Apple Hits First Record This Year on Hope AI Will Fuel Upgrades.

Apple Inc. shares reached a record high on Tuesday, rising 7.3% to $207.15, the largest one-day jump since November 2022. This increase added $215.1 billion to Apple's market capitalization, making it one of the biggest single-day value adds in history. The surge in stock price followed Apple's annual Worldwide Developers Conference, where the company showcased AI-related features and announced a partnership with OpenAI. Investors hope that these AI advancements will drive customer demand for the next generation of iPhones and stimulate a stabilization or inversion of the lengthening replacement cycle. Despite the record share price, Apple's stock has only risen 7.6% this year, lagging behind other tech companies with more concrete AI exposure. [Extracted from the article]