embrace a turnaround sooner rather than later. Moreover, for the aforementioned Apple (AAPL) stock, things could start with a key AI expansion set to arrive soon, with shares eyeing a jump to $250.
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According to a new report, Apple is planning to debut an ‘AI Doctor’ for its iPhone Health app. Specifically, Bloomberg notes that the “Project Mulberry” will see its health app overhauled to add a health coach driven by artificial intelligence. The technology will collect user data from a variety of devices, with the AI agent interpreting the data and making personalized recommendations.
The arrival of the new health update is expected to come as early as iOS 19.4, which is sooner than many expected. Additionally, it could be massive for the stock. With AI products being the big point of contention for investors, it could begin to fuel more optimistic observations of shares.
Currently, the stock has a median price target of $255, up 15% from its current position. However, according to CNN data, the stock has a high-end projection of $325. That figure denotes a 47% upside for Apple. Additionally, of 50 surveyed analysts, 62% have a buy rating on the stock.