CNBC analyst Jim Cramer believes that Apple (AAPL) is benefitting from the AI surge without investing billions like its tech rivals, thanks to a recent deal. Indeed, Apple’s existing Google Gemini deal could help balance out its otherwise lackadaisical efforts in the AI sector. Speaking on a recent episode of his Mad Money TV program, Cramer said, “Look, Apple got the greatest free ride ever. They have the best, Gemini. . .”
Apple shares rose 2% in value this February, but have traded near break-even this past week. The tide slightly shifted when reports emerged of a new announcement coming next week from CEO Tim Cook. “A big week ahead. It all starts Monday morning!” he tweeted earlier this week, alongside a short clip that shows a hand molding a gray blob into the shape of the Apple logo with a few flicks of a finger.
Furthermore, there are growing fears that Apple (AAPL) stock is set to see a further decline than seen YTD (down 2.8%). Polymarket data forecasts AAPL stock to fall to $240 from its current $263 price by the end of February. Another reason AAPL has been down is likely because Bloomberg published a report highlighting that Siri’s upgrades are postponed and not ready for launch.
The virtual assistant’s in-voice commands are not working as intended, making it unreliable to process queries quickly. Even when it does, Siri is taking too long, making an upgrade mandatory, which the tech giant has not corrected yet. This led to Apple’s stock remaining in the red the entire trading session, shedding 5% in value.
Apple has been heavily searched by investors recently, reflecting confidence in its upcoming earnings and overall performance. Stock analysts are generally positive about Apple’s potential, with Wedbush projecting a $350 price target, suggesting notable upside from the current $263 price.