Just a whisker away from an all-time high price, Apple's stock has been soaring for the past seven weeks—a remarkable turnaround from the 13-week bearish correction that saw the tech giant lose nearly 17% of its value.

The last time Apple embarked on a similar streak was back in October 2023, when it reached a record-breaking $199.11. With the current price at $195, the tech titan is just a little over 2% away from entering a new price discovery zone.

Market indicators are looking robust for the long-term trend, with prices comfortably below the EMA10, and a bullish sentiment evident among traders, as shown by a Relative Strength Index (RSI) of 62 points—meaning that 62% of traders want to buy the stock.

However, those playing the short-term game should tread carefully, as some speculators might be tempted to sell the news and the bullish trend. The Average Directional Index (ADX), which measures the strength of a trend, is currently at a lowly 21 points, hinting at a possible rank or an equilibrium phase before a new surge, or perhaps a much-needed bearish correction.

What's behind this sudden price spike? It's all about the buzz surrounding artificial intelligence (AI) and the Worldwide Developers Conference (WWDC) event that begins Monday, which has been aptly dubbed "Apple Intelligence." The hype around AI has been the driving force behind the recent market rally in the tech sector worldwide, with new models and hardware being released faster than ever.

Analysts expect the company to place a significant emphasis on its AI strategy at the WWDC event, which could include updates on Siri, AI-enabled features in apps, and potential partnerships with OpenAI. If so, it would be a long-awaited response to the competition.

For example, Google announced its new Pixel smartphone lineup with new AI-focused Tensor chips. This upgraded hardware is powerful enough to run its Gemini model locally, as well as power generative AI features. Other brands like Samsung, Xiaomi, Motorola etc are either focusing on bringing AI features with cloud computing or leveraging the power of Qualcomm’s Snapdragon 8 Gen 3 which are all about on-device AI as well.

The integration of AI technology into the Apple ecosystem is expected to bring "ample monetization" opportunities according to stock analyst Daniel Ives, which could add a tidy $30 to $40 per share to the company's growth story. Some analysts are even predicting a potential 30-40% upside from the current price, following the AI-related announcements at the event.

The AI craze has led to a shift in focus for many tech giants, including Meta, Apple, Nvidia, AMD, Google, and Microsoft, who are all eager to cash in on this burgeoning technology. Nvidia has even overtaken Apple as the world's second most valuable company, thanks to its growth in the AI sector, which has also helped spike the S&P 500 index.

The WWDC event will be livestreamed on Apple’s official site and YouTube channel on June 10 at 1pm ET.

Edited by Andrew Hayward

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