Apple's Stock Soars as New iPads and AI Focus Promise Bright Future

May 5, 2024
Apple's Stock Soars as New iPads and AI Focus Promise Bright Future
  • Apple Inc. reported a higher-than-expected quarterly revenue from China, causing an 8% increase in stock value and adding $210 billion in market capitalization.

  • The company announced a record $110 billion share buyback program and increased its quarterly dividend by 4%.

  • Apple's upcoming 'Event Let Loose' on May 7th is set to unveil new iPad models, rumored to feature an M4 chip and a redesigned Apple Pencil with haptic feedback.

  • The 2024 iPad Pro models may include OLED displays, while two new iPad Air models could offer M3 chipset performance, alongside a redesigned Magic Keyboard and an updated Apple Pencil.

  • CEO Tim Cook emphasizes Apple's focus on artificial intelligence, with new on-device AI features, RCS support, and enhanced capabilities for Siri.

  • The 'Intelligent Search' feature in Safari will utilize Apple's in-house AI LLMs 'Ajax' for improved on-device processing and cloud-based complex requests.

  • Bloomberg's Mark Gurman hints at a potential release of the M4 chip by the end of 2024, with an AI-powered M4 iPad Pro possibly launching on May 7th.

  • The M4 chip is expected to come in three variants and offer significant performance enhancements, particularly in AI features and on-device processing.

  • Apple aims to rebound in the tablet market after a 17% decline in tablet sales last quarter, with the 'Event Let Loose' playing a pivotal role.

Summary based on 149 sources

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