Apple (NASDAQ:AAPL) is not integrating Meta Platforms’ (NASDAQ:META) artificial intelligence (AI) chatbot into the iPhone, Bloomberg reported. Per the report, the discussions between the two technology companies were brief and did not result in any deal or partnership.
The deal didn’t materialize, partly due to concerns about Meta’s privacy practices.
Apple Is Strengthening its AI Offerings
The iPhone maker is focusing on strengthening its AI offering to drive product adoption amid increasing competition. Earlier this month, Apple launched a new suite of AI-powered features for its iOS, named Apple Intelligence.
Additionally, Apple announced its partnership with Microsoft’s (NASDAQ:MSFT) OpenAI. Apple plans to embed ChatGPT’s advanced AI capabilities across its platforms. Moreover, Apple has rolled out an enhanced version of Siri.
Apple’s strategy to improve its AI ecosystem aims to increase user engagement and loyalty.
Impact on Apple Stock
As Apple strengthens its AI capabilities through collaborations and innovations, its stock is seeing positive effects. Apple stock has risen by about 11.4% over the past month, driven by AI initiatives.
Wedbush analyst Daniel Ives views Apple’s advancements in AI technology as a significant growth catalyst. He expects Apple’s market capitalization to reach $4 trillion within a year. It’s worth noting that Ives has a strong track record, with an 88% success rate on Apple stock recommendations. His recommendations delivered an average return of 18.2% per trade over the past year.
Ives is bullish about Apple stock, and his price target of $275 suggests 31.79% upside potential from current levels.
Is Apple Stock a Buy Right Now?
Wall Street analysts are cautiously optimistic about Apple stock. With 23 Buys, 11 Holds, and one Sell recommendation, Apple stock has a Moderate Buy consensus rating. The analysts’ average AAPL stock price target is $212.43, implying 2.06% downside potential from current levels.
