Apple has ‘significant upside ahead’ based on AI: Third Point
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- Apple (NASDAQ:AAPL) has “significant upside ahead” based on its artificial intelligence prospects, hedge fund Third Point said.
- Dan Loeb, who runs Third Point, wrote in a letter that despite the recent run in Apple’s valuation, there are a number of AI-related opportunity surprises that boost its valuation further, according to Reuters, which first reported on the letter.
- Earlier this month, Third Point disclosed it took a new stake in Apple, buying roughly 549,000 shares.
- The Tim Cook-led company unveiled Apple Intelligence, its own take on AI, in June, at its annual developer conference. Apple also introduced ChatGPT integration in Siri, starting with its newest large language model, ChatGPT-4o.
- Apple shares rose 1.3% in morning trading on Friday.