Apple Inc. (NASDAQ:AAPL): Apple stock could be heading up to retest $180 as the company may unveil new AI integrated software updates at its June 5 WWDC

 


Apple stock pulled back from the key resistance level at $175.13 on Monday after being downgraded by an analyst at Loop Capital on concerns that Apple could miss Wall Street estimates for the June quarter. Morgan Stanley's Erik Woodring told CNBC in an interview, in response to the downgrade, "It's just too early to call a quarter. It's May 22. There are still a month and eight days until the end of the quarter." The stock is consolidating near the $173 level and may be about to move back up to retest the trendline resistance ~ $180.

Last week, OpenAI launched an iPhone app for the widely popular ChatGPT on the App Store. According to Business Insider, Apple could collect as much as $360 million a year in fees from the OpenAI's app. All eyes are on the World Wide Developers Conference on June 5, where Apple typically introduces new software for their products and it's possible that the company could bake more AI into those updates, per CNET.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!


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