Apple (APL) traded higher for the second consecutive day on news reports that the company is planning a major AI-focused refresh of its Mac computer lineup.
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In morning trading on the stock market today, Apple shares rose 1.9% to 178.36. With this move, it rose close to its 50-day moving average line at 177.
However, the successes faded. Apple shares closed the regular session up 0.9% at 176.55.
On Thursday, Apple shares rose 4.3% to close at 175.04. This move has taken place only after that Bloomberg Apple plans to replace its entire line of Macs with processors that have artificial intelligence capabilities. Bloomberg said the new Mac computers will use M4 chips, the latest family of processors designed in-house.
Apple plans to release updated desktop and notebook computers starting later this year and early next year, according to the report.
Apple stock pullback presents 'attractive opportunity'
Also, analysts say Apple is looking to add AI features to its iPhone 16 lineup this fall.
Analysts expect the consumer electronics giant to promote its innovations in artificial intelligence at its Worldwide Developers Conference this summer. WWDC will run from June 10-14.
Late Thursday, CFRA Research analyst Angelo Gino reiterated his buy rating on Apple stock following the Bloomberg report.
“We see this as a positive development that could provide upside to pricing and earnings at Max,” Gino said in a client note.
He added, “Apple expects to generate more revenue by infusing new device AI capabilities into iPhones and other high-end devices to encourage consumers to pay this fall.”
Gino said the recent pullback in Apple shares presents “an attractive opportunity” for investors.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz For more stories on consumer technology, software and semiconductor stocks.
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