Apple Stock Receives “Buy” Rating Amid OpenAI’s ChatGPT Launch On macOS
Highlights
- Apple has bagged the "buy" rating from Rosenblatt Securities.
- The AAPL stock rallied pre-market after the favorable announcement.
- This development comes amid Apple's impressive AI ventures, including the OpenAI partnership.
Apple Inc. (AAPL) received a upgraded “Buy” rating for its stock from Rosenblatt Securities on Wednesday, June 26. The upgrade is mainly due to Apple’s recent efforts to add privacy-focused AI features to its products, especially through the Apple Intelligence platform. Moreover, this led to a significant rise in pre-market trading for Apple stock amid OpenAI‘s ChatGPT integration on macOS.
Rosenblatt Upgrades Apple Stock Rating
Rosenblatt Securities pointed out that Apple could capture a larger part of the growing AI market by focusing on consumer privacy. In addition, this view is supported by a recent survey from the firm, showing privacy is the most important feature for U.S. consumers when it comes to AI technology.
The survey in question included over 500 responses. Furthermore, it used a “MaxDiff” ranking system to evaluate 15 key features of early smartphone AI. Privacy came out on top, with 17.8% positive responses. This was 5.6% higher than the second most desired feature, Insight.
Furthermore, Rosenblatt revised the target price for Apple stock to an impressive $260 from $190 previously. Recently, Dan Ives, an analyst at Wedbush, also echoed a similar sentiment. He noted that the Apple stock poised for rally to $300, indicating a 43% increase from current price.
At press time, the Apple stock gained 1.03% to $211.22 in the pre-market trading session on Wednesday, according to Yahoo Finance data. Earlier, on Tuesday, the AAPL stock closed at $209.07, gaining 0.45%.
Apple’s focus on privacy is a strategic move. It helps the company stand out from competitors and could drive more people to use its AI products. By prioritizing user data protection, Apple aims to become a leader in consumer privacy.
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OpenAI’s ChatGPT Launches On macOS
Moreover, in a recent update, Apple announced the integration of OpenAI’s chatbot, ChatGPT, on macOS. This aims to improve user experience by providing easy access to AI-powered assistance across Apple devices. However, this move faced backlash on social media, especially from Tesla CEO Elon Musk. The tech mogul even threatened to ban Apple products in his offices.
Apple’s privacy feature, which is being hailed by analysts, was questioned by Musk. He stated that privacy could be compromised as ChatGPT could make user data accessible for OpenAI. However, despite the controversy, OpenAI announced on the X social media platform, “The ChatGPT desktop app for macOS is now available for all users.”
The company added, “Get faster access to ChatGPT to chat about email, screenshots, and anything on your screen with the Option + Space shortcut.” Moreover, this new feature allows Mac users to summon ChatGPT with the keyboard combination of Option + Space after installing the app. It also promises better productivity and convenience.
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