June 24, 2024

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1 Stock to Buy Before It Breaks New Ground in Artificial Intelligence (AI) Next Month

2 min read

Artificial intelligence (AI) has been one of the biggest driving forces behind the current bull market.

In the 18 months since OpenAI released ChatGPT on November 30, 2022, the S&P 500 has produced a total return of 33%. The AI trend has been fueled by announcements from Microsoft, Nvidia (NASDAQ: NVDA), Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL), and practically every other major tech company in the world. There’s no doubt AI development has advanced considerably in a relatively short amount of time.

One company has been relatively quiet when it comes to what it’s working on, but management promised to “break new ground” in generative AI this year. And those groundbreaking announcements could come in just a few weeks.

Apple (NASDAQ: AAPL) is set to take the wraps off its AI development and partnerships at its annual Worldwide Developers Conference (WWDC), which starts June 10. Here’s what investors can expect and what it means for the stock.

A graphic depicting a computer processor with the letters AI printed on it.

Image source: Getty Images.

Apple’s AI ambitions are different from the rest of big tech

Central to Apple’s brand is a focus on data privacy and security. As such, it’ll highlight the fact that most of its AI features will work on your personal devices.

Apple has built its own large language model capable of features like summarizing missed notifications, providing a synopsis of a news article, or transcribing voice memos, according to a report from Bloomberg’s Mark Gurman. It’ll also improve upon existing features like auto-populating your calendar, suggesting apps, and editing photos.

None of these features are particularly groundbreaking in and of themselves. But the promise of more on-device AI capabilities down the road as Apple improves its LLM could be the bigger story. As AI features play an increasingly larger role in our digital lives, the ability to keep data private and secure with on-device processing may be the next big step forward in AI, with Apple leading the charge.

In the meantime, though, Apple knows there’s huge…

2024-05-27 18:07:00

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