Apple (NASDAQ:AAPL) stock is in the spotlight. According to a Bloomberg report, Apple will get an observer role on OpenAI’s board. Phil Schiller, who oversees the App Store and Apple Events, will fill this new role. Per the report, Schiller won’t have voting rights. However, he can attend board meetings and gain valuable insights into OpenAI’s strategies and developments.
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This move came after Apple announced its partnership with Microsoft’s (NASDAQ:MSFT) OpenAI at its Worldwide Developers Conference in June. The company said it will start integrating OpenAI’s ChatGPT into its products.
Thanks to this move, Apple stock witnessed a rebound as investors cheered the launch of Apple Intelligence,” a suite of AI-powered features. The company aims to drive user engagement across its devices with AI integration. Also, AI innovations are expected to boost Apple’s product upgrades, speeding up revenue growth and increasing its market cap.
Apple Seeks Changes to Court Ruling Language
In a separate news report, Bloomberg reported that Apple asked a Chinese court to revise its ruling in a lawsuit it won. The company requested the Supreme People’s Court remove references to its “dominant position” from the ruling. This ruling is related to a lawsuit concerning Apple over app revenues that the court dismissed due to insufficient evidence.
Additionally, Apple objects to the language in the ruling suggesting its pricing could harm consumers.
This move reflects Apple’s efforts to downplay its market dominance as it faces stiff competition, especially in China. Further, labeling Apple’s dominance in an official ruling could affect future legal and regulatory challenges.
Is Apple a Buy or Sell Right Now?
Apple stock has a Moderate Buy consensus rating based on 24 Buys, 10 Holds, and one Sell recommendation. The analysts’ average AAPL stock price target is $219.96, which is roughly in line with its closing price on July 2. Apple stock has gained about 14.7% year-to-date.
