Apple (NASDAQ:AAPL) plans to revamp its Siri virtual assistant with artificial intelligence (AI) features, enabling users to control individual app functions via voice commands, Bloomberg reported. This upgrade, which incorporates large language models (LLMs) and generative AI, aims to significantly enhance Siri’s capabilities and could boost AAPL’s device sales.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
According to the report, the upgrade is part of Apple’s broader AI strategy, which could be unveiled at its Worldwide Developers Conference (WWDC) on June 10. The new AI features may include voice memo transcriptions, automated message replies, website and notification summaries, advanced photo editing, and AI-generated emojis.
AI Features to Boost Device Sales
Apple’s iPhone sales are under pressure due to tough year-over-year comparisons and increased competition in China. The company reduced the prices of certain iPhone models to defend its market share against local rivals.
The discounting has stabilized iPhone sales. Meanwhile, the new Siri system could encourage users to upgrade their devices since these features will be compatible with the latest models. Additionally, Apple is expected to roll out new AI features for its devices at WWDC, which could potentially reignite growth.
Moreover, Apple will likely announce its partnership with Microsoft (NASDAQ:MSFT)-backed OpenAI at WWDC. Furthermore, the company is also in talks with Alphabet’s (NASDAQ:GOOGL) Google to leverage its AI models into its products.
Is Apple a Buy, Hold, or Sell?
Apple stock is trading in the red year-to-date, underperforming the S&P 500’s (SPX) nearly 10% gain. Meanwhile, Wall Street analysts maintain a cautiously optimistic outlook about AAPL stock.
Apple stock has 22 Buys, 11 Holds, and one Sell recommendation for a Moderate Buy consensus rating. The analysts’ average price target for AAPL stock is $207.72, implying 8.59% upside potential from current levels.
