Apple (AAPL) stock is in focus on Tuesday after the company announced new Mac mini and Mac Studio models featuring its latest M6 and M5 Ultra chips.
AAPL has also made other improvements in its latest desktop computers, which make them better suited for artificial intelligence (AI) applications, management confirmed in a press release today
At the time of writing, Apple shares are up nearly 15% versus the start of this year.
Significance of New Mac Devices for Apple Stock
Apple’s new M6-powered Mac mini delivers up to 4x faster AI performance, 1.4x faster CPU performance, and 2x faster graphics and storage than the previous M4 model.
And its Mac Studio takes things considerably further: its M5 Ultra chip delivers up to 4.3x the artificial intelligence performance of the M3 Ultra and supports up to 512GB of unified memory. That matters because Apple is increasingly positioning its silicon as an alternative to cloud-based AI infrastructure, allowing developers and businesses to run large AI models locally.
The giant is also integrating the new hardware with macOS 27 and its next-gen Apple Intelligence features, including Siri AI.
Should You Load Up on AAPL Shares Today?
In the latest reported quarter, Apple’s revenue from Mac sales came in at a record $10.35 billion, indicating the titan already has meaningful momentum in its computer business before the latest AI-focused refresh.
Note that the Nasdaq-listed firm is set to launch new iPhone models as well in September, which could help sustain top-line momentum following a 16% year-on-year revenue growth in the June quarter.
In short, the company offers investors an opportunity to gain exposure to the AI theme without the risks of excessive capital expenditures, which — together with the latest and upcoming device rollouts — makes Apple stock worth owning at the current price.
Wall Street’s View on Apple
Wall Street analysts also remain bullish on AAPL shares as the giant seeks to capitalize on growing demand for on-device AI computing.
The consensus rating on Apple sits at “Moderate Buy,” with price targets as high as $400 indicating potential upside of nearly 30% from here.
On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.