There’s an interesting point staring tech giant Apple (NASDAQ:AAPL) in the face right now. With Alphabet’s (NASDAQ:GOOG) Google arm pushing so hard into artificial intelligence development, will Apple have to push harder just to keep up? Apple is up somewhat in Friday afternoon’s trading, so investors aren’t too concerned about Apple getting swamped by Google in AI. At least, not yet.
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Basically, some are considering that Google is rolling out a string of new devices, most of which we’ve seen and discussed right here. However, while Google’s smartphones aren’t likely to draw a lot of users out of Apple’s walled garden, they may pull at least a few. And if that happens, will it continue to happen until Apple starts fighting back and advancing AI in its own devices? Yes, currently, demand for the Google Pixel line is largely confined to shutterbugs who want better cameras. But as Google steps up its AI connections, Apple may find itself having to fight to keep users.
There is, however, one point that seems to have gone overlooked by those who worry about Google poaching on the strength of AI: Apple is already heavily into AI development. In fact, Apple was dropping “millions of dollars” daily on developing conversational AI. That doesn’t seem like the kind of conditions that will let Google drop in and blithely sweep up former Apple customers disgruntled over Apple’s perceived lack of movement on this front. Apple is likely to advance in AI about as fast as Google will.
Is Apple Stock a Buy, Sell, or Hold Right Now?
Analysts are mostly encouraged by Apple’s pace of development as well. With 20 Buy ratings and nine Holds, Apple stock is considered a Moderate Buy. Further, Apple stock comes with 17.12% upside potential thanks to its average price target of $207.69.