Although Apple has not yet announced anything definitive on their AI strategy, Evercore ISI analyst Amit Daryanani thinks the company is “an underappreciated AI beneficiary” that stands to significantly benefit from integrating large language models, or LLMs, into its core technology. Siri is the prime candidate for an LLM-driven upgrade, as the product currently lacks sufficient functionality and a truly capable and reliable virtual assistant would be “a game changer,” says the analyst, who also thinks that an LLM-enhanced iOS can add significant functionality to iPhone users. The analyst, who thinks Apple is best-positioned to bring AI inference to the edge via the iPhone, contends that if this opportunity is executed correctly, it could drive shorter replacement cycles, additional pricing opportunities and a stronger moat around the business. Evercore maintains an Outperform rating and $220 price target on Apple shares.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on AAPL:
- Apple (NASDAQ:AAPL) Set to Close Legal Battle with Rivos Over Chip Theft Allegations
- Peloton Stock (NASDAQ:PTON): Not Cheap Near All-Time Lows
- Apple Stock (NASDAQ:AAPL): 2 Catalysts That Could Power Shares to $250
- Apple (NASDAQ:AAPL), Amazon Dodge €194M Fine in Spanish Antitrust Battle
- Apple releases open-source AI model MGIE, VentureBeat reports